Blockchain technology and IoT could cut hospital treatment expenses to 50% from 70%

Digitisation, driven primarily by blockchain technology and Internet of Things (IoT) would prove to be a catalyst in transforming the healthcare industry, with the use of digital technologies driving down the healthcare industry's treatment expenditure to 50 per cent by 2020 from the current 70 per cent.

Blockchain, a peer to peer distributed ledger technology for a new generation of transactional application, enabled hospitals reduce audit and compliance cost, cut compliance risk by ensuring increased transparency in claims activities, establish tamper-proof audit trails, and enhance patient data security. This would help healthcare facilities improve patient care and make greater profits, said Dr Sandeep Narula, associate professor at IIHMR University, Jaipur.

Blockchain technology with features like decentralisation of control, high availability, and data integrity through end-to-end encryption, facilitated safe data exchange and transactions across the healthcare sector, encouraging precise diagnosis and improved care at low costs, while fostering greater revenue cycle management, he said.

''With the help of IoT, a person's data is collected throughout the care pathway which helps diagnose the patient so they can receive the best treatment at the earliest. It enables people to lead better lives by using connected devices, viz, tablets, wearables and hand-held devices,'' said Narula.

Meanwhile, commenting on a report, `Internet of Things (IoT) in Healthcare Market: Overview', Transparency Market Research-Healthcare IT said in a press release that the proliferation of the Internet of Things (IoT) in the healthcare market, which comprises systems and software, medical devices, and services, has had a significant impact on the overall healthcare sector and been immensely beneficial in remote clinical monitoring, chronic disease management, preventive care, assisted living, and personal fitness monitoring. Termed as a true game-changer for the healthcare industry, the Internet of Things has transformed the sector by lowering costs, improving efficiency, and bringing the focus back to quality patient care.

The IoT in healthcare market includes a number of implanted, wearable, and stationary medical devices used in clinical research organisations, research and diagnostic laboratories, hospitals, clinics, and surgical centers, and defense and government institutions. In the healthcare industry, the Internet of Things can be put to several applications, including clinical operations and workflow management, inpatient monitoring, telemedicine, connected imaging, and medication management. Bluetooth low energy (BLE), ZigBee, satellite, Wi-Fi, near-field communication (NFC), and cellular are some of the key connectivity technologies involved in IoT in healthcare.

The data in the report on the worldwide market for IoT in healthcare has been collated from several primary and secondary research sources, along with sharp insights and strategic recommendations from industry experts. The report is designed to help clients formulate profitable and actionable strategies to expand their businesses.