Blockchain Technology-The promise of blockchain technology couldn’t be greater than in the healthcare sector. A prime example is the groundbreaking deployment of blockchain technology by Intermountain Healthcare, a Utah-based, not-for-profit system of 22 hospitals. This medical group has more than 1,600 physicians and advanced practice clinicians at 180 clinics.
Intermountain is using blockchain-based technology coupled with artificial intelligence to identify waste in its massive healthcare system, creating better outcomes for patients, and significant savings all around.
According to Frank Ricotta, CEO of BurstIQ, the future of healthcare will be driven by data, and blockchain technology is the enabling foundational technology. He explains, “Blockchain is a trust overlay over the Internet that allows parties to transfer representations of value, like health data, safely and securely.” BurstIQ’s HIPAA compliant blockchain-based platform provides an efficient way for health care organizations to manage, store and analyze big data.
Ricotta explains that BurstIQ solved two fundamental challenges that had vexed the healthcare community: supporting large volumes of data and securing the underlying data. BurstIQ’s blockchain-based solution simultaneously enables both granular data ownership, data sovereignty, and privacy, as well as accessibility of data across a highly complex set of stakeholders: patients, health systems, insurers, government agencies, biopharma, digital health solution providers and medical researcher communities. And they do all of this securely and at scale.
But BurstIQ doesn’t work in a vacuum. Its partner Empiric Health utilizes machine learning, artificial intelligence and Natural Language Processing to produce data that easily identifies differences in care provided to patients. The technology analyzes the many facets of surgery and connects them to their corresponding outcomes. Armed with accurate data about the effectiveness of the medical care provided, doctors make better decisions about which future treatments to prescribe, with the result being improved outcomes for patients.
When Intermountain combined Empiric’s analytic solution with BurstIQ’s blockchain-based platform in the surgical area, they drove down the cost out of surgery, saving the hospital system tens of millions of dollars over a two-year period. And this is just for starters. Empiric’s analytics-enabled technology is now being introduced to new areas in the Intermountain system and across the country.