Blockchain is the technology the underpins digital currency (such as Bitcoin). It allows digital information to be distributed, but not copied. That means each individual piece of data can only have one owner.
It may seem like this technology would have no application to dentistry, but its ramifications for the future could be far-reaching — including increased security of patient information, new financing options, and more.
Dr. Peter Boulden of Atlanta Dental Spa and Bulletproof Dental Practice will present “The Future of Blockchain in Group Dentistry” at The 2019 DEO Summer Summit. Dr. Boulden is certified in blockchain, and as an owner of a three-location practice, he will discuss how blockchain could affect group dentistry, including:
- What blockchain is, how it works, and how it is already affecting dentistry
- How blockchain will change aspects of the dental experience
- What opportunities blockchain opens for group practices
- What potential pitfalls this new technology could create
- What group practices can do now to take advantage of this inevitable wave
To learn more about this Summit presentation, click here to watch Dr. Boulden’s interview with CEO of The DEO Jake Puhl.
Blockchain allows for exchange of information without a third-party intermediary. This has potential positive implications for dentistry.
Secure Patient-Controlled Electronic Health Records Through Blockchain
Using blockchain to protect electronic health (e-health) records is one way to solve growing concerns about information and data security. Currently, e-health records are at risk of hacking, as they are stored on a centralized server, out of patient control.
With blockchain, patients can be in control of their e-health records and the sensitive information they contain. Blockchain would allow each record to be secured as a cryptographic health resource. (Cryptographic hashing is how blockchain works: it’s a method for transforming large amounts of data into short numbers — multiple numbers per block — that are difficult to imitate. )
Competitive Patient-Care Financing: Blockchain Disrupts Bank/Credit Lending
To offer financing to patients for care, dentists are currently dependent on banks and credit institutions such as Care Credit or Springstone Financial. Blockchain will disrupt the necessity of using banks as a third-party conduit for financing care.
With blockchain, dentists and patients can work together and directly with borrowers and lenders, eliminating banks and credit institutions as third-party intermediaries who make money through fees. Patients could connect to the worldwide marketplace, accessing lower interest rates and friendlier loan terms.
Blockchain: Opening Up Dental Group Financing Options
As the marketplace exists now, DSOs/dental group practices have to aggregate to a critical size to either merge with another group or be bought by private equity. Blockchain will offer a new option to reclaim capital: securitize and digitize some shares, a fund of the DSO, and open it up to the worldwide market.
With blockchain, dental groups/DSOs could crowdsource and democratize a new investment option on a global scale. It’s a radical new way to think of funding, with far-reaching implications. Blockchain could provide a financing option for smaller groups seeking growth avenues/capital other than acquisition by large groups and/or private equity.
Intrigued? Attend The Summit — Access All The Future-Focused Presentations!
Register for The 2019 DEO Summer Summit: The Emerging Future of Group Dentistry to see Dr. Boulden’s Summit presentation “The Future of Blockchain in Group Dentistry.”
All the presentations for The 2019 DEO Summer Summit, June 27-29, Phoenix, AZ, are focused on giving you the knowledge you need to scale properly by understanding the changes that lay ahead.
Click here to learn more and to register now to take advantage of Early-Bird Pricing!