The blockchain technology allows users to prove the authenticity of any document registered in the system. Because blockchain records immutable data, it allows for the storage of clinical trials’ results in a protected fashion, literally making data unable to be modified and ensuring its efficacy.
Blockchain technology is currently one of the most pivotal and disruptive in the world. Multiple industries are implementing the blockchain technology to innovate the way they function, including the healthcare industry.
Blockchain is decentralized digital accounting that keeps a permanent, unalterable record of transactions between users. In short, a blockchain is a time-stamped series of fixed record of data that is managed by a cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) are secured and bound to each other using cryptographic principles (i.e. chain).
Let’s explore primary drivers that are responsible for moving digital health along within the medical market.
The transformation to value-based medical care, artificial intelligence (AI) and machine learning, and the rise of private insurance models is predicted to have the most substantial adjustments to how the healthcare industry functions, according to Forbes.
Forbes has published predictions on the evolution to the healthcare industry for the last 10 years.
Healthcare organizations have their plates full, juggling the latest and greatest offerings and cutting-edge tools, all while figuring out budgets to support the advanced tech tools and procuring staff with the capacity to oversee them. One of these trending tools on every administrator’s mind is preparing for and implementing Artificial Intelligence (AI).
Read any article or watch a news clip about the subject, and there are common themes that AI is projected to bring to the table — you’ll hear words like:
The bottom line is that AI is seen as a benefit to the patient, first and foremost. With continuous connectivity and the capacity to learn, AI would have the ability to improve clinical efficiency by collecting, aggregating, and analyzing patient data —the results of this learning can then be used to improve patient adherence, engagement, and to proactively advise on next steps. AI in a clinical setting would prove its effectiveness as it begins to transform the healthcare system into one more focused on preventative care as opposed to reactionary care.
In a survey conducted by Intel and Convergys Analytics, half of the participating professionals reported that widespread adoption of AI is imminent — predicting that it will be common practice within five years.
Nearly 20% believe that AI will be completely adopted in less than two years.
The poll found that 37% of respondents are already using artificial intelligence within their organizations in some capacity.
The three objectives include:
It is evident that most recent healthcare reform initiatives by the government regarding healthcare policy and funding, is fueled by the Triple Aim.
The three aims are not a new concept per se, but it wasn’t until government mandated healthcare reform, i.e Obamacare, that the Triple Aim became a sought-after goal for health organizations.
Following these three Triple Aim objectives enables healthcare organizations to recognize and solve problems such as poor coordination of care and excessive use of medical services. It also encourages organizations to focus attention on and redirect resources to action that produce the most considerable impact on health.
The United States healthcare system is the most costly in the world, accounting for 17% of the gross domestic product with estimates that percentage will grow to 19.9% of GDP by 2022.
It is a safe assumption to make that medical equipment buyers want to save money. In 2018, now more than ever, hospitals, ASCs, and other healthcare institutions are under tremendous pressure to cut costs. But, many buyers do not necessarily think about Section 179 when shopping for equipment.
The Section 179 deduction is actually not a complicated tax code and is surprisingly a lot simpler than most realize. The IRS tax code, Section 179, permits businesses to subtract the full purchase price of qualifying equipment purchased or financed during the tax year. In other words, if you buy a piece of qualifying equipment, you can deduct the full purchase price from your gross income. It’s an incentive created by the U.S. government to encourage businesses to buy equipment and reinvest in growing their business.