Texas Health IT company wants to make the US healthcare market competitive again
12/05/2017 | 04:01pm CET
HOUSTON, Dec. 05, 2017 (GLOBE NEWSWIRE) -- By creating a secure platform for people to store their health records and shop for medical providers, one new company out of Houston plans to revitalize the American healthcare market.
“Compare the experience of buying a product like a television with going to the doctor or hospital,” says CareX Blockchain Platform CEO Mike Bishop. “What is the biggest difference? With televisions, prices are transparent, but healthcare providers?--not so much.”
The CareX platform will change this by enabling medical providers to share their prices for various procedures in an open and upfront manner, using an alternative payment system built on digital tokens.
“Think of CARE tokens like a frequent flyer account,” says Bishop. “You can earn or store tokens and use them when you need to go to the doctor or hospital.”
Making it possible for healthcare consumers to compare prices means healthcare providers can compete for business they may not otherwise get.
“Unless you have a gold-plated health plan, you’re going to be paying out of pocket,” says Bishop. “That’s the reality for more and more people these days. We want to help those people get the care they need at a price they can afford.”
The makers of the CareX platform also hope to aid those looking at travelling for healthcare.
“Medical tourism is a growing business,” says Bishop. “But there is not nearly as much going on within the US, despite substantial differences in cost depending on location.”
Bishop cites government data for the different prices hospitals charge Medicare for the same procedure.
“It costs 2.2 million to get a heart transplant in Stanford, California. In Dallas, that same procedure costs 400,000,” he said.
To be able to shop around for healthcare, patients need to have access to their health records, such as X-rays or blood tests.
“Having efficient access to electronic health records will help both patients and providers save time and money by eliminating the need for duplicate tests and a lot of paperwork,” says CareX CTO Andy Tunisi. “It also give patients control over their own data.”
The CareX Blockchain Platform is signing up patients and providers and will be ready early 2018.