Helping meet security standards and requirements
Those who are in the healthcare industry, especially as a stakeholder, have a lot of compliance standards to look into, especially with the changing scenario of electronic health records maintenance and electronic payment modes.
Though electronic health records have become a standard, exchange of patient information comes under different kinds of guidelines and privacy requirements. Those are the main concerns of the Health Insurance Portability and Accountability Act.
Hence, for any health care unit owner when it comes to implementing records maintenance database systems or email networks for their organization, they need to ensure that the HIPAA compliance aspects are covered by the software or solution provider.
It is an issue that stakeholders in health care need take seriously. Even the basic aspects such as email encryption need to be HIPAA compliant.
Such non compliance can come across in audits and this can be costly as well as mar the reputation of a healthcare organization.
With HIPAA the security of individual patient records and privacy of the same comes to the forefront.
For those the encryption and security of all electronic processes need to be made safe and complaint, from the way medical records are stored and shared, across email systems and payment modes as well. HIPAA compliance needs to be showcased in all such aspects.
To help health care institutions meet such security standards and requirements it is best to look at e wallet or digital secure frameworks that would help to make all kinds of record generation and transactions secure.
As Blockchain based services can provide such a secure system, there are many startup ventures that are coming up with HIPAA compliant frameworks or systems on which health care institutions can function in a secure manner.
Digital wallets and their features
Digital wallets are electronic devices that allow payment information to be stored electronically which can be used to make online payments.
While consumers are using such payment facilities in many online eCommerce stores, digital wallets save payment information of consumers and their preferences as well.
As a result, there is no need to key in account or credit card numbers or other details when one is making a payment online.
With a digital wallet all such information is already saved and the owner of the e wallet simply needs to use the wallet at the time of making a payment.
How it can work for health care?
Electronic alternatives are already changing the lengthy processes that are part of health care.
In case of a digital wallet that is consumer friendly, it can help provide options to patients and also reduce the paperwork that is associated with health care payments.
It can certainly impact the patient experience of a health care institution.
Studies show that patients who feel satisfied with the billing experience in a hospital or clinic are more likely to recommend the same to others.
InstaMed and its digital wallet offering
This solution provider offers a payments network for healthcare providers. They can help connect consumers or payers as well as providers on a single and secure platform.
The company showcases several payment vendors on the virtual and secure platform that can help to reduce the risks or complexities of electronic payments for a healthcare institution.
This platform offers payment as well as clearinghouse solutions. Providers will be able to collect money as well as payers can reduce their time for collection and costs as well.
Settlement and postage costs for claim payment can be reduced by connecting all payers of a healthcare institution in this network.
Payers can customize their payment options and pay premiums or make payment to a health care provider with different kinds of payment accounts.
This solution provider offers secure and seamless health care payment framework. They have their presence across fifty states across the US and are delivering results for them in payment transactions at a digital level.
MedRec and its offering
This is a Blockchain based electronic medical records management system that can help a health care institution to manage the different electronic data and transaction records.
As many Blockchain based solutions aim to help create a more transparent way to access medical records and have control rights over them that is also something that MedRec offers.
Patient’s records can be linked and accessed across several database systems of health care providers. The system will act as an interface between health records of different institutions as well as allow personal data from fitness devices be updated on the accounts of users.
Patients will be able to grant doctors access to their personal and health information. This can also be forwarded to family members as well as health care providers or researchers.
The system would allow control and access of personal health information users. It would also have a digital form of payment for the different transactions done on this platform.
BurstIQ in health care
This is another venture in the enterprise data management for health care based on the Blockchain approach. There would be options for using cryptocurrency wallets for making transactions on this platform.
This organization uses a proprietary Blockchain based intelligence platform and a customized e wallet technology, which will enable payment transactions on this platform.
The organization is working on bringing together insurance and mobile partners on this health care ecosystem that can act as a complete secure and electronic solution for a healthcare organization.
With HIPAA compliance they will provide big data capabilities in data storage and data mining as well as enable storage and control of health data of patients.
As a healthcare organization stakeholder, you need to know what your organization needs in order to make the most of the digital and electronic data and payment solutions that are out there.
As can be seen from the vendors mentioned above, InstaMed is a digital wallet solution for health care companies while the other two organizations focus on creating an entire ecosystem for record generation, data transfer and payment modes based on the Blockchain based approach.