Tag: Token Sale

A token sale, otherwise known as an initial coin offering, is the sale of crypto currency tokens linked to an emerging or just release software ecosystem.

CareX conducts first crypto healthcare transaction in Texas, raises over $10 million

CareX conducts first crypto healthcare transaction in Texas, raises over $10 million

HOUSTON, February 8, 2018 – Before its Initial Coin Offering (ICO) has finished, CareX Blockchain Platform tokens are already being used to purchase healthcare services.

As the Houston Business Journal reported, the first CARE Token transaction took place on February 5. Pinto Walia used 450 CARE ($4,500 USD) to get stem cell therapy from Dr. Naz Keshwani, who runs a medical practice in Houston, Texas. Dr. Keshwani will accept CARE in addition to other forms of payment and offer a steep discount as a result.

 “It’s exciting,” Keshwani told the Houston Business Journal. “I feel like I’m on the forefront.”

CARE Tokens are pegged at $10 USD for the duration of the token sale. When investments reach 20 million USD, the price will rise to $20 USD before going on crypto exchanges later in the year.

“We are carefully managing the process of joining exchanges to avoid volatility,” said CareX CEO Mike Bishop.

Besides accepting new patients and token investors, CareX is actively recruiting medical providers interested in receiving CARE payments in return for their services.

“Patients can now use CARE tokens with any provider that will accept them,” explains Bishop. “We will now be focused on growing that network.”

CareX is much more than a new payment method on a blockchain. CareX patients can also store their medical records, sharing them with any doctor in an instant.

“Having easy access to health records give patients the freedom to choose their provider,” said Bishop. “When providers start competing for patients, everybody wins.”

By accepting tokens, providers will get free access to the CareX suite of products, including analytics software that helps manage the administrative side of their business, saving lots of time and money. They also get access to the global network of patients interested in getting services.

“The more patients I can see, the cheaper my costs per patient could be,” said Dr. Ilyas Benchalaa, a CareX associated physician. “That’s a virtuous cycle which could really benefit everyone I work with.”

CareX has already raised over $10 million towards the project. The token sale is still ongoing, accepting BTC, LTC, ETH and US Dollars.

This is a paid press release. Blockchain Healthcare Review does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. Blockchain Healthcare Review is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

subscribe

How ScriptDrop is Using Blockchain Technology for Rx Med Adherence

ScriptDrop is a blockchain-based healthcare startup that plans to reward patients that stay on their medication with cryptocurrency tokens they can use toward their healthcare costs. Along the same lines, the company aims to solve the related problem of medications abandoned at pharmacies by delivering medications directly to patients’ doors through courier services across the U.S. ScriptDrop already has delivery services active in Chicago and New York City. To drive their expansion, the company hopes to build on their $1 million in seed funding through their token sale on November 1st.

ScriptDrop is solving Rx med adherence

ScriptDrop

The ScriptDrop team maintains that there is a two-fold problem holding back certain key aspects of healthcare in the U.S. First, a quarter of patients’ prescriptions are never picked up from the pharmacy. Second, half of patients do not take their medication according to their prescribed regimen, if at all. The healthcare startup argues that when patients fail to take or stay on the medication that keeps them alive and healthy, the result is, expensive medical visits, surgeries and wasted medication. It can even be fatal. The company claims that patients’ failure to take their medication is ultimately leading to more than 100,000 deaths, as well as $300 billion in healthcare costs, each year.

ScriptDrop’s solution to this two-fold problem is a prescription delivery service and a sophisticated reminder service, both of which gather patient information and reward patients for participating.

Prescription delivery service

ScriptDrop’s prescription delivery service is the more developed of the company’s two solutions at this time. Already active in two major U.S. cities, ScriptDrop plans to use the more than 350 courier services available in more than 40 states to run their prescription delivery service smoothly and efficiently.

Virtual assistant and reminder service

ScriptDrop’s virtual assistant, currently in Beta, is the more sophisticated of the two solutions and serves as a multi-channel reminder service to help keep participating patients on their prescribed medication regimen. ScriptDrop is tapping into a wide spectrum of platforms to reach and interact with participating patients. Reminders are sent via robo-calls, text, Slack (workplace messaging platform) and popular personal assistants and home devices such as Amazon Echo, Google Home and Microsoft Cortana. Daily reminders may include notifications sent to caregivers, and also encompass refill reminders as necessary. In addition to serving as a reminder service, the virtual assistant asks patients to confirm that they have taken their medication as prescribed.

The patient can choose to take the process a step further and agree to share their adherence information with their doctors and pharmacies. For example, with the patient’s permission, ScriptDrop will notify the patient’s doctor that they are taking their medication as prescribed. Notifications can take place via fax or through the patient’s EHR, thanks to ScriptDrop’s integration with Updox.

Incentives to participate

In order to encourage patients to use the ScriptDrop service, patients earn cryptocurrency tokens with each interaction with the virtual assistant. Then the patient can use the tokens they earn towards their health insurance premiums or to reduce their co-pays.

