Keeping the word blockchain out of the description of new tools that use blockchain, could be one way to get others onboard with adopting them. This is because blockchain can be difficult to understand, despite it becoming more mainstream.
During a session at Becker's 5th Annual Health IT + Revenue Cycle Conference, panelists gathered to discuss how blockchain and cryptocurrencies have influenced healthcare. The panel featured:
- Patricia Peláez, principal at Charles River Associates.
- Lincoln Popp, founder and CEO of Lumedic.
- Mitesh Rao, MD, co-founder and CEO of OMNY and assistant professor of emergency medicine at Stanford University School of Medicine.
Here are five takeaways from the session:
1. It's important to understand the difference between blockchain and cryptocurrencies. Blockchain is a distributed ledger, meaning all the information can be accessed in multiple places, but information can’t be altered. Cryptocurrency exchanges are supported by blockchain technology. These digital tokens are just one of several applications of blockchain.
2. Some organizations have big ideas for blockchain, such as putting patient data on the EHR or tokenizing the EHR. However, more realistically, blockchain will have its most potential influencing drug supply chain and revenue cycle management.
3. To get members on board with adopting blockchain solutions, it is important to pay attention to what's happening in the broader ecosystem. There are big consortiums and alliances spinning off to help scale blockchain. As blockchain continues to scale, blockchain will become more mainstream.
4. Hospitals, health systems and healthcare organizations should keep an eye on the financial services industry to see how those players are leveraging blockchain. The financial industry has always been more willing to take on risks. Healthcare organizations can learn from any mistakes made.
5. Blockchain can be a technical solution that is difficult to define. It can be useful to not even mention that a system or tool is supported by blockchain. Rather, explain the benefits the solution brings, which are from the blockchain, including transparency, speed and reliability.