STRATO for Healthcare

Data breaches cost the healthcare industry an average of $6.5M, over 60% more than other industries. It took the healthcare industry an average of 236 days to identify a breach and 83 days to contain it, meaning that in the case of a breach, patients’ records could be vulnerable for almost a year.

In addition to poor security, interoperability is a significant challenge for Electronic Health Records (EHRs), as their sensitive nature makes efficient sharing a complicated process.

EHR users are turning to blockchain because it offers a single consolidated ledger allowing parties to access the same data in real time without labor or time-intensive exchanges involved – all the while maintain patient privacy during data sharing. Learn more from our industry expert.

Before a clinician joins a medical or pharmacy staff, the institution or company in question must first verify their credentials, a lengthy process resulting in lost salary for physicians waiting to work and lost revenue for employers.

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Not only are credentialing and licensing processes long and costly, they are also inefficient as 52.2% of directories contain inaccuracies, with 12-18% of provider directories incorrectly listing a provider as participating in a plan or being out of date.

Blockchain technology can both providers and payers to be credentialed swiftly and efficiently, saving months of lost time and money. The single source of truth aspect ensures that all parties have access to the same data in real time, allowing updates to reach multiple parties at once rather than moving slowly down the funnel as it does now. Meanwhile, the peer-to-peer network inherently simplifies and automates the process of verification, as data is transparent and can be confirmed by peers. Learn more from our industry expert.

3D Printing is expected to rise to $2.32 billion by 2020, with a CAGR of 26.2% during the forecast period.  This growth is driven by a combination of increasing demand for personalized drug therapies and a dearth of organs for transplants.

For 3D printing to meet its potential, it must surpass geographic and production limitations and respond to data from multiple sources accurately and immediately. Additionally, it must verify the security of requests and producers as well as the mass of sensitive data at hand.

Companies in this arena are looking to build leverage blockchain’s smart contract capabilities to automate and ensure providers and patients enter into secure and efficient transactions. Learn more from our industry expert.

Clinical trial research is one of the costliest components of healthcare, with each trial valued at $100 million on average, pushing up the cost of developing a single new drug to a staggering $2.6 billion.

One of the greatest hindrances for clinical trials is the difficulty of patient recruitment. Over 10% of investigator sites fail to enroll a single participant and only 5% of the US population participates in clinical trials today, largely because trials are often inaccessible, and the consent process is cumbersome and time-intensive.

Clinical trial industry members are looking to innovate with blockchain as they digitize, taking advantage of the single source of truth the blockchain offers in combination with strong encryption standards and – in some situations – process automation. Learn more from our industry expert.