Blockchain has the potential to make healthcare supply chain processes more efficient, improve transparency, and streamline experiences.
Faced with declining reimbursements and rising costs, hospitals are focusing on healthcare supply chain to make improvements, to transform from a transactional model to a strategic function. To rethink and reinvent itself given the realities of declining margins and the promise of new technologies.
Blockchain is one of those promising technologies. Still new to healthcare supply chain, blockchain is excellent at tracking chain of custody of an item from manufacturer to the hospital and on to the patient. It gives visibility into item usage and movement and has the potential to streamline supply chain, as well as facilitate FDA recalls and drug track-and-trace requirements.
A lot of the blockchain initiatives in healthcare supply chain to date are focused around pharmacy and large capital equipment, but new solutions are being developed that will allow facilities, large and small, to reduce layers and costs.
Read a Q&A with H-Source CEO John Kupice called “The Case for Blockchain in the Healthcare Supply Chain.”