NFT in Healthcare
NFTs are already very popular in the art industry, and are giving freedom to all artists of art, to believe and expand their sales to the digital world, without any doubt, why? because the blockchain can secure the ownership of the art owner.
But, How about the benefits of using NFTs in Healthcare ( NFT Healthcare )?
And, What are The benefits of NFT in Healthcare?
Healthcare is the Newest Frontier for NFTs
From patient data access and privacy to blood donation tracking, the healthcare industry stands to benefit significantly from NFTs
The Potential Benefits of NFTs in the Medical Field or Healthcare
NFTs are already being used in the medical field or healthcare in many ways:
1. Medical records and patient data
This is a big one. NFTs can be used to represent a patient”s medical records, including their health history, lab results, and imaging studies. This allows for easy access and sharing of patient information among healthcare providers while maintaining data security and privacy. Patients can have control over their data and provide selective access to doctors or medical institutions.
2. Medical Billing and Insurance Claims
Another NFT use case in healthcare industry is to securely and transparently track and process medical billing and insurance claims. This could help to reduce the risk of fraud and errors, and make it easier for patients to understand and track their healthcare expenses.
3. Medical research and intellectual property
NFTs can be used to represent the ownership and attribution of medical research, discoveries, and inventions. This can help protect intellectual property rights and facilitate licensing and royalty agreements between researchers, institutions, and pharmaceutical companies.
4. Medical education and training
NFTs can be utilized to verify and track the completion of medical courses, certifications, and continuing education credits. This can help maintain the integrity of medical credentials and simplify the process of verifying qualifications for employers or licensing boards.
5. Personalized medicine and genomics
NFTs can be used to represent unique genetic information, enabling individuals to securely share their genomic data with researchers or pharmaceutical companies for personalized treatments and therapies. This can help advance the field of precision medicine while ensuring data privacy.
6. Medical supply chain
NFTs can be used to track the origin, production, distribution, and administration of medical supplies, including pharmaceuticals and medical devices. This can help ensure the authenticity and safety of medical products, prevent counterfeiting, and optimize supply chain efficiency.
NFT Vaccine Passport - NFTs in Medical Records
What is a Healthcare Passport ( Hospital or Medical Passport )?
A hospital passport is a digital ( app, or online certification ) or paper document that provides important information ( or history ) about patients health conditions and any type of medication they are already taking.
And, What is a COVID-19 Vaccine Passport?
Vaccine passports are digital or paper documents to show whether you’ve been vaccinated against COVID-19, and let you verify your COVID-19 immunization record.
this passport will allow you to travel abroad or grant access to some venues, such as cinemas, restaurant, etc.
Some Peoples argue and has raised concerns related to privacy and security, Is their health information in vaccine passports, could be leaked and exposed to the public?
Users can choose whether to disclose information ( or vaccination-related details ) that can identify individuals, such as their names, date of birth, and nationality. So, in this case, users can protect their privacy and only prove the vaccination record.
and, How is the process of vaccine passport verification by any agency?
Mostly, digital vaccine passport now present as a QR code in an app, the agency can scan the QR code to check the information related to the vaccination.
Who is already adopts the NFT vaccine passport (NFT in Healthcare)?
Smart Contracts (on Blockchain) to Revolutionize Medical Billing and Insurance Claims
Why does health insurance need smart contracts?
Health insurance is a multi-billion market with hundred of thousands of daily billings and transactions that need to be carried on by highly experienced medical billing specialists and accountants. To get more insights into the health insurance market volume, the top 4th market leaders closed a total of 230 Billion USD in direct premiums written in 2018.
What is the most dominant pain point in the current health insurance system?
is Medical billing errors
Medical billing is the process of confirming and following up on medical claims for health insurance companies to clear payments for services received by patients in healthcare institutions. Medical billing aims to translate the healthcare service into billing claims, following medical codes such as CPT®, ICD-10-CM, and HCPCS Level II classification systems. Medical billing is a complicated and sensitive math because any false interpretation can cause significant errors in the billed amount, which could cause financial liabilities for both health insurance companies and healthcare institutions that provide the medical service.
What causes medical billing errors?
- Data Deficit
The failure of providing medical data to health insurance companies to support claims always causes rejections or delays of the claims.
- Upcoding errors
Upcoding is the billing of patients for more complicated procedures and higher services than they actually received due to coding errors by entering false diagnoses or diagnostic scan measures.
- Incorrect patient Information
Entering false patient information causes claim denials, an easily preventable error by referring to a reliable patient data source.
Why could smart contracts be a revolutionary move in health insurance?
- For health insurance companies
Using smart contracts in multiple layers of health insurance will eliminate errors and prevent overbilling results from upcoding. Health insurance companies can code their policies into the smart contracts to auto-execute the policies without the need for revisions by officers, which can save billions in revenue from billing errors besides reducing the corporate spending on employment as smart contracts will substitute multiple tasks that employees typically carry out.
- For medical service providers
Smart contracts will save healthcare institutions and medical service providers’ money by substantially reducing claim denials and delays. Claim rejection after providing medical services could put a significant liability on the healthcare institution if it couldn’t reach back the patients and bill them directly the cost of the services.
Want to go from NFT confused to NFT enthused, and have a better understanding of NFTs (non-fungible tokens)?
We provide more user-friendly NFT Terms ( acronyms ) in our NFT Dictionary
Where can I create NFTs?
We will introduce to you Our NFTs Management System, where you can start and create your own NFT.