How Blockchain In Healthcare Could Save The Healthcare Industry Up To $100-$150 Billion Per Year

PALM BEACH, FLa., Nov. 4, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - Traditional blockchain technology has historically been associated with cryptocurrency. It came to mainstream attention back in December 2017 when the price of Bitcoin soared from $900 to $20,000. Here's the catch though: blockchain is not only applicable to cryptocurrency. In fact, blockchain, as a secure public ledger, is exactly what the healthcare industry needs. Blockchain in healthcare is ALL about removing the middleman. It's about increasing the security of various transactional activities in the healthcare space, while eliminating bureaucracy and manual inefficiencies, improving quality of care and democratizing patient data.  Blockchain is a decentralized list of digital records linked together by cryptography. Each record is known as a 'block'. Every block contains a cryptographic hash of the previous block ie a mathematical algorithm, a timestamp, and data of that transaction. Blockchain technology was developed to be a secure open ledger to record digital transactions, managed by a peer-to-peer network.  According to an article in Digital Authority Partners, HIPAA reported that in 2018, there was at least one data breach of healthcare records every day. Between 2009 and 2018, more than 59% of the US population has had their healthcare records compromised from data breaches. In the age of data-insecurity, health organizations should look at utilizing blockchain technology. There's a lot more to it than simply transactional activities' - blockchain is about securely sharing data previously deemed impossible to extract. Active Companies in the markets today include Healthcare Triangle Inc. (NASDAQ: HCTI), Accolade, Inc. (NASDAQ: ACCD), Teladoc Health, Inc. (NYSE: TDOC), Cigna Corporation (NYSE: CI), UnitedHealth Group Incorporated (NYSE: UNH).

According to Healthcare Weekly, "40% of healthcare executives see blockchain technology as one of the top 5 priorities in the industry.  Furthermore, the adoption of the blockchain in healthcare could save the healthcare industry up to $100-$150 billion per year by 2025 in data breach-related costs, IT costs, operations costs, support function costs, and personnel costs, and through a reduction in frauds and counterfeit products.  Blockchain technology can prove to be just as effective a solution as AI. It can help improve the drug supply chain and make the clinical trials process more efficient. One of the main issues in pharma is preventing counterfeit medicines from getting to market."

Healthcare Triangle Inc. (NASDAQ: HCTI) BREAKING NEWS:  Healthcare Triangle Releases Methodology for Blockchain Transformation for Pharma Supply Chain - Healthcare Triangle Inc. ("HCTI" or the "Company") a leading provider of cloud and data transformation solutions, is pleased to announce the release of Blockedge Glu, which provides a framework and methodology for a blockchain transformation of pharma supply chain eco system in partnership with blockedge.io a leading blockchain transformation provider.

Creating end-to-end visibility in supply chain management and maintaining prescription drug traceability and integrity hold utmost importance in the pharmaceutical industry, which is currently accelerated by the compliance requirements DSCSA from FDA.

"FDA's requirements alone are not the driving factor behind accelerating the blockchain transformation of pharma supply chain", says Chairman and CEO of Healthcare Triangle, Suresh Venkatachari. Per BIS Research, Pharma companies currently lose $200 billion a year to counterfeit drugs. The health issues caused by such drugs are alarming to an extent WHO (World Health Organization) has also gotten involved in solving this problem using Blockchain.

"Blockchain is the best track & trace solution available for us today, giving complete end-to-end supply chain visibility, thus can make a significant difference, if adopted right." Venkatachari continued, "Blockedge Glu is designed to make this adoption right by addressing major challenges involved by providing a framework which reduces the complexities of integrating existing large and complex IT systems with one or more blockchain networks while also providing a transformation methodology that servers as a playbook for IT and business leaders to implement, what's becoming to be, the multi-year transformation program."  CONTINUED…   Read this full release for Healthcare Triangle at:  https://www.healthcaretriangle.com/investors/ 

Other recent developments in the markets include:

Accolade, Inc. (NASDAQ: ACCD), a healthcare provider that serves over 400 employers and millions of members, recently announced that it will be at HLTH Boston 2021 to engage in discussions about how companies can improve care, clinical outcomes, and lower costs.

"At Accolade, we believe that long-term relationships matter, that every person should have care as unique as they are, and that healthcare should focus on people, not fees," said Rajeev Singh, CEO and Chairman, Accolade. "We partner with forward-looking health benefits leaders to invent the future of healthcare that their people deserve and in turn transform the employee experience. We recently introduced Personalized Healthcare, a new category that enables a nationally scalable model of value-based care to meet the quadruple aim, as the next step in this journey with employers and health plans."

Teladoc Health, Inc. (NYSE: TDOC), the global leader in whole-person virtual care, recently reported financial results for the quarter ended September 30, 2021.

"Our strong performance in the third quarter reflects our continued success in leading the transformation of healthcare delivery and expanding access for all," said Jason Gorevic, chief executive officer at Teladoc Health. "By leveraging our unique combination of data, analytics, technology and dedicated healthcare professionals, we are driving growth across our business. The third quarter was notable in expanding relationships with a number of leading national health plans with the successful launch of our Primary360 offering which reimagines the primary care model and delivers increased access and engagement to members."

"As we look ahead to the rest of 2021 and into 2022, we are confident in our ability to innovate, anticipate and solve for the evolving whole-person health needs of consumers and healthcare professionals globally," Gorevic added.

Cigna Corporation (NYSE: CI) Cigna Health Plan recently announced it is significantly expanding access to covered virtual care services for millions of customers. The expansion demonstrates the increased pace of innovation that is an early result of the acquisition of MDLIVE by Evernorth, Cigna's health services business.

The integrated services will include digital-first primary, dermatology, behavioral and urgent care. Additionally, MDLIVE physicians will join Cigna's group of collaborative care providers, giving them access to patients' health information for a more connected, coordinated experience.

"With MDLIVE now part of Evernorth, we've fast-tracked our ability to offer a broader suite of differentiated, future-state care solutions that make the patient experience easier and more convenient," said Eric Palmer, president, Evernorth. "Today's announcement represents a significant step forward for millions of health plan customers who will gain on-demand access to a wider range of highly-specialized, in-network health care professionals."

UnitedHealth Group Incorporated (NYSE: UNH) The Minnesota Department of Human Services, which is partnering with managed care health plans to improve the health and wellness of individuals, recently selected UnitedHealthcare Community Plan of Minnesota to administer its Medicaid program, effective January 1, 2022.

"We are honored to have received a contract from the state of Minnesota, which will allow us to serve more people in our home state, many of whom are our friends and neighbors," said Victor Fields, CEO, UnitedHealthcare Community Plan of Minnesota. "We look forward to improving the health and wellness of Minnesotans in the communities where we live and work, as part of our mission to help people live healthier lives and help make the health system work better for everyone."

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