Use of Blockchain and IoT Can Downsize Hospital Expenses By 20 Percent

Internet of Things

Most of the technological advancements have proven to be a game changer in their own way for the commercial profitability and Blockchain & Internet of Things (IoT) Technology are some of the leading names in this domain. With the potentiality to many industries, the technologies like Blockchain & Internet of Things (IoT) are proven to be extremely beneficial for the healthcare industry over the past couple of years. By drawing upon Digitisation, mainly driven by Blockchain technology and Internet of Things (IoT), healthcare industries can slim down their expenses by 20% and enjoy better efficiency, said Dr. Sandeep Narula, associate professor at IIHMR University, Jaipur.

While keeping his statement forward, Dr. Sandeep said, “By focusing more on Blockchain technology and IoT, the global healthcare industry can be privileged with a great transformation under which, the expenses of the hospitals, can be driven down to 50% from the current 70% by 2020”.

Blockchain technology, stuffed with the high-end features like control decentralization, ease of use, and end-to-end encryption option which ensures data integrity, is facilitating the commercial healthcare sectors with safe data exchange and super-fast transactions, which in other ways is prompting clear-cut identification and enhanced health care and treatment at less expenses, while nurturing higher revenue cycle supervision.

On the other hand, through IoT or Internet of Things, individual data is gathered all through the health care pathway which helps easy and effective diagnose the patient so that they can be given the best treatment in less time. It also allows patients to live better and healthier lifestyles by means of connected gadgets, viz, tablet computers, smartphones, wearable and other hand-held devices.

By integrating the services of healthcare with Blockchain technology and IoT, digitization can be led towards a new generation of precise transactional application, which will enable the hospitals and other healthcare facilities to slim down their audit and fulfillment expenses, engrave observance menace by ensuring better precision in claims actions, set up tamper-proof audit courses, and improve patient information security. In addition, it could also help hospitals to provide better and faster patient care and generate higher revenues and better commercial profiles, said Dr. Sandeep Narula.

Moreover, he also bears out IoT to be a true game changer, saying Internet of Things (IoT) stuffed with numerous sophisticated systems, software, medical gadgets, and high-end services, has been having a considerable impact on the overall healthcare industry. Taking the statement further, he said, use of IoT can have enormous benefits in the monitoring of clinical services in remote areas, management of unrelieved syndromes, providing defensive care, assisted living, as well as delivering personal fitness monitoring. Use of the technologies like Blockchain and IoT can condense the expenses, perk up the efficiency, and bring the focus back to quality patient care across the global healthcare sector, confirmed Dr. Sandeep.

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