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The average cost of a three-day hospital stay is $30,000. Compare that to the average salary in America – $31,000 – and you’ll quickly understand why so many people are simply unable to go to the hospital even if they do have some form of insurance. While this problem is not new – the rising costs of healthcare have been making news for years now – what is new is a way one man and his company are tackling this issue. Claver Misago is using Medical 24/7 to bring down the costs of healthcare and increase accessibility to it no matter a person’s income level. Claver envisions a future in which healthcare will be affordable and accessible everywhere and to everyone, and he is using Medical 24/7 to make it happen.
In the healthcare industry, billings are done by medical billing and coding companies. The manual process of writing codes and submitting bills to payers (insurers) takes a long time and in many cases can result in errors in the bills as well as the bill being returned to senders, causing more delays in payment and more fees added to the charges.
To solve these issues, Medical 24/7 provides a one-of-a-kind blockchain platform that involves all stakeholders in any healthcare process, solves the issues of billings, and delivers better healthcare. It offers three services that are innovating how healthcare is done:
- Medical 24/7 is an access-control manager of health data and medical records, giving people the power to take control of their own health data and medical records.
- The company provides interoperability services within the health IT ecosystem.
- Medical 24/7 provides a unique billing system with the blockchain platform.
The benefits of the company’s services are considerable:
1. Secure: All payments through Medical 24/7 blockchain are more secure, faster, and low-cost through the use of encrypted distributed ledgers that provide trusted realtime
verification of transactions without the need for intermediaries.
2. Reliable: The technology solves manual issues occurring in billing processes as well as reduces overpriced testing. The blockchain technology enhances reliability, as full copies of the blockchain ledger are maintained by all active nodes. Thus, if one node goes offline, the ledger is still readily available to all other participants in the network. A blockchain lacks a single point of failure.
3. Automatic: Payers will automatically release funds when a trigger event occurs, such as a patient getting a prescription filled or laboratory tests being completed.
4. Instant Outcomes: Medical 24/7 serves as the universal access control manager of health data and medical records. A fee is charged by Medical 24/7 for each transaction.
Medical 24/7’s work is growing, and its impact is being felt across the healthcare industry. It is recognised by international communities as one of the top 50 healthcare companies based on five parameters: overall reach, industry impact, spirit of innovation, future readiness, and market demand. Claver himself has been recognized as one of the top 100 healthcare leaders in the world. Both awards will be accepted in June 2021.
Claver is optimistic about the future of healthcare. “With advancements in technology, it looks promising. In addition, the COVID-19 pandemic has been a wakeup call for the world. We are seeing changes in regulations that have been obstacles for the healthcare industry. I think between those changes and the innovations of Medical 24/7, we’re going to see a lot of amazing improvements in the healthcare industry that will ultimately make the lives of countless people better.”
Claver has a lot of experience in entrepreneurship through his work with Medical 24/7, and he is always willing to pass along what he has learned. “Success is the happy ending of failures if you keep on pushing forward. That’s why Medical 24/7 is here today. I struggled a lot but never gave up. I also tell new entrepreneurs that if they can think of something, do it. Get up and take action! I saw a huge problem in the healthcare industry and created Medical 24/7 to solve it.”
As for challenges, Claver laughs. “Oh yes, I have faced them. Every day! Like they say, ‘What can go wrong in business will go wrong.’ How you deal with challenges will define your character and determine your success. Medical 24/7 is doing great work, but I can’t deny that I have had to overcome my share of hurdles to get the company where it is today. But it is definitely worth it because we have important work to do.”
Claver often thinks about lower-income people who face those $30,000 bills from their hospital stays, and he sighs. “I feel for them. No one should be facing bills like that. That’s why Medical 24/7 gives me hope. With what we’re doing, we can lower those costs and make it so that anyone, no matter who they are, where they live, or what they make, will be able to have healthcare. That is the future, and I am so happy that I can make Medical 24/7 be part of it.”
