- Can this cryptocurrency disrupt Health Care Services as we know it?
Healthcare, at least in the US, experiences a number of inefficiencies throughout the workflow. Beginning with the moment the insured walks into any provider’s office and gives their insurance information and ending with the part where the Doctor gets paid, has a few number of checkpoints requiring human intervention. Suppose I use my PPO Healthplan to go to say an Allergist in the insurance network, they confirm my insurance, bill the Dr. visit using the correct code and off we go. If we can go ahead and get tested for different allergies that day, the additional service is also billed using another billing code. At some point after that the insured gets what’s called an explanation of benefits detailing how much the provider was paid and what may be owed out of pocket. If your lucky, that’s the end of the story, but in most cases, a bill is received much later for that portion that was not covered. For the Dr., there is the overhead of billing, collection costs and timing of receivables.
Another pain point is maintaining and accessing patient records seamlessly. Say over the years you’ve change physicians, locations, job and or health insurance. You want your current Dr. to have all of your history, but this will require phone calls and precious time to have the records shipped to the present Dr. unless you play the courier yourself, obtain the information in person and carry it with you.
The CareX project seeks to solve these problems using cryptocurrency. Their goal is to allow users to pay for healthcare using The CareX utility token. The incentive for the patient is own and control their patient information on the platform as well as pay for services using the token. The incentive for the provider is to be able save on costs and time involved in the present somewhat broken process. The use case can be huge where the provider translates savings to the patient. Would a provider be willing to engage in something this forward thinking in a system that is a beast to alter? The answer is yes.
On February 5, 2018 Pinto Walia used 450 CARE ($4,500 USD) to get stem cell therapy from Dr. Naz Keshwani, who runs a medical practice in Houston, Texas. Dr. Keshwani will accept CARE in addition to other forms of payment and offer a steep discount as a result.
In the crypto space, there is speculation, parterships and hype giving perceived value, but in some cases there are real world use cases solving real problems and helping people. Adoption is key here and disruption of a broken system such as the healthcare industry would be no small feat.
The challenges a company like this would face are HIPPA (Health Insurance Portability and Accountability Act, sets the standard for protecting sensitive patient data) and SEC compliance issues. The company is familiar with the former. The founder’s company Scottline Healthcare Solutions http://www.scottlinehealth.com/ is no stranger to Healthcare IT and understands the nuances of HIPAA compliance in the digital age. His company touts itself as “Transforming the Healthcare Revenue Cycle Management With The Power of Deep Learning” This involves big data, Artificial Intelligence and HIPPA compliance for the exchange of healthcare data. The CareX product is also ICD-10 (International Classification of Diseases compliant. This would be key addressing the coding pain providers experience in order to get paid by insurance companies. The token sale offer is SAFT (Simple Agreement For Future Tokens) compliant. I can only find a handful of US based ICOs that are SAFT compliant so this is a plus. Although the head of the SEC recently stated that he has not seen any ICOs that are not securities, I think the SEC will thoughtfully test this on a case by case basis.
The website https://carex.tech/ has a large capable team of 34 members with a mix of Healthcare, IT, Finance & Academia. Although there is already a working product and wallet, I would’ve like to have seen more developers on the team. Due to having a working product, strength across the team, and potentially huge disruptive potential, this negative can be overlooked by myself.
If this company is successful and can pull execute, the impact could be compared to the impact Ripple is making on the cross border payment system. Yes, it could be that big. The company’s Chief Communications Officer mentioned that the company expects to grow the provider network to at least 1000 by the end of the year. If adoption can take place and the network can reach that many providers, I could see exponential growth beyond that. Doctors talk to each other, hospitals somewhat compete with each other and patients like to tell about the latest tech that saved them big bucks and alot of time. If effective, disruptions like this can spread and fast.
CareX seeks to raise 120M, which is a large number in the present ICO environment. The token is valued at $10 and can be purchased in the crowd sale or surprisingly, directly from the product’s wallet to be used for services now. There is little hype in the crypto space for this company, but it has been mentioned on many news stations across the US, which is so contrary to the normal hype of today’s ICOs. Mainstream media attention gives mainstream awareness and there are very few cryptos today that actually achieve this beyond the typical hype with large social media blitzes and influencers shilling. The ICO runs for 12 months, kinda EOS like, but this could possibly work in their favor. These kinds of projects are solid growers, and over time the crowd could take notice. In my opinion they may not reach the cap of 120M, but this market unpredictable. The expected coming bull run for 2018 could surprise many and ICOs may break new records for all we know.
I look forward to see the execution of this plan over the next year. I think it would actually be cool to go to the Doctor’s office one day and have the option to bypass the current system and pay for a service at a discount in crypto.
Please do your own research, read the whitepaper, test the product and draw your own conclusions.
- Date of publication:
- Tue, 02/13/2018 - 20:54
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