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 Sergey Fradkov, CTO and Co-Founder of Medical Diagnostic Web, 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 Medical Diagnostic Web? Why and how did you begin?
SF: The company was started in 2018 by five radiology industry executives and entrepreneurs, including a radiologist and an owner of a teleradiology company. We saw a need to build a marketplace to fight inefficiencies of the current industry processes that are driving up costs and delaying quality care. We also wanted to build it in a decentralized fashion to make sure it is not controlled by a single party, so we build it from ground up on blockchain and cryptocurrency.
2. Please describe your use case and how Medical Diagnostic Web uses blockchain:
SF: Essentially, an imaging facility connects to MDW and starts sending cases to it. Depending on their needs, it can be the entire case volume on some part of it, for example exams that in house radiologists do not want to read, or overflow case in hard to staff time intervals. Radiologists register in the system and can take those cases and send interpretations back. Depending on the need for credentialing for insurance purposes, radiologists can work ad–hoc or need to be credentialed with the facility. Availability of marketplace rads helps facilities manage costs and distribute the load.
3. Could you share a specific customer/user that benefits from what you offer? What has your service done for them?
SF: MDW provides facilities several benefits. First of all, it is the ability to augment the radiologists with extra hands and not hire an in-house person for a pretty high salary. For radiologists, being paid immediately for the work they have done and not to wait for reconciliation of payments 60 or 90 days, is a big deal. they also get access to work volume much higher that they can get on their own – for all that they are ready to read for a much lower rate, sometimes 25–30%, because they become much more efficient overall.
4. What other blockchain use cases in healthcare are you excited about?
SF: Blockchain is going be used where multiple parties that do not know each other can securely exchange information. And exchanging information is a huge problem in US healthcare. Even with standards such as HL7 and DICOM, US healthcare institutions spend colossal amounts of money every year to integrate systems even within the same institution, not to mention between them. Imagine, to date if a prior study has to be delivered to the radiologist from another facility, CD is the most accepted way! We’re lucky it is not delivered by a pigeon!
5. Where will Medical Diagnostic Web be in 5 years?
SF: We hope that MDW will become an equalizing force in the radiology, capturing 20-30% of the volume of studies in the independent centers. We’re working on many other improvements to the process that will help all participants of the radiology industry.