The potential for blockchain in the healthcare sector is vast. As the technology matures, blockchain in healthcare is more widely discussed, explored and implemented.

However, blockchain could do more than just improve auditability in healthcare. It could transform the costs of seeking medical care for both patients and workers, and increase the overall profitability of the sector.

The cost-saving benefits

How much money and time goes into the maintenance and transferral of records?

Hint: It’s a lot.

Medical records contain sensitive information. Often, they must be transferred between surgeries or clinics, but they must remain safe and secure. The cost that it takes to create, maintain and transfer records is immense. This includes the labour that goes into such tasks.

Implemented properly, blockchain technology could do all of these things on its own.

We have discussed in the past how, exactly, interoperability can benefit healthcare. However, one of its most important benefits is its ability to save costs. This, in turn, would improve the ability of practices to provide better care, by saving labour and management costs.

This ultimately means cost savings for both the practice and improved service for the customer.

Benefits for the patient

Streamlined medical services and records also means that patients can have improved access to medical staff. There is less time involved in manual processes, which means that medical practitioners can make themselves more available to patients.

This is especially important in the aged care sector, where many elderly people need quick, immediate and thorough care due to a myriad of ageing health problems.

Blockchain could revolutionize the healthcare industry on both a financial and social level. It would allow patients improved access to healthcare while also reducing immense costs for patients. This, in turn, would result in a streamlined, cost-effective and efficient healthcare industry.

So, why aren’t we already using it?

Many companies and executives still view blockchain with apprehension. To optimize the potential of blockchain technology – or any innovative technology – we must take the first step to implementation. While this might be easier for larger companies, for many smaller practices this can be daunting.

Yet innovation is ultimately feasible and worth it for many businesses, even small ones.

Blockhead Technologies is changing the way we think about data – whether in mining, fuel or healthcare. To find out more, click here.