Hashed Health Files IPO Prospectus Highlighting Blockchain Solutions for Six Core Healthcare Challenges

At the beginning of 2018, a blockchain frenzy led by the U.S. stock market began to sweep across the globe. Although blockchain entered the public eye amid the cryptocurrency boom, as a foundational technology, its application scenarios extend far beyond the financial sector.

The healthcare industry is considered one of the most promising application areas for blockchain technology. As global healthcare enters the digital era, the security of medical data and the protection of patient privacy have become increasingly important. Blockchain, with its high redundancy, immutability, low cost, and ability to manage complex multi-signature permissions, provides an optimal solution for medical data custody.

Blockchain technology can protect patient privacy by combining open-source and proprietary code with the selection of consortium, public, or private chains. Meanwhile, it generates blockchain-based electronic medical records and laboratory reports, offering an effective solution for resolving medical disputes.

Hashed Health is a healthcare innovation company focused on blockchain and distributed ledger technology., primarily providing value-added services such as community development, consulting, regulatory guidance, product development, and technical support for blockchain solutions and blockchain networks, to accelerate the design, development, and application of blockchain technologies and networks.

Hashed Health, founded in 2016 and headquartered in Nashville, the capital of Tennessee, USA, is dedicated to leveraging blockchain technology to address core healthcare business challenges. By adopting a problem-driven approach to blockchain design, Hashed Health can more effectively launch new industry-level solutions at lower costs.

John Bass, Founder and CEO of Hashed Health, is an internationally recognized spokesperson for blockchain and decentralized healthcare technologies. With over 20 years of experience in the health technology sector, he possesses deep expertise in collaborative health platforms, patient engagement, system integration, supply chain management, clinical performance, and value-based payment models.

Prior to joining Hashed Health, John served as the CEO of InVivoLink, a startup specializing in surgical patient registries and care management that was acquired by HCA in 2015. In 2016, John Bass founded Hashed Health, collaborating with public and private sector clients to develop distributed and decentralized solutions aimed at addressing challenges in healthcare delivery. The company’s name incorporates “Hash,” referencing the fundamental hashing algorithm in blockchain technology, to reflect its strategic positioning.

John Bass stated: “Hashed Health’s strategic positioning is to streamline inefficient processes and models in the healthcare sector, addressing well-known challenges in the field.”

For healthcare institutions, blockchain technology offers a new framework for innovation. Over the next decade, this emerging technology will not only reshape traditional perceptions of the healthcare industry but also evolve into various new use cases, providing an additional business layer for the Internet of Things (IoT).

Blockchain enables the secure exchange of data and transactions, while allowing smart contracts to manage shared business logic among stakeholders.Blockchain systems will revolutionize security, payments, interoperability, revenue cycle management, claims processing, supply chain management, and related contractual matters.

Currently, Hashed Health is deploying applications across multiple healthcare subsectors, including identity authentication, medical payments, health management, value-based care, clinical applications, and supply chain management.

Globally, the world is facing a shortage of qualified healthcare professionals. Generally, the professional identity of a healthcare worker comprises a complex set of data points, including their medical educational background and nationally certified practice credentials.

The reliability of healthcare professionals’ identities and credentials is a primary factor in ensuring patient safety and high-quality care. However, verifying the identities and credentials of healthcare personnel involves numerous stakeholders, is time-consuming and costly, and imposes additional financial strain on an already overburdened healthcare system.

Hashed Health partnered with the state of Illinois, USA, to build aProof-of-Concept Platform (Interstate Medical Licensure Platform), this is a blockchain-enabled distributed trust layer that allows healthcare providers, medical systems, and health plans to verify the identities and credentials of medical personnel.

Global annual healthcare expenditure exceeds $7 trillion. Of this, individual consumers directly pay nearly 18%, or $1 trillion, out-of-pocket each year. This holds true in both single-payer systems and countries with commercial insurance. Despite the substantial economic burden, the healthcare services ecosystem remains underdeveloped, failing to empower consumers as proactive economic agents. Consumers may be unaware of the costs of certain medical services or how much they should reasonably spend.

