SimplyVital Health Is Using Blockchain To Revolutionize Healthcare
It’s no secret that America has a complicated relationship with healthcare. And with all the uncertainty of 2017 looming large over 2018, it can feel like a subject you just want to avoid reading about altogether.
But one startup is out to change all that.
SimplyVital Health is using blockchain technology to give the healthcare industry a facelift. The company has developed two products, both of which address different aspects and targets within the industry: ConnectingCare and Health Nexus.
Healthcare + Blockchain
The first, ConnectingCare, is designed for healthcare providers, such as hospitals. It helps these customers streamline data to save time and money.
“ConnectingCare is our current revenue-generating, blockchain-backed platform,” SimplyVital Health CTO Lucas Hendren said in an interview with the author. “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.”
A new healthcare ecosystem
The need for ConnectingCare grew from CEO Katherine Kuzmeskas's personal need for a system like this while working 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 in an interview with Shari Medini. "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."
Introducing: Health Nexus
Now, the company is launching its other product, Health Nexus, a blockchain protocol SimplyVital Health is building to dramatically broaden its scope—and revolutionize what we even mean by medical records (and how they can be used).
“Health Nexus [handles] data liquidity, payments, and storage, and is specifically designed for healthcare,” Hendren said. “[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.”
The Health Nexus blockchain protocol
That might sound a little complicated, but it’s actually really straightforward, and has huge applications for all of us. Not only does it make it easier for healthcare providers to share data more efficiently, it also opens up the possibility of each individual monetizing their medical data by selling it to interested parties. By becoming the basic infrastructure for this information, Health Nexus also stands to become the de facto marketplace and matchmaking service for 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.”
Health Cash Token Sale
To support the growth of the Health Nexus ecosystem, SimplyVital is running a token sale for Health Cash (HLTH). You’ve probably heard a lot of talk about ICOs (Initial Coin Offerings) lately—a token sale is in the same ballpark, though instead of distributing coins, tokens are the distributed commodity. Tokens fulfill the function of coins, but are generally more versatile. This is an evolving topic with no hard-and-fast guidelines; if you feel like understanding the particulars, check out these articles.
SimplyVital Health is in pre-sale for accredited investors until Nov. 20, and the token sale makes its public launch, Nov. 22.
An open-source infrastructure for medical information
For those who want to ensure that this network is worth the investment, Hendren explained that SimplyVital has gone to great lengths to ensure that both the company’s products and the token sale are legitimate and verified from a variety of different vantage points.
“We have traditional venture backing from Yale University and other ventures, and we are revenue-generating with the first HIPAA compliant blockchain protocol,” Hendren said. “We also have unique algorithms at the protocol levels. Finally we have day-one usability for our token that will help bring liquidity to data.”
Furthermore, the sale is backed by TokenMarket and Cooley, as well as by new advisor Dr. John Halamka, CIO of Harvard’s Beth Israel Deaconess Medical Center, who led the pilot implementation of the MIT Media Lab MedRec blockchain project.