Sep 24, 2020
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Blockchain Venture Lets Patients Control–And Profit From–Their Health Data

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Andrew Hoppin and Christopher Sealey REPUBLIC Some 37% of Americans can t afford a $100 medical bill and 64% of patients delay health treatment because they lack the money to pay for it per research from CarePayment/ 20|20 Research. Accordingly numerous people are really sick when they finally seek help contributing to a deadly disease of skyrocketing health costs

 

At the same time there s a multi-billion dollar industry for health data wherein data brokers sell medical information about consumers to researchers pharmaceutical companies and others—without those patients knowledge or consent. Two years ago Andrew Hoppin and Christopher Sealey looked at those facts and came up with a good looking ambitious plan for a company: Build an app and a platform using secure blockchain technology that could allow people not just to guard and control their health data but to make a make the most of it too

 

We believe you shouldn t must be wealthy to be healthy says Sealey who is president of the New York City-based startup called CoverUS. We re putting the ability of data in patients hands. Today is also the last day of its equity crowdfunding campaign presented at the Republic platform

 

While the company recently raised $750 000 in a pre-seed round the co-founders wanted a way to extend their philosophy to its funding. Investors can invest as low as $100 allowing regular folks to take part in the campaign. We felt it was important to democratize the upside for our business says Sealey

 

More about how the system works: Patients download data from their Electronic Health Records also adding real-world health information that only they can provide. Then doctors pay for that data. For the healthcare industry it means having access to much richer more valuable and in-depth information. And for patients the system creates a way to get paid for providing that information

 

Per Sealey that amount can easily be an estimated $1 500 a year. PROMOTED Civic Nation BRANDVOICE | Paid Program
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Show Me The Equal Money To ensure privacy and security the platform is in keeping with blockchain technology

 

Often described as a decentralized virtual ledger blockchain systems are public shared databases or records. Any transaction or interaction between two parties is timestamped verified and then added at the blockchain as a block containing information about the transaction. One result is that data isn t owned by one centralized entity

 

Plus data is secured through cryptography. In the second one quarter of the year the company plans to launch its first pilot. That will involve tapping a 1. 5 million patient community for folk plagued by irritable bowel syndrome a costly chronic disease and linking members to healthcare market researchers

 

Hoppin and Sealey met while teaming up to upgrade the technology for the New York State Senate about ten years ago. Hoppin also started and sold a civic tech company. Sealey a customer engagement marketing expert helped found an economic think tank and has focused at the inefficiencies and inequities of the U

 

S. health care system. Per Sealey startups sometimes shy faraway from equity crowdfunding campaigns because they must be upfront about their numbers and other information they might not want to reveal. But as far as the co-founders are concerned transparency is a part of their raison d etre. There s also an advantage that is the feedback they see at the site

 

Like many crowdfunding organizers they ve found that s pointed to various important questions everything from What happens if there s a single-payer healthcare? to How is my grandmother going to apply this? plus providing invaluable early market research insights

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