- Have you ever sat in the reception area of a hospital waiting for your Insurance Money to be credited to the hospital’s account?
- Do you know how many crucial hours are wasted and lives lost because payments are not made on time during life and death situations?
- Are you aware of how our present financial system promotes medical negligence, corruption and incompetence in different areas?
In order to understand how Bitcoin can revolutionize the medical health industry, it is necessary to understand first what is Bitcoin or cryptocurrencies. Cryptocurrencies are digital money and are the equivalent of your cash.
However, as compared to your cash, they are faster to use, easier to store and more efficient as a payment method or financial model. Their adoption in any industry has the potential of benefitting both the users and the vendors.
In this article, we are going to look at one specific aspect of using Bitcoins in the medical industry. We are specifically going to focus on the aspect of bill payments.
What Qualities of Bitcoin make it a Worthy Currency for Medical Billing?
As a payment model, using cryptocurrencies like Bitcoin helps in building trust, credibility and honesty in financial transactions. However, in terms of its application in the healthcare sector, it is all about how adopting crypto can help speed up processes.
Safety is also a major concern in the healthcare and medical industry. Patient records, insurance claims, financial records and statements are all important data to save and protect. Getting into the wrong hands can not only be unethical but also result in huge losses for the individuals.
As we all know, it is very difficult to manipulate Bitcoin transactions. This makes it a safe option for being used in medical billings and payments. Many leading healthcare IT providers are already experimenting with Blockchain adoption and Bitcoin to help redefine the medical industry.
Is Accepting Payments in the form of Bitcoins beneficial for Medical Establishments?
There have been extensive studies to show more than consumers have, it is the retailers, which benefit more from accepting crypto payments. One of the major reasons, why medical establishments should start accepting payments is because it solves the following problems-
- Transactions are conducted faster and payments are received in a smoother fashion
- The payments are secure and safe from cyber-attacks and hacking incidents
- Centralized Bitcoin payments mean that no employee can manipulate the same
In addition, Blockchain adoption can help in maintaining a digital directory of patient records and files. This can help in sharing the information on the go and is very beneficial for critical patients who have to see multiple departments.
Digital records also mean effective healthcare support, better diagnosis, and this promotes overall efficiency in the levels of service. Faster check-in and check-out times for patients also means seeing more people get admitted, which contributes to more sales and revenue generation.
Can Bitcoin and Blockchain stop Medical Negligence and Malpractice?
According to data, medical negligence and mistakes is the third leading cause of death in the United States! This is an alarming fact, which many of us are not aware of. The healthcare industry is crying out for a change.
By adopting Bitcoin and Blockchain technology, medical billings, patient records and digitization of services can immensely help this sector. This has the potential to lead to fewer deaths arising due to medical mistakes.
Visit this official software, we have an opportunity staring us right in the face. Many enterprising startups are already working on Blockchain technology for the healthcare industry. Many are also working on using crypto tokens for adoption in hospitals and medical establishments.
The Final Word
There is a lot of business opportunity and real profits to be made by transferring over to a Bitcoin-based medical billing payments network. Can you think of some other advantages of the same? Let us know in the comments section below.