It’s 2019. Why are we still in a standoff between the foremost existential need that is quality, accessible-for-all HEALTH CARE — versus that dolla dolla bill, or as some call it the “root of all evil”: MONEY?
A century ago, 15 million people were killed by an influenza pandemic. Since then, major advancements in flu prevention and treatment have been created. Greater understanding of the flu ensued — social distancing, cough etiquette and hand hygiene, all measures to help slow the spread of flu.
A decade ago, the H1N1 influenza pandemic emerged. Advancements over the previous decades have made medical institutions better equipped to diagnose, treat and research for vaccines. An estimation of between 151.7k to 575.4k people perished from this virus that year globally — a significant number but far less from repeating the century-old catastrophe.
Fast forward to today, there’s talk about the gloomy economic climate that is underway. Wait a minute. Are medical discoveries about to be eclipsed by the infamous “root of all evil”?
If historical records exist to serve any deep-rooted purpose, it is that it often takes something drastic to happen before destiny is altered in the right path.
We didn’t coin this. The universal law of cause and effect did.
What’s happening in the Middle East?
While the Gulf Cooperation Council (GCC) — Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain and Oman — are aligning to reduce cost in their private healthcare sector, the slow transition is proof that a massive shift is required to the overall healthcare system, according to the Economist Intelligence Unit.
Ballooning healthcare costs are an indication of a change coming. Remember the universal law of cause and effect? Yes, it’s happening.
GCC countries have already stated healthcare as one area of key focus. For example, Saudi Arabia hopes to strengthen its healthcare model for Vision 2030, by transforming its status as a cost centre to a revenue centre for public sectors. Kuwait recognizes that its current government-dominated healthcare system does not provide cost-effective care.
In order to improve, change must happen.
By implementing a certain system, North America reduced costs by 17%, for a similar or even superior clinical outcome and patient experience. This is a great example of untapped potential for the GCC and expected to change over the next decade.
That “certain” system is value-based healthcare.
The basis of value is its relative worth or utility — where pricing is set primarily on a customers’ perceived value of the service or product.
In value-based healthcare, we’re not just focused on fairly decided healthcare cost — but also assimilate the entire system for patients, providers, payers, suppliers and the society at large.
Our SihaToken system, a blockchain value-based healthcare, then births into benefits such as:
· Patients spend less money to gain better health as treatments become affordable and accessible
· Eligibility for Core Medical Services (CMS) as preventative treatments in hopes to reduce the chances for more serious medical conditions
· Electronic Health Records (EHR) that puzzle-piece fragmented medical data into a secure and accurate holding space, accessible only to who the owner gives access to — saving time, cost of unnecessary, additional tests and reduce risk of misdiagnosis
· When financial burden is lifted, survival rate increases with early diagnosis, screening and preventative care
There is much to elaborate on preventative treatments. Take bariatric surgery for example, a weight loss surgery that restricts the amount of food in the stomach. In Saudi Arabia, prices can range from SAR 10k (US$ 2.7k) for balloon therapies to as high as SAR 50k (US$ 13k) for minimally invasive gastric sleeves. The significant price gap can cause uncertainty to a patient who does not have a reliable healthcare financial plan, and risks prolonging the obesity that can lead to chronic disease complications such as diabetes.
It is estimated that diabetes affects almost one in five people in the GCC, its prevalence among the highest in the world according to The World Bank. Moreover, healthcare expenditure for diabetes in GCC is expected to more than double between 2010 and 2030 according to The International Diabetes Federation.
SihaToken will change your healthcare game plan.
Our ‘patients-first, revenue-second’ approach stems from a passion to create a high value healthcare structure that brings long-term benefits.
“SihaToken will bring about transparency and accountability to the pricing of core medical services so that the patient is empowered to make the right decision about their healthcare needs, both in terms of prevention and high quality services. This is a global trend which we are pioneering in Saudi Arabia and our initial discussions with both our patients and our partner doctors have been met with rambunctious and ravenous support,” says our Co-Founder and CEO, Ahmed S. Al-Bader.
We too want to be a part of a society that lives longer, happier and healthier — with hopes of disease-free lives.
