Crypto Talks with Solve.Care: How Blockchain Improves the Healthcare Industry
Recently an instant crypto exchange platform Changelly has listed SOLVE, a token issued by a global healthcare blockchain technology company Solve.Care. Solve.Care was created with the purpose of solving the challenges people face when they are in need of medical assistance. The company aims to improve the healthcare industry by creating a patient-centric platform that will coordinate payments, care and benefits with the help of blockchain. Changelly CEO Eric Benz talked with Pradeep Goel, CEO of Solve.Care, about the company and the story behind its inception, its plans, and the future of crypto and Bitcoin.
SOLVE token is positioned as an asset with a mission. Could you please tell us the story behind your project? How and when did the idea of applying a blockchain-based solution to the healthcare industry take shape?
The idea of creating Solve.Care came to me when my son was diagnosed with a very rare developmental disorder. Despite having what was considered excellent health insurance, it took my wife and me seven months to get him an appointment with a neurologist.
We faced endless problems finding a doctor, from making an appointment to coordinating with specialists. There was no way to check the schedule of every neurologist within driving distance of our home. Instead, we had to call over 600 neurologists in our area from a list provided by our insurance company. To add insult to injury, we were overcharged for the visit we eventually were able to arrange. Our personal attempts to navigate the cumbersome maze of healthcare truly brought home how much this system needed to be overhauled.
There needed to be a way for a patient to make an appointment in seconds, not months, and to get service and care with better quality, faster and cheaper. And I realized that I had the ability and the passion to help create the solution having been in need of care and someone who saw to the care of others: as a father, as a former CIO of Blue Cross Blue Shield, as a person whose companies were launching Medicare and Medicaid in the US.
On your website, you write that Solve.Care appeared when “the current healthcare system was failing”, suffocated by too much bureaucracy. That was in 2017. How have things changed since then due to the Solve.Care team’s effort?
Since 2017, Solve.Care has rapidly evolved and grown exponentially as more and more people realize the value of blockchain in disrupting healthcare. We’re at a crossroads of a decisive shift in how insurers, healthcare organizations, government agencies, individuals, and others envision healthcare can be coordinated, managed and paid for, both in the US and globally. Boehringer Ingelheim, Lyft, Uber Health, HMS Technologies, and others sought us out as clients and partners, recognizing the value we bring to their organization and their members.
For example, Arizona Care Network (ACN), one of the largest accountable care organizations in the US with 300,000+ members and 5,500+ providers, adopted our Care.Wallet for Physicians. Now ACN can evaluate service quality in real-time and has significantly increased the speed at which they can distribute financial rewards, used to encourage providers to further improve the general health of their patients at a lower total cost. Prior to Care.Wallet, payments for rewards were delayed by as much as 3-6 months post-performance. Now, using Care.Wallet, the time has dropped to 15-20 days, a substantial improvement.
Today Solve.Care acts as a health-care platform offering digital solutions for both business and customers, right? Could you please explain how the SOLVE token typically benefits clients and how wide the variety of services is that are currently available via your platform?
SOLVE token is the utility token native to the Solve.Care Platform and designed specifically for healthcare coordination, administration and payments. The token is purpose-driven and could be used for any and all healthcare transactions: from paying for bloodwork, an MRI scan, and physiotherapy, to everything in between. SOLVE can even be used to sponsor a ride to a medical appointment. Unlike with fiat payments, this token is locked in its use; it cannot be misappropriated. SOLVE creates absolute transparency in payments, eliminating fraud, waste, and abuse. Our vision is for the B2B networks and the B2C care networks to interact seamlessly and overcome the administrative burden required in traditional payments. With Care.Wallet for Physician, we have already pioneered the use of a digital currency for value-based payments.
SOLVE tokens are needed to build Care Administration Networks. So each client (Insurer, Pharma, Government, ACO) needs to purchase SOLVE to use the Solve.Care platform.
Developers need to have SOLVE tokens in reserve to build Care.Cards which they can sell in the Care.Marketplace.
