VitalHub recently joined Hyperledger, an open source blockchain hosted by the Linux Foundation, to bring blockchain technology to mental health initiatives. The IT healthcare company joined other businesses in the industry including Aetna, Change Healthcare, Eli Lilly & Company, and PwC to test and create new blockchain programs for the healthcare industry. With VitalHub’s extensive experience and large clientele, the IT healthcare company will bring strong healthcare domain expertise to the blockchain initiative.According to a recent press release, VitalHub introduced a new proprietary electronic health record called WellLinc, powered by the Hyperledger Fabric Platform. They target industry problems such as segregated records, lack of interoperability, and enable secure and interoperable exchange of patient data.VitalHub chose the mental health space as their first area of focus because of the sheer market opportunity and gaps in the industry. Their strong industry knowledge and previous experience building IT solutions for the mental health sector will be a significant advantage considering Vital Hub already has “numerous existing customers in need of such solutions.”
The application of Blockchain technology in the healthcare industry grew very quickly in 2017. According to the Decision Research Group, a leading healthcare research and consulting company, “Industry projections [in] the global market [will] grow to $2.3 billion USD (approximately $2.9 billion CAD) by 2021, up from roughly $340 million USD (approximately $429 million CAD) in 2017.”Further, Frost & Sullivan, a business consulting firm, notes that “lack of interoperability costs 150,000 lives and $18.6 billion USD (approximately $23.5 billion CAD) per year." To reduce the number of incidents and costs concerning interoperability, VitalHub created a clear strategy to build various applications that address these problems for the Healthcare industry. WellLinc is one of VitalHub’s first programs in the mental health space.“We are excited about the opportunity to work alongside world-leaders across the technology sector to develop commercially viable and scalable Blockchain solutions,” said Dan Matlow, CEO of VitalHub. “The combination of VitalHub’s healthcare domain expertise, along with Hyperledger’s depth and collaboration will enable us to develop healthcare Blockchain applications with global applicably and impact.”
VitalHub believes that WellLinc holds the potential to improve the global challenges concerning mental health, especially problems concerning the exchange of health information. “After extensive market analysis, and technological research and development, we believe we are pioneering and leading the way toward creating a globally viable enterprise solution that can make electronic mental health records interoperable across the continuum of care using blockchain technologies,” said Matlow. The IT Healthcare company also has some existing customers who require such solutions. It will be fairly easy for VitalHub to begin commercializing the WellLinc app since they over 300 organizations that use VitalHub’s current mental health solutions.Image credit: VitalHub logo
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