HealthSapiens’ vision is democratization of healthcare (i.e. Decentralized Healthcare), driven by the HealthSapiens DOC Token on our blockchain platform. DOC tokens are used primarily as payment method within the HealthSapiens network. They are also used to reward users for various activities that help enhance the ecosystem.
The primary token flow happens between physicians and patients. Patients purchase DOC through an exchange when they need care. They pay DOC to the HealthSapiens platform in order to gain access to their network of qualified physicians. Optionally, patients can pay DOC for HealthSapiens to consolidate EMRs on their behalf.
Next they pay DOC to physicians once care is rendered. Physicians receive 75% of the payment, while the rest is held in escrow. If the patient chooses not to have their outcome peer reviewed, the remaining 25% goes to the treating physician after a waiting period commensurate with their ailment. (A short period for less serious illnesses and longer for those involving lengthier treatment and recovery periods.)
If the patient chooses to submit their outcome for a physician peer review, the outcome goes to the review pool of peers. If peers agree that the service was sufficient, the physician earns the remaining payment, minus a fee to the peers. Outcomes are saved to the blockchain.
Additional ways patients can earn DOC is through the HealthSapiens rewards pool. Patients earn tokens by:
- Leaving a review for a physician
- Sharing their EMRs with a researcher or pharmaceutical company
- Holding tokens in their wallets for a period of time
- Referring a new user to the platform
- Achieving specific health-related goals
- Obtaining a buyer reward while purchasing certain amounts
Patient User Story
Fred is a relief worker in an area with limited access to medical care. He develops a cough and after a few days it hasn’t improved. He decides to use his smartphone to access HealthSapiens. Because he knew he would be in a remote location, Fred thought ahead and purchased tokens to keep in his DOC wallet in the HealthSapiens system. From his phone, Fred accesses the network and chooses a doctor who can see him right away.
Fred consults with the doctor who recommends a treatment plan. Though the doctor is in a country with a different currency, Fred is able to pay her immediately using DOC. HealthSapiens retains a small fee of 5% from the transaction. Fred then leaves a review for the physician he saw and earns a small amount of DOC as a reward for his review.
Part of Fred’s treatment plan includes a series of daily tasks related to his health. While in the HealthSapiens app, Fred sets up some goals to earn achievement awards. If he completes each task related to his goal he earns additional DOC as a reward.
Physicians are given access to up to 30 patients per month for no fee through HealthSapiens. Physicians can access additional patients by paying DOC to HealthSapiens.
In addition to earning DOC by providing care to patients, physicians can also earn tokens by:
- Peer-reviewing another physician’s outcome
- Referring new users—both physicians and patients (see Referral Reward )
- Holding tokens in wallets for a period of time (see Holder Reward )
Physicians can spend DOC to promote their practice with advertisements within the HealthSapiens app. Doctors will be able to white label if they want to better promote themselves within our platform. They can pay to participate in seminars and continuing education offered through HealthSapiens by other doctors or researchers in the platform. They can also take their DOC to an exchange and cash out for fiat.
Physician User Story
Dr. Quinn joins the HealthSapiens platform in order to reach a wider range of patients. To start, she is given free access to 30 patients a month, roughly one per day. Because she is new to the system and has not built a reputation, she decides to enable the escrow feature. This minimizes the risk for new patients.
Fred contacts her with a bad cough and chooses her for her immediate availability.
Dr. Quinn and Fred meet (either virtually or in person), and she gives him a treatment plan for her cough. Because she has chosen to escrow, she receives part of her tokens upon completion of their appointment, and half goes into an escrow pool. A hash is created and a validator smart contract is formed.
Five care providers from the validator pool then bid to be chosen for the review. Three are chosen and the outcome gets either validated or not validated.
- If the outcome is validated, the DOC locked in escrow are released to the treating physician, with a portion going to the validators.
- If the outcome is not validated, the DOC minus the validator portion is returned to Fred. The invalid outcome is recorded on the public blockchain.
Dr. Quinn’s outcome is validated, and she receives her remaining DOC. She then spends part of the DOC on advertising within the HealthSapiens system to get more patients.
