The last few years have been a crazy ride in the crypto markets. We’ve seen both the buying frenzy and the panic selling. Although the industry has a lot of potential, it is undoubtedly true that many projects will fizzle out during the next 12-24 months. Traders need to carefully analyze projects that have the best chance for real world adoption. Part of the analysis certainly needs to center around projected industry growth. One of the areas in desperate need of transformation is healthcare administration and Solve.Care may have just the solution.
Problems with Traditional Healthcare
Healthcare administration around the world has become plagued by inefficiencies and soaring costs. Global spending on health exceeds $8 trillion annually and is expected to increase to $18 trillion worldwide by 2040. In the U.S. alone, up to $1 trillion is wasted through administrative costs, over-utilization, and fraud. Much of this waste is due to an obsolete and cumbersome healthcare system. These issues have placed a massive strain on patients, doctors, and system administrators for far too long.
For doctors, one of their major complaints is the amount of time spent completing paperwork and dealing with insurance companies. For patients, one of the major complaints is lack of face time with their primary care physicians.
Change is definitely needed and that’s where Solve.Care comes into the picture.
What is Solve.Care
Solve.Care is a transformative healthcare administrative platform designed for use by patients, employers, doctors, healthcare groups, and insurance businesses. This platform is the first to use blockchain technology as the underlying distributed ledger for all care events between patient, doctor, pharmacy, laboratory, insurer, and other parties.
Patients are encouraged to manage their healthcare decisions. Employers can use the platform to administer benefits, reduce costs, and reward their employees. Doctors and hospitals can issue prescriptions, manage appointments, and coordinate with a specialist.
The platform has the potential to save billions of dollars in annual costs by better coordinating all the normal healthcare administrative operations and thereby eliminating all the inefficiencies.
Solve.Care completed it’s token sale in May 2018 and has since had its token, SOLVE, listed on Bittrex and KuCoin. The company sold 350 million tokens with a 100% subscription rate. That certainly speaks to the demand of both the token to use Care.Wallet and the platform’s potential for real world adoption.
The company had made it a priority to hire some of the best talent in the world. More than 100 people are currently working in the company with approximately 70 of them being engineers. The engineers are making rapid progress as the platform is being continually expanded and improved.
Whenever new technology attempts to disrupt an industry hanging on to outdated software and practices, it is imperative that startup companies have the right leadership. Fortunately, Solve.Care appears to have someone very capable at the top. The company is led by Pradeep Goel, who has been in the CEO, COO, CIO and CTO roles at various technology companies over the past 26 years. Pradeep has a wealth of knowledge from both the private and public sectors, most notably from his time designing and building solutions for public programs such as Medicaid, Medicare, and SNAP. Pradeep has also been named in the Goldman Sachs list of the top 100 entrepreneurs in the world.
The company has a growing pipeline with more than 25 clients and partnerships. Perhaps the most impressive of which was the recent deal struck with Arizona Care Network.
Arizona Care Network Partnership
Solve.Care has a proven track record of developing blockchain-based healthcare solutions and introducing them to the U.S. healthcare market.
In February 2018, Solve.Care announced a multi-year contract for its decentralized healthcare administration platform with Arizona Care Network (ACN), one of the largest accountable care organizations in the United States. ACN manages value-based care contracts for its network of more than 5,500 physicians covering more than 250,000 members.
David Hanekom, CEO of Arizona Care Network, had this to say about the partnership:
“ACN is focused on innovation in the healthcare industry and seeks to be the leading technology-enabled ACO in the U.S. This is why we chose to partner with Solve.Care, a true innovator in the healthcare administration and payments sector. Solve.Care brings a lot to the table in terms of their ability to simplify and decentralize complex processes related to value-based care delivery and payments. We couldn’t be more excited as a result of this partnership and look forward to launching the platform with our providers and members.”
Since that announcement, Solve.Care has continued to innovate with the launch of Care.Wallet for Physician and Care.Wallet for Family.
Care.Wallet for Physician Development
Care.Wallet for Physician, launched in October 2018, allows the providers of the Network to track the successes and overall score, while receiving corresponding rewards according to the Provider Rewards Program. These value-based payments inside the network of 5,500 physicians are happening with the healthcare digital currency, Care.Coin. It is important to note that Solve.Care is the first company to implement digital currency and blockchain technology for value-based payments in the U.S. healthcare industry.
Of all the industries, I can’t think of any that needs a complete overhaul more than health administration and care coordination. With soaring costs and an aging population that will need quick and easy access to care in the coming years, this is an area that could see a lot of innovation in the near future. Solve.Care is already doing its part to transform the industry, and will no doubt reap the rewards for its innovative spirit.