Healthcare as we know it is fundamentally changing. Patients, providers, payers and biopharma are increasingly interconnected –driven by advances in medical research and precision medicine, fundamental shifts in how care is paid for, and automation and artificial intelligence – underpinned by increasing levels of data and information. As these advances reach patients – the demand for better access and quality of care is increasing.
Every day, health consumers are flooded with information on their own health as well as the choices available for their care – enabling them to be in control of their own health. However, healthcare data today is complex – it often is stored in closed ecosystems, sits dormant and is nearly never seen by the end user – the patient. Exchanging personal health- care data is difficult – patients and care providers rarely have a complete record of an individual.
healthbank is revolutionizing how data is stored, exchanged and controlled. healthbank’s GPPR complaint platform enables the patients to store and exchange their healthcare data across multiple payers and providers of care – cutting costs, increasing efficiencies and providing better access in healthcare. The data challenges that the healthcare industry faces are technologically complex, with competing incentive structures, outdated systems and entrenched parties resistant to change. The patient is an afterthought when it comes to healthcare data today.
healthbank puts the patient first – building the first trust ecosystem for healthcare data – owned, controlled and driven by the end user. Case in point: healthbank is structured as a cooperative – owned by its users. At every stage, healthbank has been built to put the patient first – first and foremost their privacy and security.
As the healthcare industry slowly wakes up to the consumers and technological changes required to drive change – the winners in the race for big data will be those who put patients first and enable trust across the healthcare value chain.
We’ve seen a rush of decentralized healthcare solutions come to the ICO market – many promise to deliver an open blockchain based healthcare platforms that integrate patients, providers, payers and pharma, often on a global basis. Other solutions look to engender patient behavior change through tokenization, meanwhile pharmaceutical driven solutions focus on decentralized and democratic research and development solutions to bring about new drugs.
An overwhelming majority of the ICOs in the past year are in proof of concept or white paper stage – there’s no telling which solutions offer a real investor ready, scalable solution that puts patients first. A common theme among many healthcare ICOs to date:
1) are not patient owned and driven
2) do not adequately address patient privacy regulation at a global level (e.g. GDPR)
3) are unable to demonstrate ability to integrate with existing legacy technologies and structures,
4) are unable, at present, to address the technological advances required to store and process patient data across a decentralized network in an efficient manner, and
5) do not provide a proven business model.
healthbank is crowdfunding it’s next generation of development through an initial coin offering (ICO) – or more precisely through a security token offering (STO). healthbank’s STO is the first regulated security token issuance in the healthcare sector. In lieu of a Series A venture round, healthbank plans to issue the HBE token – equity in healthbank and with the ability to trade 1:1 for HBC – healthbank’s internal utility token used for services on the platform (see infographic).
As a user owned cooperative based in Switzerland with users and partnerships across Europe, healthbank is creating the first democratic, patient owned healthcare trust ecosystem. An established platform, with over 250,000 users and new partnerships and healthcare services providers – offering better value and access to high quality care services to its users.
Importantly, healthbank is not just a ‘proof of concept’ – it has been in operation now since 2015 and has an aggressive roadmap to build out its platform – more can be on https://healthbank.info/ . Currently built on a centralized database, healthbank plans to utilize permissioned blockchain solutions as technology develops and more healthcare companies move onto the healthbank platform.
As decentralized storage technologies permeate throughout healthcare – we will see a ‘cluster approach’ to utilizing blockchain technology for healthcare data and personal care records. Given the regulatory and technical complexities around patient and other types of healthcare data sets (e.g. genomic data) – healthcare ecosystems (i.e. within a geographic area or regulatory regimes) will utilize permissioned decentralized storage solutions within an ecosystem – enabling multiple payers, providers and patients to interact seamlessly. healthbank is uniquely positioned to be the provider of choice:
1) its ability to integrate across multiple players in a health ecosystem,
2) with the potential to be the data platform across multiple patient and healthcare organizations
3) Plans for permissioned blockchain usage
4) Ease of use for patients, payers and providers of healthcare
As the tokenized healthcare market takes off and while blockchain technologies take hold – the winners and losers will be determined by the increasing power of the patient, and their ability to control and safeguard their own personal health data – and by extension managing their own care. The platforms, such as healthbank, that enable patient trust and access to quality, affordable care will be those that succeed in healthcare in the digital Age.
Written by: Christopher Leiter, Independent ICO Advisor