The SOLVE token economy is designed to remove all boundaries to healthcare services around the world and put the patient at the heart of healthcare delivery. Fast adoption of the platform, interest from big clients, successful contests for designers and developers which attract global attention – all of these things are a clear confirmation that we are rocketing to our goal.
Have you heard of SOLVE being used outside your ecosystem, or maybe even as an investment tool? And do you have any plans of moving beyond the healthcare industry?
Solve.Care is dedicated to disrupting healthcare, and SOLVE is an important key to accomplishing this goal. Fixing the healthcare system just in the US alone will take decades and will not be done in my or your lifetime. SOLVE Token allows everyone – patients, providers, hospitals, families, insurers, governments, and others – to access and pay for healthcare in a meaningful way. The utility token can be used for the whole range of healthcare services, helping deliver the transparency sorely needed. As different parties start using and contributing to the Solve.Care Platform, we’re gaining significantly greater utility and ease of functionality, and broadening the applications for use.
Maybe this is the time for some amazing announcements? What does Solve.Care platform’s roadmap for 2020 look like?
We have made the decision to primarily focus on the Asia Pacific and US regions for 2020. Our revenue goals for 2020 are currently split 50/50 between Asia and the US. ACOs and pharma are our main concern in the US. Hospitals, clinics and TPAs are where we are in Asia; there is a lot of interest. We also see the opening of B2C networks, telemedicine and our in-wallet option to purchase SOLVE as objectives for increasing consumer usage and getting the Care.Wallet and SOLVE tokens into as many hands as possible. We plan to merge the B2B and the B2C networks in the same wallet. That will allow the patient to have choices like never before. We will continue to do meaningful work around improving patient care and supporting our clients.
In light of recent events, I feel that I have to touch upon the on-going COVID-19 pandemic. How, in your opinion, will this affect crypto and — what is even more important — can the crypto industry and blockchain tech somehow help combat this awful epidemic?
My colleague Dr. David Hanekom recently wrote an excellent piece on this very topic. Were we implementing blockchain technologies, we wouldn’t be seeing the tragic logistical fraying in healthcare that we’re experiencing now – supply disruptions, substandard equipment, and so on. Blockchain can provide better, real-time tracking of risk and automate implementation of risk mitigation. It’s never too late to begin greater adoption of blockchain-based solutions. Local governments can use blockchain-based systems analytics to track outbreak clusters in real-time and implement lockdowns or other proactive solutions. But this is not aimed just at governments. We all have a social responsibility. Blockchain can be used to let people track exposure or monitor donations to ensure transparency or plethora of other timely applications. All of which is to say, serious blockchain adoption, albeit belated, can make substantial strides in improving the global pandemic response.
During our interviews, we usually cover the issue of mass adoption. In your opinion, how far have we moved towards this and what has to happen for you to say that crypto has already completed it?
Mass-adoption is an inevitability, and the current world situation will push it even faster. As for when, there are many variables in play. Yes, we want to see higher transactions per second, lower transaction fees, better transaction confirmation times and so forth. But remember, we’re educating ourselves and the general public as we progress. What was the tipping point for the combustion engine or for the internet? We’re very close to a consensus in which a great many intelligent people say, ‘Yes, this is what we’re going to do now.’ The rest falls in step.
What do you think the Bitcoin’s price band might be in a couple of years?
I would not be in this business if I were not a believer in the value of utility tokens to revolutionize how we conduct transactions by bringing transparency to the process and removing all unnecessary barriers. We will continue to work to make their use more mainstream and utilitarian particularly in the healthcare industry.
And here’s the last question: what would you ask Satoshi if you meet him/her face to face someday?
I would want to know if he’d ever envisioned tokens headed in the direction they are now; not simply as a currency replacement, but locked to certain transactions and used to bring more value to entire industries, cutting waste and fraud and generally making the lives of people better.
Thanks for reading, Changellions! Subscribe to our social media channels to not miss new interviews from our regular “Crypto Talk” column!