3 Ways Blockchain Can Improve Patient Care
Healthcare providers know better than anyone that protecting sensitive data is absolutely crucial. However, while providers work hard to implement strong security measures at their practice, hackers are also plotting new ways to tap into valuable data. That’s why it’s important to both have a reliable data security plan implemented at your practice and proactively watch for new ways to boost your methods. You’ve probably heard of blockchain in some capacity, but did you know this technology can be incredibly useful in the healthcare industry? We took a look at how blockchain can improve security and patient care at your company.
What is Blockchain?
According to Forbes, blockchain is a digital ledger that stores data of any kind. Blockchain distributes identical copies of a database across an entire network, making it extremely difficult for hackers to tap into the system. These advanced security measures are exactly why healthcare providers should consider blockchain as part of their daily operations. Blockchain can directly improve your healthcare business in a variety of ways. Here are just a few:
Manage Patient Data With Ease
As a healthcare provider, your job is to care for your patients and help them with whatever issue they may have. That doesn’t end when they leave the office. Protecting patient data is second to none. When a patient signs an agreement with you, they’re acknowledging that their information is safe and will only be distributed to approved providers and people. If you don’t have a secure way to uphold your end of the deal, you’re going to face some serious problems. Using blockchain to store patient data means that every piece of data is encrypted, so anyone who accesses it needs a private key to read it. Additionally, using blockchain at your practice gives you a simple electronic solution that you can constantly update with new records and information, in addition to sharing that information with authorized payers. With blockchain, you know exactly who will receive information from your system, so there’s no concern of hackers intercepting data and sensitive information landing in the wrong hands.
Simplify Payment Collection
When it comes down to it, you need a reliable way to collect patient payments after services are complete. If the payment process becomes convoluted and difficult to manage, you risk losing out on money you’re owed, or receiving it much later than you should have. Cryptocurrency is gaining in popularity, and if you have payers who are willing to use it, there’s no reason to knock it as an option. This process allows you to send and receive payments through a secure, direct transfer that does not require a third party to process the payment. Because there is no third-party involvement, you don’t have to worry about additional fees. Plus, blockchain transactions are irreversible, making the likelihood of them being refuted or deemed fraudulent low. If you’re worried about the possibility of incorrect payments being made, though, blockchain might not be the route to go. If a payment isn’t correct, a second payment will have to be made in either direction to correct the amount, rather than fixing the original payment.
Switch to Highly Secure Electronic Health Records
While digital recordkeeping is by and large much more secure than manual data storage, you may still become vulnerable to cyberattacks if the right measures aren’t taken. For instance, if you’re using faulty, outdated billing software, your data could become susceptible to detrimental data breaches, leaving your patients’ sensitive information vulnerable and unprotected. Blockchain, on the other hand, uses advanced technology to prevent unauthorized access to the data while it’s in transit. This strongly reduces the chance of hackers successfully tapping into the transaction and stealing information.
Must-Have Billing Software Features
We don’t need to lecture you on the importance of security and HIPAA compliance at your business, but you might be stuck when it comes to finding software that helps you achieve both. If you’re looking for a system you can depend on to protect your data and get the job done properly, here’s what you should look for:
Automatic Data Imports
You need a system that automatically downloads and imports claim information for you. Then, when the time comes to create a claim, you know you already have the correct information on hand.
Custom Reporting Tools
In order to improve your business, you need to understand where your pain points are, and where you should focus your efforts. Custom reporting tools give you the option to create reports in just seconds, sorting the specific data you want to see.
Instant Error Check
Submitting claims with errors wastes your time and money. Luckily, when you use billing software, the system automatically checks for inaccuracies before submitting the final claim to your payer. Once you send off your claim, you know for sure that you’ll receive the correct amount on time.
Compatible With Multiple Payers
If you’re working with more than one payer, which you likely are, you need a system that supports a variety of insurance companies. This way, you don’t have to worry about switching from one platform to the next when dealing with different payers, and you don’t have to turn down customers because your system doesn’t support their preferred payer. It’s a win-win for both you and your clients.
Prioritize Patient Care With Intelligent Software
Finding the right software is a crucial step in bettering your business, but sometimes it’s difficult to know where to begin. We know you probably have a lot of questions, so at iSi Technology, we offer free demos of all of our products to make sure you have a full grasp on what our dispatch software can do for you. If this sounds like something you’re interested in, get in touch with our team to book yours today!