Researchers pay DOC to HealthSapiens in exchange for access to patient EMR to use in their research. They can earn DOC by offering seminars to physicians or other researchers through the platform.
Researcher User Story
Dr. Anand Singh is a Ph.D. in Biological and Life Science. He focuses on the study of living organisms, including biology, ecology, and neuroscience. He works in a small lab affiliated with a local university. Unlike his peers in the western world who are connected to well-funded institutions, Dr. Singh is long on groundbreaking ideas and short on funding.
Dr. Singh is a passionate researcher and evidence-based scientist who lacks access to the patient data required to validate his new theory on neurodegenerative diseases. Dr. Singh can purchase EMR of patients who have given proper permission, and the patients will be paid for sharing their data.
Through the HealthSapiens platform, Dr. Singh shares his scientific discoveries via a live seminar, bypassing traditional distribution channels and opening his research to be reviewed by the international scientific community.
Bringing medicine back into the balance, HealthSapiens invites pharmaceutical companies to utilize our ecosystem. Pharmaceutical companies will have access to patients’ healthcare records and EMR after patients have given their consent to HealthSapiens to share their data. Pharmaceutical companies will benefit from the EMR data for market analysis as well as research and development purposes.
Pharmaceutical companies will also have access to insights on patients, prescription data, and health and lifestyle choices, as well as other social data, which is something pharma companies currently do not have access to. These companies will be able to educate individuals about their cost-effective alternative products on the HealthSapiens marketing platform.
Pharmaceutical companies will also be able to use the structured data and develop digital strategies for the latest technological trends, such as machine learning and predictive analysis, to create better health
Patients will have a clear understanding of the importance of adhering to treatment regimens. They will become better aware of the terminology used to describe their condition, which will increase their trust of pharmaceutical companies. To further improve user trust, the Healthsapiens ecosystem will use the blockchain to help improve drug safety protocols by providing the basis for tracing drugs from manufacturer to end consumer.
Since blockchain technology is a shared, immutable record of peer-to-peer transaction stored in a digital ledger, users will be able to identify where the supply chain breaks down. The blockchain will help track active pharmaceutical ingredients during the manufacturing process and detect erroneous drugs. It will be helpful in identifying prescription drug abuse and aid in solving public health issues that are currently, systematically unsolved.
Pharmaceutical companies must hold a certain number of DOC tokens to participate in the platform. Pharmacies that sell medicine will be able to accept tokens in exchange for medication. Only drugs with FDA approval will be allowed to promote and sell on the HealthSapiens platform, provided they are transparent about side effects and that they publish results of their clinical trials. Products are also only allowed to be sold in their own country of origin. Relationships between doctors and pharmaceutical companies will be transparent. Pharmaceuticals are only allowed access to our member pool if they disclose their relationship with our providers.
With this robust ecosystem of payments, rewards, and other transactions, HealthSapiens is creating a sustainable economy to support our vision of transparency, access, and affordability for healthcare consumers worldwide.
Please follow along with us on our blog and social media as we make our decentralized healthcare ecosystem a reality. With your help, HealthSapiens will move one step closer towards solving the global healthcare crisis.
About The Author
Karim Babay is Chairman & CEO of HealthSapiens, a nationwide healthcare provider that delivers on-demand access to healthcare anytime, anywhere, via mobile devices, the internet, video and phone. Mr. Babay is also the founder and Chief Investment Officer of Intrinsic Value Investment Partners, a value-focused hedge fund. Mr. Babay has over 15 years of global investing, entrepreneurial and corporate finance experience allocating capital across the capital structure (credit and equity), angel investing, liquid and illiquid investments in securities. Mr. Babay has published numerous studies and analysis while at Columbia University. Mr. Babay is member of the board of directors and Chairman of the compensation committee of GLYECO, a publicly traded company, principally involved in processing of waste into high quality ethylene glycol. Mr. Babay received a B.S. in finance and economics from HEC Institute and an MBA from Columbia Graduate School of Business.