How would you feel if you found out that a doctor was providing you with a treatment based on medical records that contain errors? Even the most minor errors in medical records could lead to pretty massive consequences. Interestingly, it happens quite often; likely more often than you think. While EMR, or Electronic Medical Records, have improved this issue, recent studies suggest that at least 5% of patient medical records contain errors (Source linked to above “more often than you think”). 8K Miles Software Services (8KMILES) is working to improve not only accuracy, but also security as well as allowing patients to access their health records electronically from healthcare providers and be able to share with other providers and thus reducing costs and improving quality in the medical industry. This is being done through the use of blockchain technology.
Blockchain Doesn’t Always Mean Cryptocurrency
For many, when we hear the word blockchain, the first thing that we think is cryptocurrency. The truth is that blockchain doesn’t always mean cryptocurrency. Blockchain is a highly secure Distributed Ledger Technology (DLT) that can also be used to improve data and the transfer of data as we know it. This is where 8KMILES comes in.
In mid-February, 8K Miles announced the launch of 8K Health Edge. This proprietary blockchain technology will likely have several incredible implications for the medical industry as a whole, including but not limited to:
Patient-centric Model – 8K Health Edge offers medical records that’s patient-centric, which allows patients to organize their own medical records and selectively make them available to any healthcare provider(s) of their choice. This puts Patients in control of their medical history and ensures proper continuity of care.
Accuracy – 8K Health Edge has the potential to greatly improve the accuracy of medical records. In particular, records that are transferred from one medical service provider to the next will be transferred without errors, avoiding omissions that could prove to be vital in various circumstances.
Cost – It is estimated that by the year 2020, healthcare spending in the world’s major markets will rise to $8.7 trillion per year. To put that number into perspective, there’s only about $5 trillion in the paper and metal money that constitutes currency in existence today. So, $8.7 trillion is a massive number! Medical records and intermediaries in the transfer of medical records are an important piece of that total. However, by bringing medical records to the blockchain, costly intermediaries are taken out of the equation, greatly reducing the costs associated with EMR, the transfer of records, and the storage and transfer of other medical data.
Avoid Data Breaches – Data breaches are a big deal in the medical space, and 8K MILES, through 8K Health Edge, could lead to the avoidance of data breaches in the medical space. The most recent available data suggests that the average cost of a data breach to the medical service provider is more than $200 per compromised record. Large data breaches can become quite costly. However, the heightened level of security offered by 8K Health Edge through proprietary blockchain technology can greatly reduce the occurrence of medical data breaches.
Minimal Cost of Implementation – While EMR has greatly changed how we view medical records, not all medical providers have access to this technology. This is largely due to the overwhelming costs associated with the implementation of EMR technology. At the moment, implementing this technology in a single physician medical office costs an average of $163,765. For a practice with five physicians to implement EMR technology, the practice would need to shell out an average of $233,298. Through the 8K Health Edge and other services under development at 8K Miles, investments in hardware would be minimal and access would become a service, rather than it being a large up-front cost combined with recurring costs, saving medical practices tens or even hundreds of thousands of dollars each.
Compliance – Finally, keeping medical records isn’t like keeping inventory data. Medical record keeping is a highly governed practice that requires compliance with strict regulations. 8KMILES designed its services with this in mind. In fact, the company guarantees continued compliance with government regulations, even as these regulations continuously change.
The Bottom Line
The bottom line here is a relatively simple one. The medical records space needs an overhaul, and newly innovated technology known as the blockchain provides the framework for this overhaul. Now, what we need is an innovative company that’s willing to take this framework and turn it into the new normal in medical record keeping. 8K Miles is doing just that! Through 8K Health Edge and the company’s continued innovation in the medical records space, the company could become a cornerstone in the world of medical record keeping. With the massive amounts of money that are being spent in the space, a better option with a lower cost has the potential to quickly spread through the industry. As a result 8K Health Edge ultimately gives 8K MILES a competitive advantage that makes this company hard to ignore.
Disclaimer- CNA Finance is NOT an Investment Advisor. Our goal is to bring both news and under discovered stocks to the attention to investors to assist in making smart decisions in the market. CNA Finance is a for profit company. That profit is generated through three (3) different types of relationships. First and foremost, we work with pay per click and CPM advertisers on banners. We also have affiliate relationships with various companies where we earn a portion of the sales we refer. Finally, we may have relationships with some of the companies or IR firms that represent companies mentioned within our works in which we are compensated in cash and or stock for consulting, investor relations, and Press Release services. Tradigital IR paid CNA Finance $3,500 for research and writing services as well as other digital investor relations tasks provided to Summit Semiconductor. Therefore, while we do everything in our power to provide true, well-researched, and well-thought out opinions, in some instances, a potential conflict of interest may exist. CNA Finance encourages all investors to seek professional advice before making any investment decision.