Hashed Health is designing a new healthcare payment ecosystem to help individuals make the most rational choices in healthcare.

Most health management activities are carried out outside the medical system. In particular, as the number of patients with chronic diseases increases globally year by year, healthcare systems around the world are facing pressure from rising costs.

Hashed Health is building a blockchain-based health management platform. This solution operates within smart home and office environments, enabling users to securely track and collect personal health data. Much of this data originates from connected wearable devices and other home monitoring equipment.

In this application scenario, smart contracts will be utilized for healthcare identification. In the event of an emergency, they can trigger alerts for potential critical health conditions and transmit relevant information to clinicians and family members. Additionally, these smart contracts can leverage health prevention resources to establish a locally accessible community health initiative.

The project offers numerous benefits to participants, such as organizing activities that promote individual or group health; leveraging IoT tracking to develop personalized preventive healthcare plans; managing care plans for acute and chronic conditions; providing monitoring programs tailored to the elderly; and handling emergencies while enhancing emergency care services.

Value-based healthcare concerns the balance between cost and quality. The Hashed Health team possesses unparalleled expertise in value-based care models, with a track record dating back to the earliest Accountable Care Organization (ACO) demonstration projects. Currently, the adoption of value-based care models is constrained by issues of trust, transparency, and incentives. Hashed Health is a leader in applying blockchain solutions to value-based payments, contract management, and incentive design.

An article in the 2016 issue of the Journal of Health Economics reported that pharmaceutical companies spent over a decade and $2.6 billion to bring a single drug to market. This illustrates the immense difficulty in quantifying the costs, efforts, and time required for drug development. A significant portion of these costs stems from overly complex multi-institutional administrative and clinical trial management issues.

Hashed Health is currently collaborating with several pharmaceutical companies and government consultants in the industry to explore“Decentralized IRBManagement: Leveraging blockchain to assist Institutional Review Boards (IRBs) in reviewing and managing experimental results sourced from multiple trial sites and patients, thereby reducing the costs associated with multicenter trials (where each trial site maintains its own identification codes, processes, and timelines).

Supply chain tracking and management is one of the most mature areas in blockchain development. The Hashed Health team has many years of professional experience in supply chain, project management, value-based care planning, and supply contracts. Hashed Health is a leader in organizing the market for supply chain use cases. These supply chain use cases include track and trace, contract execution, master data management, and device lifecycle planning.

Hashed Health’s next supply chain initiative focuses on connecting the supply chain to the Internet of Things. Its 2020 vision for these projects is toWallet ConceptApplied to devices that bring a new value chain economy to medical supplies and equipment. The wallet here refers to software used for storing keys, which can access and use cryptocurrencies.

Hashed Health collaborates with healthcare enterprises to launch new blockchain solutions aimed at addressing long-standing industry challenges. The company also brings together network firms that are actively exploring distributed blockchain solutions. Whether they are newcomers to the blockchain space or seasoned technology veterans, these entities can identify the most appropriate modes of collaboration with Hashed Health.

Community Building: Hashed Collective

Hashed Collective is a global, free community open to healthcare organizations, consumers, entrepreneurs, and developers interested in healthcare blockchain. Blockchain enthusiasts and newcomers can engage here with industry leaders and blockchain entrepreneurs.

Hashed Collective is also a global forum for dialogue centered on healthcare and blockchain. Members can use the platform to acquire specialized technical knowledge, explore projects, and share their insights. Additionally, Collective offers free chat channels, and its podcast series, quarterly webinars, instructional videos, global meetups, and other community-building activities regularly feature industry experts sharing valuable insights.

Consulting Services: Hashed Enterprise

Hashed Enterprise is the consulting arm of Hashed Health, primarilyHelp healthcare institutions build a foundational understanding of blockchain, develop corporate strategies, and identify potential use cases.

First, Hashed Health collaborates with select business leaders and technology teams to provide them with business-oriented education, helping them develop and apply blockchain technology.

