Blockchain in Healthcare Market Research

Healthcare Challenges Today

Many medical institutions use inconvenient and outdated methods for maintaining medical data, including data for prescription drugs and health records. It also includes patient medical data and insurance information. Improper handling of data can harm the treatment of patients. It can also slow down patient recovery. Even worse, many medical facilities have developed their own record-keeping systems.

These circumstances have led to a lack of transparency. Medical facilities and insurance agencies are operating in vacuums. Their mode of operation is to the detriment of the patients. They create an avenue for serious medical errors. Such errors are the leading cause of death for cancer and heart disease patients in the US.

This outdated system spreads patients' medical data across various medical facilities. Doctors and insurance companies keep separate records. In today's world, the medical history and records of patients are like puzzles. This juggling of data between different entities is terrible and results in loss of accuracy and integrity. It is a particular concern when it comes to diagnostics and drug prescriptions. All of these can impact the efficient treatment of patients.

Blockchain Technology

Blockchain technology is now the talk of the day. Blockchain is a decentralized entity that keeps records of transactions in interconnected blocks. That is where cryptography and miners come into play. 

Blockchain in healthcare can solve many of the problems the industry faces. Such issues include medical research, medical supply chain, drug integrity, and medical data. Blockchain also addresses the obstacles of interoperability, accessibility, and security. Because of its ability to produce fantastic data efficiency, Blockchain can disrupt healthcare. It can ensure flexible data access, transparency, interconnection, and better security. 

Benefits of Blockchain in Healthcare

Blockchain technology in the healthcare sector can make a significant difference. 

• It enables effective Data Management. This technology makes the secure and transparent exchange of medical data possible. Providers can now exchange data across various sectors.
• With blockchain technology, it's easy to establish medical records. The system eliminates unnecessary administrative charges. It also makes it possible for the effective use of health care. Also, this technology removes the need for different intermediaries.
• Blockchain in healthcare creates transparency and efficiency. Medical professionals gain more time for their core responsibility, which is to improve patients' health. Providers can also have access to the complete picture of the medical record of any patient. All previous health data is immutable in the healthcare system. Changes to the data can be visible.
• It enhances Transparency and Data Integrity.  Proper management of medical information is one of the most significant benefits of Blockchain. It eliminates most of the problems the healthcare sector faces. It makes fraud and data loss during disaster things of the past. It also enhances data completion and interoperability.

How Blockchain Market Research and Strategy Consulting Helps

Blockchain continues to evolve. Providers and insurers will have to change their strategies from time to time. At SIS, we help healthcare companies understand and execute Blockchain within their organizations.  We provide:

Strategy Consulting Solutions:

• Blockchain: a 4 step approach
• Analysis of Blockchain need in your supply-chain & logistics.
• Market Entry Strategy
• Blockchain applications for your company
• Threat of Disruption Analysis
• Technology Acquisition (M&A)
• Partnership Strategy
• Knowledge & Best Practices Acquisition

Market Research Solutions:

• Competitive Analysis
• Market & Technology Trends Intelligence
• Go-To-Market Strategy
• Blockchain Expert Sourcing
• Patient / Provider Research
• UX / UI Research
• Proof of Concept Research

With Blockchain, it's easy to stand out among the competition. SIS International Research and SIS Blockchain Strategy Consulting's services help to make that happen.  Learn more at www.sisinternational.com