HealthFyx Pte. Ltd. is creating Health FX — a consumer centric service that will help identify the best healthcare for you, provide validated reviews, allow for seamless payment and process insurance claims faster. Health FX is the future of healthcare. Smarter.
Leveraging eight years of experience in medical facilitation and a global network of practitioners, HealthFyx, Asia’s leading health consultant and media company, is launching a token generation event to launch Health FX, an A.I. and blockchain-powered platform that aims to be the industry standard for consumer centric healthcare.
Varun Panjwani is CEO of Singapore-based HealthFyx Pte. Ltd., leading both Health FX and Global Health and Travel. The Health FX platform is the result of his deep understanding of the “pain points” that affect healthcare, he said during the 2018 APAC Healthcare and Medical Tourism Summit in Ho Chi Minh, Vietnam.
One of the eternal questions for healthcare facilities is how to optimise a patient’s “journey” to good health, whilst simplifying administrative and insurance processes.
Optimal patient-practitioner matching
Identifying the best possible practitioner from a vast pool of providers is a significant challenge for consumers. “For many, this is still a word-of-mouth process undertaken with time pressure and is far from scientific. One consumer’s positive experience may well differ from another’s clinical outcome, especially when sub-specialisation is becoming the norm”, Panjwani explained.
“Doctors today have a tremendous amount of medical data available in their field, so have inadvertently become sub-specialised,” he said. “The differences in clinical outcomes between doctors for specific treatments are evident, even between the same speciality group, such as cardiac medicine.”
Harnessing A.I., Health FX aims to minimise confusion and maximise positive outcomes by operating in a similar consumer-focused manner to services such as Booking.com.
“The nuances for each patient do vary according to their profile, which determines what type of treatment and recovery plan is required. Some practitioners may have a better skill set and understanding of a particular condition under specific circumstances” said Panjwani.
By entering selected data points, together with details about the patient’s condition, the platform is able to shortlist the best specialists with appropriate expertise and availability.
“The choice is always with the consumer, however Health FX will provide the options to allow consumers to make the most informed decision at that specific point in time”, he said.
Blockchain technology then ensures that reviews for the chosen services are verified, avoiding the fake review problem that face some websites, at the detriment to consumers and healthcare providers.
From siloed data to consumer-owned medical records
“Once you have found the right doctor, treatment may be delayed if your medical records are incomplete,” said Panjwani. “If your medical records are stored across various healthcare facilities, the patient may need to retake a number of tests or wait extend periods for the original test results to be accessed.”
“By provisioning medical records via the Health FX blockchain, consumers can ensure that their personal medical history is verified, secure and accessible from anywhere at any time,” he said.
Seamless payments and rewards
After booking and receiving services from the selected healthcare provider, consumers can pay directly from their HFX Token wallet. The blockchain verification will be completed by Health FX, the healthcare provider and (if applicable) the insurance provider.
Additionally, the platform will reward individuals with HFX Tokens when they leave a review after receiving their medical treatment, “to incentivise token holders to continuously improve the quality of the ecosystem for everyone,” said Panjwani.
Efficient insurance claims processing
Following treatment, the subsequent delay in the patient journey is caused by claiming insurance back, which takes up to three months. To avoid fraud or pre-existing conditions that would disqualify a claim, many insurance providers engage third-party auditors to verify claims. This adds up to millions of dollars in administrative costs each year.
“If Health FX can help save these costs and improve the efficiency in the claims process using blockchain technology, insurance providers will be better positioned to provide immediate payment.”
Rewarded for good health
Health FX rewards HFX Token holders for staying healthy. The derived efficiencies along the Health FX patient journey saves costs for all stakeholders and these savings are passed back to all HFX Token holders.
“Today, healthcare providers spend up to 18% of their revenue on administrative and third-party costs. This would be drastically reduced using the Health FX platform. These savings would then be distributed between every HFX Token holder.”
This means that if you hold HFX Tokens and you stay healthy, those tokens will be accruing a loyalty reward. These loyalty tokens can be used for future services across the Health FX platform, or exchanged to fiat currency via a network of trusted cryptocurrency exchanges.
HFX tokens will be cryptographically minted in a limited number and the demand for tokens will make them and the associated Health FX platform increasingly valuable.