From Funding Research To Medical Tourism: How Would Healthcare Benefit From Cryptocurrency?

23-07-2018

Blockchain technology and cryptocurrency are all-set to revolutionise the healthcare industry. The introduction of industry-specific cryptocurrencies would not only streamline the processes but would also benefit both the patients and healthcare providers immensely.

Here, in this article, we will have a closer look at how industry-specific crypto can modify the digital landscape of the health sector with its innovation and underlying technology.

Funding research

Cryptocurrencies, in all probability, can be used to fund medical and dental research studies and the information so obtained could be made easily available to the healthcare professionals who have invested in the cryptocurrencies, and to the general public as well.

More often than not, research and studies are only funded by corporations and rich individuals. However, imagine a scenario when an average Nick can invest in the research studies using cryptocurrencies as well? This could serve as a major revolution in the health industry. One research platform called DentaVox (developed by Dentacoin, the first Blockchain solution for the global dental industry) even rewards research participants with cryptocurrency - Dentacoin (DCN). With the Dentacoin crypto tokens collected participants can later pay for dental treatments at clinics in 14 countries while the valuable insights gathered can be used by different stakeholders such as dental professionals, suppliers, manufacturers, media.

Managing inventories

Cryptocurrencies can help in executing contract terms much easier than what it is possible today. For instance, crypto can make sure if hospital supply orders have been shipped, if the invoices are cleared and payments are made. This would also ease up the international payments and would ensure that cross-border supplies reach the medical facilities in time.

Getting insurance claims faster

Cryptocurrencies and blockchain can help in speeding up the insurance claims. Healthcare insurance industry is well-known for sluggishness, all because of the lack of data. As a result, healthcare providers have to wait a long time before they are paid by the insurance companies.

However, with a centralised blockchain database, data could be made available at fingertips without compromising the privacy and security. This would speed and ease up the entire process.

Blockchain-based health insurance

Cryptocurrency is expected to streamline the health insurance by providing financial help to people living in low-income countries. As per a research, when compared to $5221 per capita health spending in high-income countries, low income countries just spent $120.

The two major contributing reasons to this include the problems in issuing cross-border payments and insufficient access to reliable healthcare data.

This is where crypto can provide the much needed help by setting up an immutable and transparent system at place. By removing third-party intermediaries from between, and by minimizing fraud, cryptocurrencies would ensure maximum health protection. Moreover, there are distinguishable insurance-like projects, such as Dentacoin Assurance, which aims at shifting the paradigm from sick care to prevention-oriented dental care by allowing patients to directly pay low monthly premium in crypto to their dentists in return for lifelong care and treatments. Therefore, dentists are paid to keep patients healthy while simultaneously the usual profits of insurance companies are shared between both parties.

Medical tourism

Medical tourism has witnessed a sharp upward slope when it comes to utilising cryptocurrencies. As a result, more and more medical tourists in Canada, the United States and some parts of Europe are switching to blockchain technology and cryptocurrencies. In addition to medical tourists, an array of medical providers have also adopted cryptocurrency. A plastic surgeon, Doctor Edward Domanskis, has been accepting cryptocurrency, especially Bitcoin, from his patients.

It is not only the customer demand which is making more and more medical practitioners accept crypto but its ability to solve a range of problems associated with international transactions as well. Crypto allows patients to transfer funds in time without any banking and currency restrictions. Additionally, the payment is not only fast but also offers lower transaction fees.

There is definitely a reason as to why blockchain and cryptocurrency are making headlines, day after day. There is a sheer amount of enthusiasm, and industry-specific platforms like Dentacoin are all set to revolutionise the healthcare industry or parts thereof by taking a step forward towards utilising the technology advantages and providing benefits to the people around the world.

It is not wrong to say that we are still in the first phase of the exploration, and it is tough to predict as to what blockchain technology coupled with cryptocurrency holds for the healthcare industry. However, rest assured, it will surely revolutionise the health industry.