Personal health data is currently not used efficiently nor effectively due to fragmented information created and isolated throughout hospitals, physician practices, pharmacies, and laboratories. Sharing healthcare data from one institution to another has been a complex task due to privacy concerns and fear that sharing information will give others a competitive advantage. Today’s electronic medical records (EMRs) have varying data standards that inhibit interoperability since records are not compatible between systems. Inconsistent rules and permissions prohibit health organizations from accessing real-time patient data. A health information exchange (HIE) is defined as a reliable and interoperable electronic sharing of clinical data obtained by the patients, physicians, nurses, pharmacists and other health care providers across unaffiliated institutions which in turn creates a network effect. This enables data to follow patients wherever they receive care. A blockchain powered health information exchange (HIE) would establish the interoperability that is lacking in today’s healthcare infrastructure. Furthermore, this would allow for coordinated patient care and eliminate unnecessary services and duplicate tests. Improved data integrity, reduced transaction costs, decentralization and disintermediation of trust, establish the benefits that a health information exchange (HIE) delivers.
The purpose of Timicoin is to provide a blockchain solution that will secure healthcare information within a health information exchange (HIE). This will effectively deliver patient records in a consistent and real-time manner, only to be accessed via a smart contract after patient authorization. Timicoin’s Health Information Exchange will provide an optimized environment where health data is structured and secured, leading to better data utility and improved patient care outcome.
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