HealthHeart is a venture aimed at introducing a blockchain-enabled EHR (electronic health record) management platform. Their solution aims to solve the issues of interoperability, accessibility, security and stability of medical records around hospitals and health clinics.
The project will be launching its token crowdsale event on December 1st, 2017 and it will last until the end of the month. We have prepared all the necessary details for this upcoming event in the following piece.
The project’s whitepaper elaborates on the current security and privacy issues which occur because of the way current EHRs are managed. Legacy systems are being used, and can be infected with malware and ransomware tools which can expose EHRs, a lucrative target for cyber-criminals. On average, US organizations pay $380 for releasing each record encrypted by hackers, accumulating an organizational cost of $7.35 million in 2017. Hackers can also find value in such records, in order to fake identities, perform tax refunds and other identity theft related crimes.
Today’s leading EHR technologies’ cyber-security standards are outdated so many systems are vulnerable to attacks.
In addition to these security issues, many medical records are currently fragmented between various systems which can cause interoperability issues between them.
The platform which HealthHeart is developing puts its focus on security and stability. The team behind this project uses input from actively practicing physicians, while trying to create a user-friendly enterprise and mobile app with intuitive usability and functional workflows.
By utilizing the Ethereum network, medical events such as prescriptions, diagnostic tests or outpatient visits will be represented as transactions on the blockchain. The cryptographic properties of the blockchain will allow the system to validate each access to such events, providing security to sensitive information which is encoded within the transactions. The company aims to standardize this medical data, thus enabling interoperability and flexible UI changes and allowing various systems to communicate with one another.
The system’s token, HealthHeart Token (HHT), purpose is to purchase services or units of service. The token will be used for executing key functions and operations through smart contracts, which are called “EHR Components”.
The Identifier Component is used for assigning unique Ethereum addresses to the players in HealthHeart’s platform. These players include patients, medical care providers and systems. This component can restrict access to a patient’s addresses and link them to the History Component.
The History Component is in charge of providing the full history of transactions for a given identity on the blockchain, thus creating an audit trail for all events within a medical record. It supports reviews of past transactions by consumers, providers and third party entities that have been granted access.
The Relationship Component facilitates the connection between the consumer and the care provider. The connection is created when the patient or the care provider interact with one another. HealthHeart gave the example of prescribing a medication by the provider to a patient, thus creating a clinical event. To show the relevance and timing of HealthHeart’s product the whitepaper also mentions that Xerox recently filed a patent application for a blockchain-based system for creating and updating healthcare records.
The project’s core team consists of 6 members, among them are Mark Rudnitsky, the founder of this venture, holder of a master’s degree in computer science, and a specialist in security. Mark has worked for Epic, one of the biggest EHR providers in the United States. Jennifer So is the project’s chief medical consultant, holding a BA degree in Biochemistry, and experienced in the fields of research and podiatry. Jonathan Hoffsuemmer acts as the strategic consultant and is experienced in working with start-ups related to the healthcare space.
The advisory board has 7 members, including doctors, a physician assistant, a medical author holding a PhD, and a freelance coding and documentation specialist.
The project’s official roadmap is shown below. Among the key events, are the idea creation on June 2017, the crowdsale which is planned for December 2017, as mentioned above, the Alpha release on June 2018 and the full customer release in Q4 2019.
- 2017 / JUN: Idea creation and initial development
- 2017 / SEP: Company formation and hiring of initial team
- 2017 / DEC: Crowdsale
- 2018 / JUN: Alpha release
- 2018 / MAR: Start MU, CCHIT certification process for beta
- 2018 / APR – JUL: Testing by alpha group of customers
- 2018 / JUL: Beta release of podiatry specialist modules
- 2018 / OCT: Beta release of orthodontics specialist modules
- 2019 / JAN: Beta release of ophthalmology specialist modules
- 2019 / MAR: Beta release (ADT, GP, Lab, 3rd party integration, etc)
- 2019 / Q2: Completion of certification processes
- 2019 / Q4: Full customer release
In this section, we will be covering only the blockchain related solutions which compete with HealthHeart. It is worth mentioning that there are a vast number of EHR solutions out there, many of them constantly trying to solve interoperability issues as well.
Patientory introduces blockchain solutions for the healthcare industry, including storage and management of data, communication with the care team and community, easy access from mobile devices and a high level of security. The company ran a successful token sale event, which led to raising 7.2 million USD. Their token can already be traded on leading exchanges.
Though not a direct competitor, doc.ai focuses on harnessing the power of AI technology in order to gain quantified conclusions. The system incentivizes users to share medical data for machine learning purposes and provides feedback to users according to their metrics. The system offers a personalized health record for each user.
BlockchainHealth provides the tools for sharing data between users and medical researchers, by giving users control over the data and allowing advanced auditing by utilizing blockchain-technology. Not a direct competitor, more of a provider for infrastructure.
PokitDok provides an API platform which makes it easy to integrate with healthcare business data. Like BlockchainHealth, PokitDok is not a direct competitor, but a company which provides tools.
As healthcare related solutions are a hot topic in the blockchain space, many groups see the opportunity and needs and for that reason one can find tons of existing and future additional competition.
Pros and Cons
HealthHeart is working in an environment which demands a change. Current healthcare systems are obsolete and the business case here cannot be ignored.
- The team plan on providing an interactive UI which covers day to day operations between patients and providers. Though this has been done in the past it can give the company a small competitive boost and further value.
- As this market demands changes, it is as competitive as hell.
- Cooperation must be achieved by meeting with doctors and converting patients, a fact which is not true for every blockchain related venture.
HealthHeart is working in a market that works with legacy systems and which is in need of improvement. The company’s solution simplifies things, adds security measures and provides further stability. The adoption rates of patients and care providers will determine the success of this project in the future, but the potential here cannot be ignored.
We wanted to hear some projections on the token value from HealthHeart, Mark, the company’s CEO elaborated on some of the data that can be found in the whitepaper and said that “Most of our projections are physician-focused and patients should not need to purchase or use HHT at this time. The exact number is hard to predict since each office has a different throughput and number of patients. Our estimates show that the average higher-volume doctor sees roughly 16 patients per day, and we estimate that all of those visits will require a minimum expenditure of 7 tokens (orders, transfers of patient records between providers, etc). At the current rate of one HHT per transaction, we assume that means 60 providers * 16 patients per day * 7 tokens per patient * 240 working days per provider = 1,612,800 HHT used annually. Of course this is a lower limit – the more physicians we take onboard and the more transactions completed within our EHR, the more tokens will be used.”
Date: December 1st, 2017.
Total Supply: 100,000,000.
Hard Cap: $17,014,107.
The funds allocation can be found under the company’s whitepaper, as they are not described in a traditional summarized manner, they are not described here.