“Health is Wealth” is a very common tagline that we always hear people say. But if you try to think deeper about it, it would give you the impression that health/healthcare is a big industry which makes tons of money for providers. It would also mean that health plays a vital role in people’s lives. Since health is very important, the prices of healthcare cost have eventually increased around the world. This is due to a lot of factors like expensive medicines sold in the market, new technologies which would also mean higher prices and medical services.
Healthcare has undergone a lot of evolution lately but still encounters the same common problems as cross-border payments, data accessibility, and payment risk. And due to access and border to border concerns, it has become difficult for people to receive the highest quality healthcare. This is where WELL will play a vital role to ensure that all of these problems get solved.
Health problem and how WELL becomes a solution (some info from https://joinwell.io/)
Accessibility is one important factor for any industry. Even though globalization has already struck in every corner of the world, there are still a lot of problems encountered by the healthcare industries. One of the biggest obstacles is being able to access the best healthcare providers. Let’s just say you live in a third world country and you don’t have a lot of money to spend, so you cannot get a hold of the best doctors or healthcare providers from the US or Europe because of this. The big issue there would be the distance and cost of traveling. Well aims to provide clients with 24/7 service anywhere around the world. Patients are able to receive medical care immediately at a low price.
Cross-border payment for healthcare services
Different countries have laws or restriction for out of the country payments. This hinders the patient from receiving the best care possible. Usually, the payment would take time and usually fund would be cut down due to the processing fees. Well uses the Well tokens as a currency within the ecosystem. It would be a seamless transaction for patients; thus, eliminating the risk of non-payment and costing a tiny fraction of the total.
Insurance verification and payment or denial
Having a healthcare insurance doesn’t mean that you are free from any complications or payment problems. Insurance claims are usually complicated and the ratio of being denied from claims are always looming on the side. A lot of healthcare providers experience significant cash flow difficulties due to claim denials. Through the WELL blockchain, it can help facilitate immediate fund transfer into escrow accounts. All adaptors can manage escrow accounts through smart contracts, immutably releasing payments upon completion and approval of milestones such as visits, paperwork completion, invoicing, etc. They also provide real-time eligibility functionality, ascertaining patient coverage prior to scheduling an appointment.
Highest quality care and medical opinion
Patients usually spend just a few minutes with a healthcare specialist, making correct diagnosis and treatment difficult. Aside from that, it would take a lot of time, money and effort on the patient’s part but not really about getting the correct diagnosis for their medical conditions. WELL connects patients in any country to healthcare specialists in any country via global telemedicine and local concierge service.
Recordkeeping and security
Healthcare record keeping is a lot of work. These are a lot of data and information to be secured. Home healthcare records often kept on paper and faxed or mailed, become lost, thus resulting in incorrect billing or non-payment. The WELL recordkeeping app will make things simple, like electronic record creation and store this data on a decentralized anonymous network that is significantly harder to hack and leak. Hence, eliminating problems on security.
Due to fraud, the healthcare industry has encountered a lot of losses. Fraud claim is very rampant and has caused a lot of trouble for both patients and healthcare provider. WELL requires proof-of-work, time/location stamping of actual care, and undisputed hash records of all steps of a given patient’s service, from referral to billing. The good thing about this is that Well uses blockchain and smart contract technology to avoid Fraud.
Why invest in WELL?
For the investor, WELL would be a great investment because of the platform it supports which is healthcare. This is already a booming industry which is already in existence. It’s not a vision but there is already a structure and framework for this industry. Booming Healthcare Industry means ROI is assured and at the same time, the application of the platform is limitless. If you’re a good investor, it is not always about getting back the capital or getting 2x or 3x the amount you invested but also believing and using the product or platform. I believe Well will be a topnotch ICO and will be very useful in everyday application of cryptocurrencies.