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POINT ROBERTS, Wash., 20 Dec. 2018 (GLOBE NEWSWIRE) – Investorideas.com, a leader in the news of technology and healthcare investors, publishes a snapshot of the industry examining how blockchain technology will play a major role in the healthcare sector.
NXT-ID, Inc. (Nasdaq: NXTD) recently announced a strategic alliance agreement with the healthcare and payment solutions provider QubeChain LLC strengthens its already consolidated experience in the integration of blockchain and telemedicine technology for healthcare solutions .
Mating makes sense to NXT-ID, as the agreement covers potential collaborations between QubeChain, NXT-ID and its subsidiaries LogicMark, LLC and Fit Pay, Inc. The CEO and the chairman Gino Pereira explained the harmonious nature of the partnership.
"With the familiarization with QubeChain, we discovered that there was a range of complementary skills and offers that will add significant value to the technical capabilities and relationships of both companies."
The breakthrough in emerging technologies is partly a response to rising costs of health care in the United States. A recent report by the Wall Street Journal indicates that healthcare spending in the United States is close to 20% of GDP, which places it decidedly at the highest of any major economy in the world. This growth is reflected in the data on personal expenses for health care. According to a piece of Healthcare Finance, personal healthcare expenses in the mid-1980s were around 5%, while today they are around 8%. This increase in expenditure does not however correspond to a higher quality of care. The article mentioned above states that "the United States is worse off than other developed countries when it comes to things like life expectancy, heart disease, diabetes, respiratory diseases and infant mortality".
Price increases in the medical field are largely responsible for the growth of spending. One way NXT-ID is addressing this is through Telemedicine with its LogicMark Personal Emergency Response System (PERS) devices. Pereira explained how PES faces costs while reducing health care risks thanks to improved response times.
"An important factor in responding to personal emergencies is actually response time," he said. "If you look at some fall statistics, the cost of tackling medical expenses related to adult falls is estimated at around $ 55 billion by 2020. And it has been shown that, in terms of ability to stay alive, the time is of the utmost importance 92 percent of the patients who were found alive within one hour are doing well, but this decreases, if it is one to three hours, it goes down to 47 percent. % down, so response times are extremely important and so the personal emergency response devices are absolutely critical. "
Pereira has also clarified the telemedicine market opportunities and how it works in tandem with what the company does.
"The kind of monitoring of the telemedicine we are doing keeps track of the patient's health, so it is exactly in line with what we are doing," he said. "When the patient starts to go down or if something goes wrong, we can intervene very quickly." We can call the doctor's office to let them know what's going on, we can call the patient to tell them to get in touch with the doctor. their doctor's office and ask them to seek treatment sooner rather than later. "
In an appearance on CNBC's Mad Money, Jason Gorevic, CEO of the pediatrician Telemedicine Teladoc (NYSE: TDOC), explained the flexibility of virtual care and how new technology is inevitable.
"We are offering assistance to people where they need it, when they need it, on their own terms," he said. "Here's how the health system should work."
"We have overcome the inevitability of virtual cures," he said.
Another technology that many health professionals are targeting is the blockchain. A piece from Forbes entitled: Will Blockchain Transform Healthcare? cites John Halamka, Chief Information Officer of Beth Israel Deaconess Medical Center, on how the blockchain is suitable for addressing the problems of centralization in the health sector.
"Most health data is centralized at the level of a company, a health facility or a government registry," he said. "Blockchain is decentralized and therefore not influenced by the behavior of any organization.In the future we could see blockchain as part of a system where patients act as administrators of their data, rather than relying on any central source."
This trend had already been demonstrated two years ago when the health company blockchain Gem worked with Capital One (NYSE: COF) to accelerate health insurance claims payments. Halamka's claims are also corroborated by a report by ResearchAndMarkets.com entitled: "Blockchain technology in the healthcare market for application (supply chain management, exchange of clinical data, interoperability, awarding and billing of claims), end user (pharmaceutical companies, health insurers, suppliers) – Global forecast at 2023 ". Here, research indicates that blockchain will include $ 829.02 million USD by 2023 from $ 53.9 million in 2018, with a compound annual growth rate of 72.8%.
Putting data aside, the success of blockchain and telemedicine on the market could ultimately be reduced to the practical significance for suppliers and consumers. This seems to be a priority for companies like NXT-ID as Pereira explained how the cost-cutting nature of devices like LogicMark PERS intertwine with better quality of care.
"All of these are really designed to reduce health care costs on the side of health care," he said. "The cost to go to the emergency room is extremely high and if it can be avoided with a simple visit to a doctor's office several days before, this is a significant advantage".
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