Blockchain in Health and Healthcare: Practical Application — Consumerism
I remember reading Michael Porter’s book, Redefining Health Care, shortly after I moved into the healthcare industry. I thought, “this makes sense” and “what have I gotten myself into”. Coming from a manufacturing and consumer products background, I was quite use to the real life application of concepts like supply chain management, total quality management, national and international competition, and consumerism. I was quite surprised that given the importance of healthcare in everyone’s lives that it had not evolved as quickly as other consumer based industries.
As I have watched the evolution of healthcare over the last 15 years, I am impressed by the amount of change that has occurred and am inspired by the future potential. I remind myself each day, it is over 20% of our economy and that is going to be, at times, a big mountain to move.
We have seen many of the trends outlined in Professor Porter’s book come to fruition. Healthcare is quickly moving from a local game to a regional, national, and international model. Centers of excellence and value based contracting are driving improved quality and lower costs.
In addition, we see the impacts of consumers making informed choices — a result of increased information availability coupled with an increase in the share of the total cost of services being borne by the individual. I would argue that these two trends created a seminal event in healthcare that moved each of us from patients to consumers.
So what comes next. As consumers, we will redefine healthcare once again. Health, a more holistic definition of one’s state, is already replacing the word healthcare in our vernacular. One’s health takes into account not only the medical/clinical state of our physical being, but includes our personal preferences, desires and goals. It defines us as a whole person with an orientation of well-being that guides our choices.
As consumers, we balance our life goals with our desired quality of life. As consumers, we require services to be accessible, convenient and oriented to our preferences. As consumers, we will take greater accountability for our choices. These choices will be based on cost, quality (by our definition), and customer experience. And as consumers, we will take control of our health information demanding portability, privacy, accuracy and control over the distribution of this most sensitive information.
Timicoin/TimiHealth (www.timicoin.io), is an integrated blockchain and token solution that is the enabler for consumerism in healthcare. Its proprietary blockchain technology efficiently and securely captures information across the spectrum of providers and insurers and puts it under the control of the consumer. Timicoin is the means by which the consumer tokenizes their healthcare data and is reimbursed/incentivized when they make health related choices.
The combination of consumerism and blockchain technology is the next big movement in healthcare. More to come.