For almost 60 years, U.S. healthcare expenditures have increased annually. And in the next seven to eight years, the country’s national healthcare expenditure is expected to reach $6.2 trillion. As per some latest research, it is projected to increase at a substantial rate, but at the production of no better outcomes. The situation has become so severe that public experts, government officials, and leaders, executives alongside ordinary citizens have expressed their concerns over the provided healthcare services and the acceptable levels of quality, effectiveness, and equity.
External cost factors, including both economics and demographics, basic supply and demand, increase in population, and internal price and administration factors have been cited as the cause of all kinds of higher spending.
And the solutions for all these problems have come in the form of price transparency, alternatives to fee-for-service compensation, antitrust enforcement, simplification of administration, and a single-payer governmental system for the entire population.
However, reaching a broad consensus on the necessity, urgency, and inevitability of these reductions, as well as exceptional political leadership, will be necessary in order to determine who would be affected by the cuts and how the reductions would be distributed among different healthcare interests.
The pandemic also revealed some vital aspects of the healthcare industry. It exposed significant flaws in crisis preparation, including insufficient and inequitable supply, facility, and professional resources, as well as poor coordination and communication capabilities, among other things.
While the above-mentioned problems and their solutions do require a great amount of time and necessary approvals, there is an exceptional personality who has embarked on a journey to solve these problems with the help of technology. Claver Misago, Founder & CEO of Medical 24/7, is taking this storm head-on and is on a mission of providing affordable and accessible healthcare to everyone and everywhere.
Claver Misago is a seasoned entrepreneur with a proven track record of success in the healthcare sector and an engineering degree from a prestigious university. He went to Embry Riddle Aeronautical University, Penn State, and Guilford Technical Community College. With the aim of making healthcare more inexpensive and accessible to everyone, he established Medical 24/7 back in 2010.
Claver has taken Blockchain as his ally in his mission, thereby allowing for all stakeholders to get involved in any healthcare process, solving issues related to billing, and delivering better healthcare.
Getting to the Roots of the Problems
Claver Misago shines a light on the way medical billing is done in the industry. He explains that the billings are done by medical billing and coding billing. However, there’s a lot going on behind the scenes that many people don’t see or are unaware of.
In many instances, the manual process of creating codes and submitting bills to payers takes a long time and results in mistakes on the bills, which, in turn, results in the bill being returned to the senders, causing further delays in payment and additional costs to be added to the charges.
This is where technologies, in particular Blockchain, comes to the rescue and helps to streamline the billing process.
Applications using blockchain technology are being developed by Medical 24/7 with the goal of eliminating administrative costs, expensive testing, duplicate treatments, and fraudulent invoicing. These apps aim to simplify the time-consuming multi-step procedure, remove the need for a middleman, and lower overall expenses. In addition, the business is forming relationships with groups that may assist them in achieving their goal of making healthcare economical and more accessible to everyone.
- Health data and medical records are managed via an access-control manager, allowing individuals to take control of their own health data and medical records.
- The business offers interoperability services to organizations in the health information technology (IT) ecosystem.
- Medical 24/7 offers a one-of-a-kind billing solution that is built on blockchain technology.
Leveraging Contemporary Technology
Medical 24/7 as a one-of-a-kind blockchain platform provides a turnkey solution for healthcare worldwide by leveraging Blockchain technologies, Artificial Intelligence (AI), Internet of Things (IoT), and other advanced technologies.
Patients are at the heart of Medical 24/7’s patient-centric healthcare platform, one which puts them in charge of their own data while also reducing the responsibilities of physicians, nurses, and healthcare managers by offering answers to the significant issues that medical organizations are experiencing.
The platform collects, stores, and manages health data via the use of interoperability, wearable sensors, the Internet of Things, blockchain telemedicine, and artificial intelligence. Medical 24/7 also offers solutions for security, scalability, and data privacy.
Four Robust Pillars of Medical 24/7
The Blockchain platform involves all stakeholders in healthcare, solves the issues of the rising cost, and delivers better, affordable, and accessible healthcare. It does all of this via its four robust pillars, which are:
Security: The use of encrypted distributed ledgers, which enable verified real-time verification of transactions without the need for middlemen. It makes all payments made via the Medical 24/7 more secure, quicker, and less expensive.
Reliability: The technology eliminates the need for human intervention in billing procedures, as well as the need for expensive testing. As complete copies of the blockchain ledger are kept by all active nodes, the blockchain technology increases the dependability of the system. As a result, even if one of the nodes goes down, the ledger is still easily accessible to the rest of the network’s members.
Automation: Payers will automatically release funds when a trigger event occurs, such as a patient getting a prescription filled or laboratory tests being completed.
Prompt Results: Medical 24/7 is a global access control manager for health data and medical records that is available around the clock. Medical 24/7 charges a fee for each transaction that takes place.
High-Fives All-Around
According to worldwide communities, Medical 24/7 is one of the Top 50 Healthcare Businesses in the world, based on five criteria: overall reach; industry impact; spirit of innovation; future readiness; and demand in the market.
It is also recognized as one of the Top 10 Most Revolutionary AI Companies in Healthcare 2021 by the Analytics Insight Magazine. The Blockchain-powered platform is also recognized as one of the Top 100 Healthcare companies, by the International Forum on Advancement in Healthcare (IFAH).
Additionally, Claver himself is recognized for his numerous contributions to the healthcare industry, including:
- An Honored Member of the International Society of Business Leaders (ISoBL),
- Recognized by the International Forum on Advancement in Healthcare (IFAH) as 1 of the Top 100 healthcare Leaders,
- Recognized as 1 of the top 10 Most Successful CEOs of 2021, by the Industry Era Magazine.
- Recognized as a Visionary Leader at the helm of Medical 24/7, by the Silicon Review Magazine.
Leading Aspiring Future Leaders
In a nutshell, Claver Misago saw an industry problem and became hell-bent to solve it. And it is the same advice he would like to give to young or aspiring leaders in the entrepreneurial world.
Claver himself has to overcome his fair share of hurdles to bring Medical 24/7 to where it is today. But the most important thing to note is that he never gave up. Hence, he asks aspiring candidates to imagine, get up and take action, and do everything in their power to achieve it.
A Future of Affordable Bills
If there is one thing that awaits Claver for the future, it will be people bragging about how cost-effective their healthcare is and how easy it is to go to the doctor. However, at the same time, he knows that it is not something that can be achieved overnight. But he also thinks that positive things are just around the corner. And the way we are progressing with technology, Claver is optimistic about the future of healthcare. He says that the healthcare industry will see amazing developments going ahead which will ultimately improve the lives of countless people.
Claver also talks about how the global coronavirus pandemic caught the world off guard. It has been a wake-up call for communities and nations to realize the need for a global healthcare platform with strong interoperability capabilities. While the pandemic certainly brought all the problems at once, it also helped in sealing regulations that have been obstacles for the healthcare industry.
And in any case of future uncertainty, Claver Misago is ready with Medical 24/7 to deliver affordable and accessible higher quality healthcare to everyone.