At the same time, Hashed Health also collaborates with enterprises interested in understanding this new technology, guiding the research, investment, and deployment of blockchain solutions by developing a corporate blockchain strategy to address corresponding business challenges.

To develop a meaningful blockchain strategy, Hashed Health’s team of healthcare business professionals and technical engineers advises enterprises, regulatory bodies, and non-profit organizations on blockchain business models. Key success factors include protocol selection, governance strategies, market strategies, Initial Coin Offering (ICO) strategies, and more. Hashed Health’s consulting services help clients save costs and increase their likelihood of success.

Incubator: Hashed Labs

Hashed Labs is a specialized blockchain development studio and solutions incubator. Its team of blockchain and full-stack engineers designs and builds prototypes, proof-of-concept (POC) projects, and enterprise-grade blockchain solutions for the healthcare industry. Leveraging extensive industry experience, the Hashed Labs team possesses deep insight into the regulatory and technical landscape of existing healthcare information technology stacks and is pioneering the integration of novel blockchain solutions with legacy “offline” technologies.

Regarding blockchain technology, Hashed Labs has adopted numerous open-source protocols and architectures. This has provided the lab’s team with a unique perspective and valuable experience in working across multiple platforms.

Beyond technical design and implementation, Hashed Labs is also committed to driving the large-scale deployment of blockchain solutions. To unlock the full potential of this technology, blockchain solutions require coordination among innovative networks on both sides of a transaction. Hashed Health is dedicated to convening transaction networks and business partners to bring this solution to life.

In 2016, Hashed Health established a healthcare blockchain consortium composed of medical enterprises.Dedicated to leveraging blockchain and distributed ledger technology to address the unique challenges and regulatory frameworks of the healthcare industry.

First, the alliance unites healthcare enterprises across various sectors to study blockchain technology. These industry-leading medical institutions will participate in working groups to address specific business challenges in the healthcare industry, such as revenue cycle management, data sharing, payment reform, insurance, and supply chain provenance.

In the second phase, the Alliance will establish a development studio dedicated to providing protocol-level implementation frameworks for medical projects most likely to secure immediate commercial support. The Alliance will submit its proposals to the development studio, which will then work to build these solutions, guiding them from proof of concept (PoC) through commercial-grade application development to final product development and commercialization.

In 2017, the leading healthcare IT company in the United StatesChange Healthcare, Accenture, Altarum Instituteto join the alliance, helping to advance blockchain innovation and distributed transaction protocols in the healthcare sector.

Aaron Symanski, Chief Technology Officer of Change Healthcare, stated, “Blockchain has the potential to enable value-based care, and we are committed to supporting innovation to help our customers and partners understand its potential. We look forward to collaborating with members of the Hashed Health consortium to develop and establish blockchain as a secure and transparent mechanism for promoting financial interoperability in the healthcare sector.”

In addition, Hashed Health is a member of the Healthcare Special Interest Group (SIG) under the Hyperledger project. Other members include Accenture, Gem, Kaiser Permanente, and IBM. Its mission is to “facilitate technical and commercial dialogue on the application of blockchain technology in the healthcare industry.”

Hyperledger is an open-source project launched by the Linux Foundation in 2015 to advance blockchain digital technology and transaction verification.Project members also include industry giants such as Intel, Baidu, Accenture, Huawei, and IBM (according to the official website, 171 companies had joined the project as of the date of publication). The goal is to foster collaboration among members to build an open platform that addresses diverse user cases across multiple industries and streamlines business processes.

In February 2017, Hashed Health announced the completion of a $1.8 million seed funding round, led by Martin Ventures, with participation from China-based blockchain venture capital firm Fenbushi Capital and other private investor groups. Supporters of Hashed Health stated that this new financing would help advance the work of the healthcare blockchain consortium.

Charles Martin, Founder and Chairman of Martin Ventures, stated, “The healthcare industry must undergo thorough reform to address issues related to healthcare quality, excessive costs, and resource waste. Hashed Health will achieve these goals by driving innovation and collaboration.”

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