Some healthcare experts have described the U.S. healthcare industry as "arguably the world’s largest, most inefficient information enterprise.” Healthcare is one of the most highly regulated industries, with some of the worst data silos, resulting in huge data gaps and skyrocketing costs, potentially reaching more than 19% of the GDP by 2025. When it comes to patient records, there are currently no universal patient identifiers that can connect all of the patient’s data together to tell one common story of the patient’s entire journey through life. This results in a litany of problems: manual reconciliation, missing records, administrative complexity and duplicated work. These problems come with a steep price tag: administrative errors, waste, fraud, abuse, loss of time, and potentially, loss of lives.
In fact, in healthcare, data silos can kill you. Here are just a few troubling statistics: 86% of medical mistakes are triggered by data errors. 30% of medical tests are reordered because of missing records. And 6.7 % of hospitalized patients have adverse drug reactions.
At Gem, we asked the question, what if we can use blockchains to create a longitudinal health record for patients, linking all of their care providers, thereby providing accuracy, transparency, and accountability while maintaining patient privacy and HIPAA compliance. Our seasoned blockchain engineers came up with the answer. This is what it managing a medical record on the blockchain would look like on Gem’s enterprise blockchain platform.