Tech Firm Run by Doctors Turns to the Blockchain for Fighting Healthcare Fraud

Healthcare and patient safety

Healthcare industry is one of the most vital sectors of all. This is because, it fights for the survival of human race and eliminate any threats or vulnerable disease that may affect humans. But, what about the threats caused by humans to the industry? There are various malpractices that happen in this industry like money laundering, illegal drug testing, identify theft, etc. Such malpractices threaten the industry as a whole, making the physicians’ job more difficult in treating the patient. Using blockchain in healthcare for data security, such threats can be eliminated.

healthcare fraud

Blockchain and fraud protection in healthcare

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Blockchain in healthcare today, support the healthcare network system with protected security over data, decentralized authorization and transparency over transactions that take place. It makes the job of the physician easier and also, they are able to place trust of the information and data required for any operative purpose. Blockchain brings trust in healthcare.

What happens if the physician themselves diagnose the disease wrong? Or prescribe a wrong medication? It can affect the life of the patient forever. It might traumatize the life of a patient and their loved ones forever.

This article discusses about how tech firm run by doctors use blockchain to fight fraudulent activities that take place in healthcare industry. Instant Access Medical (iAM) is a distributed system with a vast combination of experience and data, built by a team of doctors. It functions with blockchain as a platform over a decentralized network.

According to various sources such as Nulltx, CCN, Hitconsultant, etc., in the last few years, loss incurred by hospital industry due to medical crime alone have been reported to be more than USD 80 billion. These medical crimes involve false insurance claims or fraudulent insurance documents, identity theft, etc.

Instant Access Medical (iAM)

With Instant Access Medical system, doctors, physicians, any medical personnel are able to track data or information and identify fraudulent activities and practices. This eliminates the threat of manipulating the data or record of a patient.

Instant Access Medical and Blockchain

This is possible as Instant Access Medical system operates using blockchain. Blockchain today, is well known for its data security, transparency, and authenticity of data it provides. Since, blockchain operates over a decentralized network, it is impossible for anyone to change the data that is already recorded and stored.

Secured data storage

Blockchain encrypts the data before storing. This protect the data from being hacked or misused too. Since the data is encrypted and stored over a decentralized network, if a healthcare personnel has to change any data or information, the whole network system has to be shut down and changed. This is almost close to impossible as any downtime in network might influence or affect other operations and transactions.

Decentralized authority

There is no centralized authority who control or monitor the data and information stored. Thus, there is no wait time in order to get authorization for a particular transfer or transaction or operation take place. There is no queue for any process with blockchain. This also helps to accomplish successful surgeries at right time and right place.

Since, there is no central authority, all data and information stored is visible to all parties and personnel involved in the system. Thus, the chances of manipulating data is very low and it also helps to keep the operative task honest with any malpractice.

Identity is secured and verified

All parties who are a part of the Instant Access Medical system initially has to be verified by the validation process of the system by itself. Instant Access Medical uses Guardtime’s KSI technology in order to make sure that all identities are safely secured and no one can manipulate or use any identify for fraudulent practices.  

Guardtime KSI technology is a blockchain platform operating system that functions as a digital ledger system where all data is stored safely with electronic encryption. This system is built with standards and rules which are pre-defined. Hence, data cannot be manipulated even by the government or healthcare administrators.

Integrates patient data and information

Doctors are able to make better, smarter decisions and all the patient data and information is stored digitally as log books and they can be accessed anywhere, anytime. Because of this, doctors are given the ability even to have a preview or full access to the medical history of the patient. Through this system, doctors are able to better understand their patients too.

Since, data and information are integrated, medical record of the patient is combined into one file without any cluster. Thus, the chances of misplacing any data or information is low. It also allows the doctor to cross verify different information, which could give them ideas for a better cure. As a reason, fraudulent activities of deleting data and information or miscommunicating data and information is eliminated.

HealthOne

It is system of clinical records maintained and stored by Instant Access Medical system. It has been used since 1990. According to Nulltx, HealthOne has been widely used in the Special Olympics healthy athletes program to ensure fitness and screening of the athlete for ensuring no mal-practice. It was used between 2003 and 2013.

Today, in Olympics, advanced treatment and monitoring procedures are followed to ensure supervised modeling techniques track athlete fitness. These advanced treatment procedures use agglomerative clustering algorithms to identify statistics and plot patterns across medical records of an athlete.

Singing Off: No compromise in data

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With Instant Access Medical system and Blockchain, every data and information stored is accountable. Doctors can also track the source of the data and information. This system provides evidence for the data and ensure authenticity of the information. Doctors, physicians, patients are able to intelligently share their data over a secured channel without having to worry about any security threat.

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