The dual, blockchain-based platform

ScriptDrop keeps patient information in adherence profiles stored securely on a Hyperledger-based blockchain. Token transactions, on the other hand, are kept on a separate, Ethereum-based blockchain.

ScriptDrop company profile

Founders

Founders Nick Potts and Larry Scott worked together at CoverMyMeds, where they helped grow the pharmacy-software company, now valued at more than $1B, before leaving to found ScriptDrop.

Partnerships and progress

ScriptDrop has secured two partnerships, UpDox and BestRx, and recently launched its prescription delivery service in Chicago and New York.

Funding

ScriptDrop has received $1 million in seed funding from Rev1 Ventures, Jumpstart Foundry and M25 Group.

ScriptDrop Token Sale

ScriptDrop plans to hold a token sale on November 1st. Of the 1 billion total tokens issued, the majority (51%) will go to patients; 8% will to go the ScriptDrop Team, advisors and other parties; and the remaining 41% will serve as the 410 million tokens available at seven to nine cents each to participating pharmaceutical firms during the company’s token sale. The healthcare startup plans to raise $17.5 million from its ICO.

subscribe

Subscribe to stay up to date with the latest blockchain innovation in healthcare.

Patientory – Blockchain, A.I. and Population Health Management

Blockchain Solutions for Population Health Management

Patientory is a healthcare start-up aiming to transform the way patients keep track of their health information by empowering them to manage their own health care. Although based in Atlanta, Patientory grew out of a collaboration between Boulder, Colorado’s Boomtown Health-Tech Accelerator and Colorado Permanente Medical Group (of Kaiser Permanente). They are also in partnership with Startup Health.

Patientory has placed their focus on four interrelated areas: a mobile app, the Electronic Health Record, the health sector’s first crypto-token, and Patientory’s blockchain platform.

The Patientory mobile app

Simply called “Patientory,” the Patientory mobile app enables users to store, view and track their health care data using HIPPA-complaint blockchain technology. Patientory’s advanced patient profile gives users instant access to their:

  • Medical history
  • Doctor visits
  • Medications
  • Immunizations
  • Health insurance

On the Patientory blog, the team argues that the digitization of health care information not only has obvious advantages, such as instant access to one’s health data, but less immediately noticeable advantages as well. These include a reduction in lost data (e.g. from indecipherable handwriting); enhanced patient-doctor communication; emergency alerts (e.g. of life-threatening drug-interactions); and an increase in preventative care due to empowered and informed patients. More generally, Patientory claims that the digitization of health care data will increase healthcare quality and efficiency while reducing the nation’s healthcare costs by billions each year.

Patientory and the EHR

According to Patientory CEO Chrissa McFarlane, adoption of the Electronic Health Record has reached “approximately 90%” among health care providers. Nonetheless, McFarlane points out that recent security breaches have only worsened concerns over the privacy and security of EHRs. Furthermore, doctors and hospitals are often unable to share their information with one another. The result is not only an inefficient system, but a marked decrease in the quality of care. After all, every minute that doctors spend manually entering their patient’s data is another minute they could have spent with their patient. McFarlane maintains that blockchain is the most popular solution to the problem under discussion among technologists specializing in the healthcare sector. Patientory is building their platform accordingly.

The Patientory crypto-token

On April 25th, Patientory announced that they were taking a bold step toward realizing the task of interconnecting patients’ EHRs (while preserving their privacy) with the introduction of the first crypto-token to the healthcare sector. According to McFarlane, the Patientory platform will transfer tokens—PTYs—to “reward providers that work together” and provide the best care to their patients. The result: both a reduction in the cost, and an increase in the quality, of healthcare. Patientory’s token sale is set to open on May 17th.

The Patientory platform

 

On a more technical level, the Patientory platform (a health information exchange or HIE) makes use of secure, closed loop, distributed, blockchain technology to encrypt and decentralize data so that it distributed and HIPPA-compliant. As a result, with Patientory’s help, “the healthcare ecosystem” now has the means to embrace a blockchain platform and “to seamlessly exchange” information. According to Patientory, providers have every reason to participate, as the blockchain system promises to improve efficiency, eliminate redundancy and bring down the cost of care.

patientory

Taking a broader view, Patientory sees a new model emerging for the U.S. healthcare system. McFarlane explains that the overall goal is to transition the healthcare system in the U.S. from a “pay-per-service” platform to a “value-based” platform. But to accomplish this task requires a trusted healthcare information system that enables participating organizations to track and reward “medical interventions” based on their “quality, value and effectiveness.”

Overall, Patientory has a bold vision backed by a sophisticated app and blockchain platform. Yet the healthcare system has been slow to embrace systematic change in the past. Therefore, whether Patientory will succeed where others have failed in transforming the health sector is an open question. For fans of the “Facebook for healthcare,” a cautious optimism may be in order.

subscribe

Subscribe to stay up to date with the latest blockchain innovation in healthcare.