28th October, 2024 
The healthcare industry is experiencing a solid digital transformation as Verifiable Credentials in Healthcare emerge as a revolutionary solution for secure information sharing and identity verification.
In 2024, with over 46% of healthcare organizations reporting revenue impacts due to inefficient workflows, this shows the need for better credential management.
Plus, patients don’t have control over their data and a survey revealed 75% of patients are concerned about the privacy of their personal health data.
EveryCRED’s decentralized identity and verifiable credential solutions can be the best solutions for the healthcare industry. Here, we are going to discuss how verifiable credentials (VCs) improve healthcare access and empower patients.
Credential Management Challenges in Healthcare Industry
Today, the healthcare industry faces many challenges in managing patient credentials and medical documents. A survey conducted by Symplr revealed that 64% of healthcare credentialing departments experience operational delays due to staff turnover and data overload. These challenges have a direct impact on patient care, the efficiency of operations, and, of course, regulatory compliance.
Scattered Data
One of the most significant challenges in healthcare credential/data management is the fragmentation of patient data across multiple systems and providers. All the data is scattered. A report reveals that the average patient’s medical information is spread across eighteen different systems due to different EMR vendors. This leads to incomplete patient histories, duplications of tests and procedures, delayed diagnoses, and increased healthcare costs.
For instance, if a patient with a chronic condition has to meet multiple specialists and his/her medical records are scattered across various hospital systems, it can result in treatment delays or errors due to incomplete information.
Patients Don’t Have Control Over Their Data
The current healthcare landscape reveals a concerning gap in patient data autonomy.
There is no existence of patient data autonomy today. A recent survey shows that 92% of patients believe privacy is a fundamental right, yet they have minimal control over their health information.
60% of healthcare consumers report insufficient access to their own medical records, while 67% are uncertain about where their health data is stored after leaving their provider’s office.
75% of patients want to opt in before companies use their health data, but current systems rarely offer this option. This is really concerning as medical record information is sold for 10 to 40 times the value of stolen credit card numbers.
Data Breach and Privacy Concerns
With the increasing digitization of health records, security breaches have become a major concern. HIPPA Journal states that the healthcare sector experienced 725 data breaches in 2023 and over 130 million records were exposed or disclosed
The average cost of a healthcare data breach in 2024 is $10 million. This huge figure shows the urgent need for more secure methods of managing and sharing patient information with verifiable credentials and decentralized identity.
Inefficient Verification Processes
Traditional credential verification processes in healthcare take a lot of time and can make mistakes. A survey of physicians found that one-third of physicians spend more than 20 hours per week on paperwork or admin tasks. These inefficiencies not only burden administrative staff but also impact patient care quality and timeliness.
Benefits of Verifiable Credentials in Healthcare
Verifiable credentials are built on the principles of decentralized identity and offer a modern and transformative approach to healthcare credential management. By using cryptographic techniques, VCs ensure the integrity, authenticity, and privacy of patient data.
The adoption of verifiable credentials in healthcare is expected to increase as the decentralized identity market is projected to reach USD 39 billion by 2031. Its benefits include:
- Data Security: VCs ensure the integrity and authenticity of health data, reducing the risk of fraud and unauthorized access.
- Efficiency: Automated verification processes streamline credential management. Healthcare providers can instantly verify patient information.
- Patient Data Autonomy: Patients gain control over their health data information, and they can selectively share information with providers and researchers.
- Interoperability: VCs offer a seamless exchange of health data across different systems and organizations for better collaboration and continuity of care.
- Compliance: VCs help healthcare organizations meet regulatory requirements, such as HIPAA and GDPR.
Empowering Patients with Verifiable Credentials
Verifiable credentials not only benefit healthcare organizations but also empower patients to take control of their health data. With decentralized identity solutions, patients can securely store and manage their medical records, test results, and vaccination history in digital wallets. They can selectively share specific information with healthcare providers, researchers, or family members and maintain privacy.
This patient-centric approach increases trust and transparency in the healthcare industry. Patients no longer have to rely on multiple healthcare providers to manage their data; instead, they have full control over their data. They can easily track their medical history, medications, and treatment plans.
Moreover, verifiable credentials also make data sharing across healthcare organizations. Patients can provide consent for their data to be shared securely and there is no need for repetitive tests and paperwork. This interoperability enhances care coordination and improves patient outcomes.
In a nutshell, the benefits of VCs for patients include:
- Share Medical History
- Control Privacy
- Access Services Fast
Use Cases of Verifiable Credentials in Healthcare
Verifiable credentials have numerous applications in the healthcare domain. Some notable use cases include:
Medical Record Management
Healthcare providers can issue verifiable credentials for patient medical histories, test results, and vaccination records. This allows easy sharing of information across different healthcare facilities while maintaining strict privacy controls.
Prescription Management
Verifiable credentials can be used to manage and track prescription medications securely. Patients can share their prescription history with pharmacies and healthcare providers. This reduces the risk of medication errors and enables better care coordination.
Clinical Trial Participation
VCs can make the process of verifying participant eligibility and consent easy in clinical trials. Researchers can securely access relevant medical data, which ensures compliance with ethical guidelines and accelerates the development of new treatments.
Insurance Claims
Verifiable credentials can simplify the insurance claim process by enabling secure and instant verification of patient information, coverage details, and medical necessity. This reduces administrative overhead and expedites reimbursements for healthcare providers.
Provider Credentialing
Healthcare institutions can verify provider (medical professionals) credentials more efficiently, with some organizations reporting up to 70% reduction in credentialing time.
EveryCRED’s Verifiable Credentials Solution for the Healthcare Industry
EveryCRED offers verifiable credentials solutions for the healthcare industry and many other industries. With our VCs solutions, healthcare organizations can seamlessly issue, manage, and verify digital credentials. We ensure the integrity and immutability of patient data while maintaining privacy and security.
Our solutions have a range of features, including customizable credential templates, easy integration with existing systems, and a user-friendly interface for patients to manage their digital identities. To learn more about applications of EveryCRED in the healthcare industry, check out this page – https://everycred.com/industries/healthcare/ or contact us at – https://everycred.com/contact-us.
Final Words
The integration of Decentralized Identity and Verifiable Credentials in healthcare can make a big impact as it promotes secure, efficient, and patient-centric healthcare systems. These solutions solve many data management and credential verification challenges in healthcare. EveryCRED is ready to make your healthcare institute future-ready with our revolutionary solutions. You can contact our team to get a complimentary consultation on how we can create a secure credential and data management system for you.
