Healthcare Needs An Overhaul, Let’s Move It To The Blockchain
Healthcare Needs An Overhaul, Let’s Move It To The Blockchain
By Karim Babay, CEO of HealthSapiens.com
We can all agree the healthcare system in the United States is in dire need of an overhaul. Technological advances propel us into the twenty-first century, but the way data is created, maintained, and shared is archaic and confusing (and deliberately-so.) Instead of collaboration and transparency, healthcare is (in the eyes of many) a confusing minefield littered with smoke and mirrors. Many people (even those with insurance) forgo treatment through choice or necessity–hoping things will get better–and instead end up in the Emergency Room. This adds bloat to an already-overtaxed, inefficient ecosystem, and patients end up footing the bill.
What does this have to do with blockchain? Well, blockchain thrives in an environment where lots of parties (who don’t trust each other) need to have consensus on the “correct” version of the truth. Broadly-speaking, blockchain helps integrate layers of trust and efficiency that have otherwise been missing in healthcare. It is essentially a distributed database that can’t be “gamed”, as any attempts by bad actors to change records to “bend the truth” are impractical and improbable. Put another way: blockchain rewards desirable behavior (truth, accuracy, information flow), while helping to mitigate undesirable behavior (ex: lying, cheating, stealing.) Truth and accuracy breed possibility.
Imagine a world where every single ingredient inside every single pharmaceutical you take is traced from start to finish, so you know you’re not being poisoned, misled or ripped-off. Imagine having verifiable reviews from actual doctors based on verifiable outcomes to help you compare healthcare procedures and practitioners just like you would compare insurance or blenders. Imagine being compensated for taking better care of your own health, or for securely-sharing your medical data to help advance research. All of this is possible with blockchain technology (and more.) Long-term, blockchain technology has tremendous potential when paired with technologies like Artificial Intelligence (AI), where meaningful healthcare research can be advanced, shedding new light on trends and unlocking a holistic, real-time picture of the global healthcare landscape.
With all its positives, blockchain isn’t itself a magic, one-size-fits-all solution to the many problems plaguing healthcare. However, what blockchain technology can do is provide a framework that opens up the secure flow of information between healthcare consumers, practitioners, and everyone else in between. Access to more and better information helps streamline inefficiencies, thus reducing costs and elevating the level of care that can be provided. With healthcare powered by blockchain technology, it shifts from a zero-sum game to a collaborative game where everybody does better by helping each other out. Everybody wins.
Healthsapiens’ vision is the democratization of healthcare: creating freedom for patients to choose despite boundaries, and staying true to health and wellness principles for all. We are here to stay true to the ideals of healthcare through global collaboration and the progression of humankind, one patient at a time. Creating an incentive-driven ecosystem where all players are treated equally and rewarded properly, we envision a transparent and sustainable healthcare system that embodies efficiency, parity, cooperation, responsibility and candor for all users.
Karim Babay
About Karim Babay, Co-Founder & Co-CEO of HealthSapiens.com
Mr. Babay is Chairman & CEO of HealthSapiens, a nationwide healthcare provider that delivers on-demand access to healthcare anytime, anywhere, via mobile devices, the internet, video and phone. Mr. Babay is also the founder and Chief Investment Officer of Intrinsic Value Investment Partners, a hedge fund that is value focused. Mr. Babay has over 15 years of global investing, entrepreneurial and corporate finance experience allocating capital across the capital structure (credit and equity), angel investing, liquid and illiquid investments in securities. Mr. Babay has published numerous studies and analysis while at Columbia University. Mr. Babay is member of the board of directors and Chairman of the compensation committee of GLYECO, a publicly traded company, principally involved in processing of waste into high quality ethylene glycol. Mr. Babay received a B.S. in finance and economics from HEC Institute and an MBA from Columbia Graduate School of Business.
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