Michael Ruggio
by Michael Ruggio
Media headlines continue to highlight the potential of blockchains to positively impact numerous industries. Topping the list is the healthcare industry. In particular, smart contracts are garnering attention for their ability to be stored on a blockchain and run when predetermined conditions are met. Applied to healthcare, there are a myriad of benefits and efficiencies to be gained. This article addresses the role of smart contracts to optimise and revolutionise the healthcare arena.
The Basics
Contracts are a fundamental aspect of our everyday lives. We have contracts with our cable providers, our banks, our gyms – the list goes on and on. Smart contracts differ from traditional contracts, serving as a living instrument that thrives without needing access to a series of centralised databases. Having an intuitive progression of “if x, then y” enables information to move in a secure and logical flow. Redundancies are removed, the risk for human errors is reduced, and individuals at various touchpoints in the process are swiftly able to access key information. Within healthcare, the adoption of smart contracts directly impacts:
Billing
Consent forms
Medical records
Insurance claims
Patient data
Prescriptions
The ability of smart contracts to automate workflows and trigger actions leads to tangible benefits for both providers and patients.
Security Without the Silos
Silos exist beyond traditional spaces and into our digital landscapes, specifically related to data. Being decentralised brings to life the adage of working smarter, not harder by enabling a flow of protected information that requires fewer touchpoints and setbacks. Being driven by code, smart contracts offer a level of protection, transparency, automation, recording and immutability that make them different from traditional contracts.
The proliferation of medical technology and telehealth services mean that the ability to easily and securely access data has become the expectation and not the exception. Adopting smart contracts means that data can be shared safely and efficiently as it relates to healthcare services.
Patient and Provider Satisfaction
Patient satisfaction is an indicator that affects not only health care outcomes but the bottom line. Patients who feel satisfied with their experiences are more compliant with their medical care plan and, in turn, assist with patient retention. Much of that experience hinges upon the way in which care is delivered, with the goal being genuinely patient-centred, quality health care, both in-person, online, and post-visit.
Smart contracts remove many of the cumbersome barriers innate to the health care landscape. No one enjoys paper trails, repeat phone calls to providers to fact check information, long waiting periods for results, or delayed updates. Smart contracts are an accurate and secure tool to ensure data integrity and help demystify the health care experience for all.
Taylor English Duma LLP is a full-service law firm headquartered in Atlanta. The firm represents all types of clients, from Fortune 500 companies to startups to individuals. A 2018 recipient of the Forbes Small Giants award, the firm is the Georgia law firm member of GGI Global Alliance.
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Michael Ruggio is a Partner in Taylor English’s litigation department. With experience in healthcare litigation, regulatory and compliance, he represents hospitals, medical centres, durable medical groups, specialty physician practices, laboratories, pharma companies, and related medical entities.
