Transparency in the Management of Medical Billing, One of Healthureum’s Biggest Forte

It is approximated that fraud in medical billing annals for up to USD 80 billion equivalence of medical care expenses in the United States. This exuberant abuse of our medical care system is injurious and as such a contributing factor to elevated medical expenses. A colossal bulk of medical care practitioners are bona fide. However, with our astonishingly complicated healthcare system, healthcare practitioners and the institutions are coerced into making intermittent mistakes as they code the services they provide to their patients. This very same complexity is the reason it is simpler to commit fraud and go unnoticed.

Blockchain technology has the capability of bringing about transparency in the management of medical bills. Blockchain decentralized nature enables it to securely hoard medical data sequentially, in a system stored in billions of devices. This technique of data storage can as such be implemented in healthcare billing systems, fostering complete transparency. The essential demeanor with regard to this technology is that each and every activity is trailed using a date stamp, thus ascertaining accountability as well as transparency.

Transparent Medical Billing the Healthureum way

Healthureum’s blockchain-based system could be our solution to this predicament. The Healthureum Project is a vigorous multifaceted ecosystem modeled to incorporate blockchain into the current healthcare system in order to change 'How We Manage Our Healthcare'. Healthureum members are warranted worldwide access to proficient healthcare services, including opportunities to reach out for innovative treatment programs that are a first-of-its-kind inclusive of sponsorship programs for philanthropists.

Fundamentally, Healthureum has pinpointed a few areas of concern where with the aid of blockchain technology, it will be possible to achieve absolute transparency with regard to healthcare billing management.

Transparency in Claims Assessments

Claim assessors, as well as insurance agencies, have been inculpated for extortion and exploitation of claim appraisals, making patients endure enormous time prorogations and claim losses because of fragmented or 'botched' records. "Approximately 6% of outright claims are precluded in light of fragmentary or inappropriate data," as indicated by St. Claire. Moreover, 5-10% of billing expenses emerge from embellished bills. Blockchain innovation could annihilate this human hazard by means of disintermediation, as these claims will be reconciled by the use of a smart contract which will auto-execute the claims upon the fulfillment of pre-determined terms. By automatizing a bigger portion of these claims as well as the payment procedures herein involved, blockchain could altogether lessen the load of patient casualties, dispute costs as well as accounts settlements.

Data Systemization

The Healthureum platform, being blockchain based, intends to make it easier for patients to solidify their data regardless of it being personal, or healthcare-related. The data is cryptographically protected using encrypted codes, hence safeguarding its integrity. The objective here is to develop a transparent platform that fosters data repository, interoperability, and collaborations to optimize healthcare management.

The patient’s data is chronologically stored on the platform using blockchain technology. This way the risk of the data being externally manipulated is completely mitigated. As such, patients will be able to have full control of their medical information, enabling them to easily share it with their doctors. Furthermore, this way, they have the power to grant access to their data to medical institutions and practitioners who will then be able to update this data as required over time.

Medical Infrastructure

With the aid of blockchain technology, we are able to record as well as evaluate all medical equipment related activities, concerning the cost vs. the use, patients’ waiting periods and hence demand, the booking of upkeep checks and the genuineness of the provider. These statistical data figures are useful for healthcare institutions to guarantee they have sufficient medical equipment to best serve their patients, while additionally building trust in their clients. This could be extremely gainful especially from the investment vs. return point of view, and to help medical institutions in strategizing annual budgets as well as forecasting prospective capital outlays. Healthureum can grant avenue to non-identifiable datasets regarding services rendered to scrutinize utilization levels.

Establishment of a trust network

With Healthureum’s integration of blockchain technology into healthcare systems for interoperability purposes, it will be easier to establish a trust framework. As such, disintermediation with regards to trust between entities will not necessitate an HIE operator since all participants will have an avenue to the herein involved distributed ledger to perpetuate an impregnable exchange void of complicated brokered trust.

Conclusion

Blockchain technology has the capability of bringing about transparency in the management of medical bills. Blockchain’s decentralized nature enables it to securely hoard medical data sequentially, in a system stored in billions of devices. This technique of data storage can as such be implemented in healthcare billing systems, fostering complete transparency. The essential demeanor with regard to this technology is that each and every activity is trailed using a date stamp, thus ascertaining accountability as well as transparency.