SimplyVital Health is utilizing blockchain technology to revolutionize the healthcare industry with their launch of two products both aimed at distinct aspects within the industry, ConnectingCare and Health Nexus, as well as an ICO for their own token called “Health Cash (HLTH).”
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“ConnectingCare is our current revenue-generating, blockchain-backed platform,” said Lucas Hendren, Chief Technology Officer of SimplyVital Health.
“It uses care coordination and financial forecasting to help providers in bundled payments get insight into what happens to patients when they leave the hospital. It is a strategic early use case for blockchain in healthcare because it uses blockchain as an immutable audit trail.”
The necessity for the product stems from SimplyVital Heath’s CEO, Kathrine Kuzmeskas, requirements for a system like ConnectingCare during her time as a hospital administrator at Yale New Haven.
“Our Minimum Viable Product hit the market ready for feedback and tweaks, based on customer preference,” Kuzmeskas said.
“Because we use blockchain technology in our ConnectingCare platform, we gathered strong intel on what healthcare needed and wanted in blockchain technology. This validated our decision to build Health Nexus.”
Along with ConnectingCare, the company is also launching another product utilizing blockchain technology called “Health Nexus.”
“Health Nexus handles data liquidity, payments, and storage, and is specifically designed for healthcare. It will have an entirely new protocol for governance and data security that will allow for enterprise and the public to interface with sensitive data for the first time,” Hendren said.
The product promises to make it easier for healthcare providers to share data more efficiently, combining information from individuals, healthcare providers, and researchers.
“Anyone can use Health Nexus for secure medical data exchange,” Hendren said. “An example of this would be that a patient could sell their private medical data to a research institute. That being said, the first users we are approaching are healthcare entities—allowing them to share data for care coordination and financial risk management.”
To support growth of the Health Nexus blockchain, the company will be offering a cryptocurrency called Health Cash (HLTH).