Healthureum: Possible Use Cases and Benefits

The healthcare industry has long been depending on technological advances to reduce operational inefficiencies. A noticeable key change that was globally experienced is the shift from the manual recording of data in files to the use of computerized systems to store data and records. Automation of the healthcare institutions saw so many benefits being reaped from its adoption. Several benefits observed were decreased in storage space, nice working counter tops and reduced time for file retrieval. These innovations eventually brought confidence to the healthcare industry to adopt more technological innovations. This knowledge led to the adoption of robotics in surgery and use of 3D printing to build prosthetics. The two innovations increased the speed and accuracy of operations in the industry. 

Participants in the healthcare industry such as doctors, patients, health institutions and stakeholders have interest in improving the sector. For the longest time now, efforts and great amounts of resources have been deposited into the industry to improve it. Researchers and philanthropists alike have used up their time and resources to facilitate discoveries of cures to diseases such as HIV/AIDs and cancer. The newest technology, blockchain technology, is already looking promising. The launch of Healthureum on the Ethereum platform is underway. The developers of the Healthureum project seek to introduce it in a milestone-based approach.

So, what exactly is Healthureum?

The question on everyone’s mind is what Healthureum means. Healthureum is an innovation that was launched on the Ethereum platform as a measure against the healthcare industry’s problems. Specifically, the goal of Healthureum was to lower the cost of healthcare services that have been on the rise. The inflated costs of prices have occupied the largest share of basic household expenditure for most families globally. Several challenges are to blame for this situation, they include:

A growing population that puts immense stress on the resources of healthcare institutions.

Low doctor to patient ratio that is brought about by low talent entry into the industry.

Lack of enough resources (human and technology) to sufficiently support or satisfy the ever-rising demand of healthcare services.

Inefficient operations that increase costs that burden healthcare institutions that are in turn shifted wholly or partly to patients through prices.

The rising labour costs. Doctors are now more aware of their role in the healthcare sector and are now demanding wage compensation for their expertise and the insane work hours they have to put in.

  Potentials Use Cases of Healthureum

Assessment of claims

Many insurance firms and companies are usually accused of participating in fraud and malpractice in their dealings with clients. A lot of clients usually get denied access to claims due to incomplete or incorrect information. A study revealed that 6% of all claims are usually denied for this cause. It causes a lot of patient’s time delays and loss. It is also estimated by Forbes that 5-10% of cost increases arise from over-billing or billing for non-existent services. Healthureum would solve this cases by use of smart contracts technology. Smart contracts technology would eradicate the need for intermediaries thus eliminating the need for insurance companies. All claims would be automatically issued upon satisfaction of pre-set agreement terms. Healthureum can potentially eradicate cases of patient delay or overbilling.

Protection of Data

Securing data whether patient or research information is very important. Healthureum can help in the protection of such data. Through the use of blockchain, risks such as cyber-crime, hacking, data leakage or tampering can be reduced. Healthcare organizations have undergone more than 340 security attacks which is a high amount when compared with other industries. There is a craving for a more robust ecosystem which is what Healthureum offers.

Supply chain

The counterfeit medicine market is estimated to be worth a staggering $200 billion every year. More frightening statistic reveals that out of the many deaths that take place annually, 100,000 of these are counterfeit drug related. Both of these are high figures that are proof that a solution is needed promptly. Healthureum can be able to reduce such cases through the traceability feature that can track the movement of a drug from manufacturing and also through the supply chain. In the same manner, if a drug needs to be recalled, it can be traced easily.

Potential Benefits of Healthureum

If Healthureum is adopted and integrated into the healthcare industry, it can create a lot of benefits for the industry. A few benefits are worth mentioning. It can enhance interoperability, transparency, consistency, reliability, and trust of the healthcare sector.