In this episode, John Bass, Founder, and CEO of Hashed Health, discusses the future of payments in healthcare systems using Web3 technologies.
Payments are currently a complicated, costly, and inefficient part of healthcare. The health systems and processes in place were designed for a time that has now passed. Many are migrating from the traditional fee-for-service payment models to value-based and risk-based systems.
There are still challenges to address in these new models as there is a need for more interoperability, automation, and healthcare trust; This is where John believes Web3 technologies can shift the dynamics between commerce and care, taking payments into the future.
Web3 is a new version of the Internet that we all know. It is organized around individuals rather than being organized around centralized companies. It has platforms that are owned and governed by a network of curators and artists or individuals who are responsible for the creation and delivery of value.
Here we find commonly used but widely misunderstood terms such as metaverse, cryptocurrencies, DAOs, and NFTs. John uses an example where total knee replacements are sold as NFTs by a group of orthopedic surgeons with a fixed selling price and terms and conditions of purchase. He details the value transfer and explains the benefits of these types of transactions.
Please tune in and hear John talk about payment innovation and the Web3 technologies that enable it.