Bitcoin’s Role in Global Healthcare Access

Like many industries today, global participation is increasing in healthcare. Patients are not limited to health and dental care available at their doorstep. Healthcare facilities can effectively connect with consumers around the world. This has boosted the medical tourism market.

It is no surprise that greater freedom of choice in healthcare is supported by decentralized currency solutions. More than ever, patients and facilities are using Bitcoin, especially to pay for treatment.

Let’s look at this trend in more detail.

Promoting access to wellness

One of the major challenges facing patients today is the lack of access to healthcare in their countries. In some cases, there is a shortage of doctors in the community, while in other areas, access to quality care is not particularly affordable. This doesn’t just apply to your doctor or surgery. The state of oral health care in the United States is also fraught with accessibility issues. Lack of dental insurance, rising costs of relatively basic treatments, and inequities in care are among the factors contributing to poor oral health outcomes. This doesn’t just interfere with your dental health. Oral discomfort can also affect other areas of your health.

Challenges at home mean many Americans are seeking treatment elsewhere in the world. Countries such as Thailand and Mexico are common targets for providing quality healthcare at more affordable prices. Nonetheless, the different currencies in these regions may result in administrative complexities, additional transmission costs, or conversion fees. This is one of the reasons why some international healthcare providers have started incorporating Bitcoin technology.

This means Bitcoin could be a tool to break down some of the barriers to affordable care. Using this decentralized currency means patients don’t incur unnecessary conversion fees from their banks or credit card providers. Therefore, the overall cost of care can be further reduced. Bitcoin’s prominence in the cryptocurrency market may mean that it is likely to be accepted by certain coin management providers now and in the future.

Maintain security and privacy

Global health presents unique challenges. Perhaps the most important of these is how health care providers can effectively manage risk. As with many industries, solid risk mitigation practices build reputation and improve efficiency. But most importantly, focus on maintaining security and privacy protocols to reduce exposure to breaches for both facilities and patients. Bitcoin could be part of this effort.

One of the privacy and security risks in traditional international transactions is that there is a very direct digital paper trail of patients’ financial and personal data. Once a breach occurs, criminals can connect to medical records as well as financial information. Additionally, patients cannot always be guaranteed the same level of data protection regulatory standards abroad as at home.

Bitcoin, on the other hand, offers built-in security and privacy protocols. First, it is traded and stored in a blockchain system. This tends to make it particularly difficult for cybercriminals to access the ledger and retrieve coins or sensitive information.

Additionally, the decentralized nature of Bitcoin means that transactions can be somewhat anonymous. This means patients can reduce the likelihood of having them and their medical data tracked in Bitcoin transactions. This means that effective protocols are needed to maintain anonymity. For example, patients can use tools to hide their IP address during transactions. You may also agree to use a false name in your dealings with your health care providers.

Link investment and payment

One often overlooked component of Bitcoin when it comes to global healthcare is its built-in investment protocol. When patients use credit or debit cards to pay for treatment abroad, these currencies do not necessarily benefit from a potential appreciation. Of course, funds in a health savings account may accrue interest over time. However, when it comes time to pay for overseas services, you may still be negatively affected by the aforementioned currency exchange fees.

Bitcoin, on the other hand, is inherently subject to cryptocurrency market fluctuations. Of course there may be volatility. However, sometimes this can work to the investor’s advantage.

For example, patients can track the cryptocurrency market and use prediction tools to make predictions about buying coins at the lowest value. You can then plan elective treatment abroad if you expect the currency to appreciate again. As a result, they receive the most medical treatment for their investment.

Similarly, overseas medical service providers can also store Bitcoin payments in a dedicated wallet rather than withdrawing them immediately. With a responsible approach to market tracking and forecasting, you can capitalize on rising value to reinvest in your business. This will give you the power to improve your facilities. It also frees up more funds to devote to your marketing strategy. For example, organizing comprehensive health tourism travel packages, which are gaining popularity among dental tourism patients.

This means that both patients and healthcare providers must be extremely mindful of the serious risks that reliance on Bitcoin poses. For patients, it is often unwise to put all of our eggs in one basket. This is especially true when it comes to saving on medical expenses. It may be better to diversify into other forms of more traditional health insurance and health savings. You may also want to consider limiting Bitcoin-based medical tourism to only non-essential electives. This prevents the possibility of your well-being being influenced too much by the cryptocurrency market.

conclusion

Bitcoin is being accepted by more healthcare providers around the world. This provides more than just convenience and security benefits. This may also help some patients afford more care that they may not have access to in the United States. However, it is important to recognize that this is not a perfect solution to accessing healthcare. As with all Bitcoin investments, its use by both patients and facilities should be based on informed decision-making. However, with a responsible approach, this currency has the potential to become a useful tool in a wider healthcare strategy.

This is a guest post by Miles Oliver. The opinions expressed are solely personal and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.