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How Blockchain is Totally Changing Healthcare | The Harbus

Changes to Healthcare Pricing & Payment Models

Blockchain will also change how healthcare and medical services are priced and paid. These changes are coming thanks to the enhanced identity management, smart contracts and instant machine-to-machine communication enabled by blockchain.

For example, VC-backed healthcare API company PokitDok has partnered with Intel to offer Dokchain, a standard now supported by dozens of companies including Ascension, Amazon and Guardian. The solution allows claims to be processed in seconds instead of weeks and months. Notably, the solution can also “validate the supply chain,” writes Ron Miller in TechCrunch. “For example, when a doctor writes a prescription, it gets logged on the chain with transparent pricing for the consumer [with] broad implications for inventory and order management of medical supplies and pharmaceuticals.”

WELL, a blockchain-enabled medical service network is another innovative company enhancing key aspects of healthcare service. WELL allows patients to contract with healthcare professionals worldwide, including speciality doctors, therapists and psychologists, while facilitating real-time insurance verification and reimbursement via the company’s cryptocurrency–WELL tokens.

With funding from its Initial Coin Offering (ICO), WELL’s blockchain and asset tokenization facilitate immediate funds transfers by utilizing smart contracts and instantly releasing payments upon completion of milestones (e.g., visits, invoice approvals, et al).

The international, cross-border capabilities of WELL’s provider and compensation network stemming from its blockchain technologies are particularly noteworthy. “Many countries have byzantine laws preventing citizens from making out-of-country payments,” states WELL’s white paper. “When allowed, payments often take days and cost a significant portion of the amounts processed. Additionally, payment can be stopped, significantly increasing the risk of non-payment.”

As exemplified by both WELL and PokitDok, blockchain technologies and asset tokenization will be used to address key issues, including changing traditional healthcare payment and pricing models. In fact, they already are.

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How Blockchain is Totally Changing Healthcare – The Harbus.