The future of healthcare and Blockchain is bound for bountiful growth as the latest CSNewswire reported that Blockchain technology in the healthcare market is projected to grow at a CAGR of 72.8%.
In a diverse healthcare segment, the one with the highest registered CAGR within the forecast period is the claims adjudication and billing management segment.
Other segments that are projected to benefit with Blockchain includes supply chain management, clinical data exchange and interoperability.
For healthcare administration and its integrity, Blockchain is being geared for supporting the fight against billing-related fraudulent activities, providing a backbone to the growing medical tourism and to overhaul the billing process through automating medical transactions and payments.
With Blockchain’s evolving use cases and its beneficiaries, the categorized beneficiaries are classified as the following: pharmaceutical companies, healthcare payers, healthcare providers, and other end users.
For healthcare end users as payers, Blockchain’s promise of heightened security and streamlining the process will lead to a high point in growth as well as be able to shed costly processes on health administration and improve the overall interoperability of medical exchanges.
Over the next five years, the Asia-Pacific region has the highest growth forecast due to Blockchain’s interoperability and ability to dramatically improve the health organization’s operational efficiency. Other variables pushing growth into the region are: the adoption of Electronic Health Records (EHR), Healthcare IT Solutions, the expanding coverage of healthcare information exchanges and the improvement of the medical tourism industry in the region.
As a whole, the Asia-Pacific region has the highest concentrated population on the planet. With the growing population headed by China, India and the many countries of South-East Asia, the challenges in facing medical and healthcare providers are:
- Lack of facilities to accommodate the population
- Shortage of medical professionals
- Shortage of facilities
- Manual patient record handling
- Fragmented health information systems
- Lack of IT infrastructure to support IT Health Exchanges
- Unoptimized health administration practices
While Blockchain is not a silver bullet to the health administration problems due to the weaknesses in the administration and its processes, Blockchain does pave the way to better optimize both process and practice in order to improve the organization’s capacity for administration.
DynaQuest is a Blockchain support company that is working to utilize Blockchain in the healthcare and medical industry of the Asia-Pacific region through an adoption framework that utilizes our specialty and resources of consultation, implementation, support and optimization.