Along with the benefits of universalisation of health data stored, access to the entire medical history, the blockchain technology will bring in transparency in contract execution m and a near real-time settlement for claims
Hyderabad: Use of blockchain technology, a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system, has the potential to solve the widespread challenges related to interoperability and nonstandardisation of healthcare information, said a report.
Along with the benefits of universalisation of health data stored, access to the entire medical history, the blockchain technology will bring in transparency in contract execution m and a near real-time settlement for claims, said the report ‘Revamping India’s health insurance sector with blockchain and smart contracts’, brought out by FICCI and PwC.
Blockchain will also make all the stakeholders – healthcare providers, drug manufacturers and insurance companies – accountable for their actions. This can help boost the trust between insurers and policyholders, healthcare providers and patients, it said.
With respect to Ayushmaan Bharat scheme too, the blockchain technology has the potential to converge efforts and information between the government, hospitals, pharmaceutical companies, medical device manufacturers and insurance providers. This will lead to better care for patient and reduced costs for the system.
FICCI and PwC foresee the possibility that blockchain technology creating a valuechain that is more secure, efficient, cost-effective and consumer-friendly. The task force of FICCI’s Health Insurance Committee is currently working on a trial on health claims workflow, the report said.
The health insurance sector in India collected premiums worth Rs 51,600 crore in FY20, accounting for 27% of the total general insurance (non-life) premium collected in India in FY20, which stood at Rs 1,89,300 crore. Health insurance is second only to the automobile insurance segment in terms of premium contribution to the insurance sector in India. However, despite the steady growth over the last 10 years, only approximately 10% of India’s population is estimated to be covered under private health insurance (excluding government-sponsored health insurance schemes), it said.
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