This interview is part of our new Blockchain In Healthcare series, where we interview the world's leading thought leaders on the front lines of the intersections between blockchain and healthcare.
In this interview we speak with Pradeep Goel, CEO of Solve.Care, to understand how his company is using blockchain to transform the healthcare business, and what the future of the industry holds.
1. What’s the story behind Solve.Care? Why and how did you begin?
PG: Solve.Care began when we saw a need, a problem that required a, well, disruptive remedy: too many parties in the healthcare industry who are disconnected, duplicating services, spending too much, ripe for abuse and fraud, and simply not able to deliver the care people need. I took my more than 25 years in the US healthcare administration industry, combined it with the experience of others (including from Ukrsoft, an IT company acquired which provided a starting foundation), and started building a solution: a blockchain healthcare platform that coordinates care, administers benefits, and manages payments.
But there was a personal reason as well. My own son was diagnosed with a disorder which required him to see a neurologist. It took my wife and I more than seven months to get an appointment with one. Our insurance company gave us a list of neurologists, and we had to call hundreds of them, individually. There was simply no other way to check their schedules. And we had the best insurance money could buy. What chance did other, less fortunate people have? Or those diagnosed with something terminal and needing to find and make appointments with multiple specialists?
2. Please describe your use case and how Solve.Care uses blockchain:
PG: Our use case is every man, woman, and child on the planet who needs healthcare. This may sound grandiose, but it is the premise on which we base our platform: making care coordination simple. Solve.Care uses blockchain to decentralize healthcare. We can implement endless use cases on our platform. Our difference is that we are the first company who has truly implemented blockchain and digital currency for value-based payments in the conservative healthcare industry. We give healthcare stakeholders a unique opportunity to build their own Care Administration Networks on blockchain, connecting and synchronizing their participants, making instant payments inside their network, and sharing information immediately to reduce opportunities for fraud. On top of the platform, they use multi-purpose Care.Wallet app with Care.Cards to deliver and manage healthcare benefits.
3. Could you share a specific customer/user that benefits from what you offer? What has your service done for them?
PG: The case we must mention is that of Arizona Care Network (ACN), one of the largest accountable care organizations in the US. They have been using Solve.Care’s Care.Wallet for Physicians since 2018 and have seen a sharp increase in provider and clinic performance levels. Providers see where they need to improve and get rewarded based on the results they achieve, the patient outcomes. In addition, as ACN gets more data and feedback, they’re able to add additional care metrics by which to guide providers. This is further improving patient care while driving down costs. ACN recently won an innovation award from the National Association for Accountable Care Organizations for their implementation of the Solve.Care platform. That speaks volumes.
4. What other blockchain healthcare use cases are you excited about?
PG: We’re particularly excited about the integration of transportation solutions. The lack of transportation for the elderly, the disabled, and the financially disadvantaged is a major factor in people not getting care when they need it: missed prescription rates, missed appointment rates, relapse rates, readmission rates, and worse. And blockchain provides a beautiful solution: adding access to transportation as a part of access to healthcare. Patients being able to schedule an appointment and immediately schedule the ride to get there – we predict this will significantly impact care outcomes for the better.
5. Where will Solve.Care be in 5 years?
PG: We set a goal for ourselves that, in less than three years, we want to be a company that has all the governance, adoption, and revenue growth to launch an IPO on a major stock exchange. In addition, we have no doubts we will be well established in Asian markets. Currently, we have support from Widus Partners, our financial advisor, on project and transaction management, financing, investment and finding strategic partners. But our major goal is having our Care.Wallet in the hands of hundreds of thousands of people across the world. This measure of success would mean that more people worldwide are getting the medical care they need, when they need it; and that providers, insurers, pharmacies, and all parties in healthcare are delivering better care, at lower costs, and with less waste.