Healthcare spending in the USA currently makes around $10,000 per year and is expected to hit nearly $15,000 per person a year by 2023. Reasons for increased spending are often tied to an increase in tech and administrative costs. While care is improving overall, many countries seek for better care at less cost. At this rate for those in the American lower class, it is becoming a frightening reality to have to choose between food and health care when the worst happens.
For great healthcare to continue being a real option for anyone (not just the well off), it has become essential to develop a better way to deliver health care services in an affordable, transparent, and secure way. To do this, we need to turn to blockchain technology that has all the chances to provide a solution.
This month, Arizona Care Network, one of the US leading accountable care organizations, will put Blockchain technology to the test, piloting a proprietary platform built by Solve.Care using Blockchain technology, along with cloud computing and cognitive learning capabilities that serve as the foundation for smart decentralized healthcare applications called Care Cards.
For many, the platform will be similar to an app store. Like modern app stores, it is a global system that can be used to more efficiently connect users such as providers and care networks with the developers they need. According to Pradeep Goel, CEO of Solve. Care Foundation, one of the ultimate goals is to build a system where providers can share best practices for treatment contributing to healthcare quality as a whole. A doctor in one country can help treat someone in a different location, and bad options can quickly be shared to limit its damage.
The pilot will occur in two phases: ACN Care Wallet will be used to display provider quality data and distribute provider rewards and incentives to Arizona Care Network’s 5,500 physicians in a timely, convenient and transparent way. That is followed by Phase II launch of a Care Wallet application that automatically and continuously synchronizes benefits information, including deductibles and copays, along with co-insurance and out-of-pocket expenses for the network’s nearly 300,000 member patients. Patients can use Care Card applications for immediate authorizations, to schedule appointments and share accurate benefits information.
Why the Blockchain Will Make a Difference
The result of a healthcare system augment by blockchain is little to no friction left between patient, administration, payers, and providers as well as development of solutions for payments, authentication and data exchange that fundamentally change healthcare saving patients and providers billions, every year.
At its core, the platform acts as a bridge, seamlessly connecting patients, care providers, labs, insurance and anyone else involved including employers or family. With this system, patients will get access to test results as soon as they are ready. All this means the weeks of waiting for snail mail and regular calls to see if the results have come in will become a thing of the past.
How does This Work in the Real World?
Unless you have dealt with the healthcare process in recent history, you will be probably surprised to find that payments, test results, claims, bills and more are still sent using paper mail. Of course,these systems leave much wasted time and working hours. Using Care Coin those in need can pay providers quickly and verify the expenses with little effort while maintaining accuracy as all data is kept updated in real time.
Given that admin costs we are talking about are estimated to take up to 30% of healthcare costs, streamlining the process with modern app type systems and using the blockchain for proof, will remove the necessity for Payers to investigate to find out if treatment provided matches what is on the claim form. Employers will no longer have to waste time to verify the extent of costs and can do better at incentivizing healthy lifestyle and choices, solving the problem rather than treating the result, ultimately reducing administration non-care costs from 30% to 3%
Why Two Tokens?
It is crucial at this point to make the two token distinct and explain they are needed. The SOLVE token is available on the open market and is primarily used for use fees like GAS is used with Ethereum. On the other end, any company participating in the system will be required to maintain a balance in an escrow of sorts. This ensures that Administration networks and Developers will act beneficially. This practice is not unheard of and similar to how many companies are required to purchase bonds as insurance they plan to add positive value and act as expected.
Care Coin is a borderless multicurrency payment solution. Without fear of price fluctuations, players can quickly send money where it is needed regardless of the amount, currency or country. There is no fixed amount, and the new tokens are purchased into existence and pegged to that value. It only exists until redeemed and backed by reserves of the issuer. It cannot be traded publicly but can only be used in the SolveCare network. Since this solution is legal, it is apparent that it can be applied to many other systems where another cryptocurrency is not currently accepted.
What Makes SOLVE Token Valuable?
When there is a limited supply and demand grows, the value grows as well. This exemplified with SOLVE, which operates on the principles of scarcity, need and usability. Only one billion tokens are issued. Since the initial offering, the token supply exists only in the secondary market. They are not available for purchase directly from Solve Care. Instead, they are available for purchase from existing token holders and exchanges. Because the tokens are never retired, they will always be in circulation.
In order to list a Care Card (app) in the marketplace, tokens are required to be held. This type of escrow/bond solutions will allow new people to contribute Care Card technology without long approval times since a substantial financial commitment is required. It is pretty clear to see that this system will demand a raise in the market value of the token as the network grows. Each entity willing to join will lock in the total value of their commitment as long as they desire to participate in the system.
Embracing disruptive technologies like Blockchain has never been more important in healthcare. Consider that in 2015, administrative costs accounted for between 7 and as much as 30 percent of the more than $3 trillion healthcare spendings. The culprit is an outdated third-party administration and payment model that is plagued by inefficient processes, data system silos and duplication of efforts.
By joining forces, the SOLVE.CARE and Arizona Care Network can launch smart applications to reach more patients and providers. Patients can find doctors quicker and have complete transparency on what their insurance benefits are. For the doctors, they will have to spend less time on administrative work which means they can spend more time taking care of patients.
Solve Care’s solutions will change the future of healthcare by supporting and encouraging an ecosystem which provides quality care and coordination throughout the globe. SOLVE has all chances to become the strongest healthcare token by helping reduce administrative costs, and consistently increasing the value of healthcare all over the world.