On Tuesday, healthcare tech startup, Patientory, announced the launch of its healthcare crypto-token currency. According to the company, the tokens will be used to power its network, which is described as a secure, closed loop distributed ledger system that connects all parties in the healthcare ecosystem to exchange health data within a secured blockchain powered health information exchange (HIE)
While sharing details about the currency, Patientory CEO, Chrissa McFarlane stated:
“In order for the US to successfully move away from the fee-for-service model to the current value-based model, there has to be a healthcare IT infrastructure that allows organizations to link quality, value and effectiveness of medical interventions through a reputable compensation model. Our proposal renders the ability for payors to transfer PTY tokens as incentives to providers that offer superior care that yield better patient care outcomes to be compensated proportionally to their effort in the resulting shared savings.”
Patientory also revealed that by using blockchain technology, it could encrypt medical patient information in hospitals and insurance companies so that it is not centralized data, but it is distributed, thus meeting HIPPA Security Rules. Being able to coordinate patient care via a blockchain HIE essentially alleviates unnecessary services and duplicate tests with lowering costs and improvements in efficiencies of the continuum care cycle. McFarlane added:
“Digital health transformation is happening now. We’re really excited to launch our token sale and empower the healthcare community to support blockchain technology and it’s ability to truly disrupt healthcare and drive faster innovation.”