Healthcare Blockchain Gives Patients Control of Health and Data
Healthcare executives and physician entrepreneurs have announced the launch of MintHealth, a portable, secure and self-sovereign personal health record (PHR) built using blockchain technology. This global decentralized health platform will align healthcare stakeholders around a shared goal of empowering patients to minimize the risk of developing and suffering complications of chronic conditions.
The mobile app leverages gamification technology for patient engagement and digital incentives called vidamints™. MintHealth will also release a companion clinical tool for healthcare providers to aid in managing the health of the populations for whom they provide care.
Entrepreneurial physicians, Drs. Samir Damani and Vishal Verma, are bringing their expertise to MintHealth to tackle the rising costs of reactionary healthcare worldwide. Damani and Verma are currently Board Members and Founders of leading technology companies MD Revolution and Nucleus Health, respectively. Both companies have been focused on enabling better healthcare outcomes through improved data management and personalized healthcare delivery.
Damani, CEO and co-founder of MintHealth, commented: “While the idea of promoting wellness to improve health is not new, previous efforts have failed because of siloed clinical and behavioural data, the inability to incentivize patient behaviours, and the lack of a platform that aligns patients, providers, and payers around patient empowerment. Today, blockchain technology and the use of digital incentives, such as vidamints™, will revolutionize the way we manage patients at risk for and those who have already developed chronic conditions,”
In its first phase, MintHealth will be rolling out the platform to commercial health insurance plans, known as payers, to help engage patients with chronic conditions, such as heart failure, diabetes, hypertension, and other conditions that account for over 90% of healthcare costs. In addition, patients at risk for, but not yet suffering from chronic conditions, will also benefit from the following features such as self-sovereign medical record designed to empower patients through control of their own health data, blockchain enabled data liquidity that allows for movement of clinical and behavioural data between existing physician and patient data siloes, and machine learning on a growing patient database to help identify predictors of disease and health.
MintHealth’s patient engagement platform will be accessible via web or mobile application, and is designed to align patient and provider incentives to improve health outcomes and promote value-based care. Patients will set up a self-sovereign personal health record (PHR) and be assigned a unique global identifier enabled blockchain. The objective of the self-sovereign record is to allow the patient to control permissions and access to their data in real time.
Executive Chairman of Greenway Health, Tee Green said: “The initial step of digitizing health data in electronic health record systems (EHRs) moved us towards value-based care. Now, patients need a self-sovereign, secure record that can seamlessly move between patient and provider data siloes, and in a manner that empowers them to be the CEO of their own health. Blockchain technology holds great promise for enabling the data liquidity necessary to execute on our vision of improved population health, and at lower cost,”
The idea behind the VIDA token is to reward patients for engaging in healthy behaviours that are assigned to them through the MintHealth mobile app. VIDA tokens are funded by healthcare payers who have financial incentives to see patient populations improve their health, reducing insurance claims around chronic conditions and lowering costs. Once a behaviour is assigned, VIDA tokens reside in an escrow vault smart contract and are delivered to the patient’s wallet upon successful completion of each behaviour.
Upon receiving VIDA tokens, patients can use the tokens to receive discounts and as a method of payment to partially offset healthcare related expenses including premiums, co-pays, goods and services (e.g., pharmacies, physical therapy providers, spas, nutrition stores, etc.). Patients will also utilize the VIDA token to initialize their self-sovereign health record and to vote on important ecosystem data use policies.