Blockchain and Smart Contracts in Healthcare Payments: Securing Transactions and Reducing Fraud
DOI:
https://doi.org/10.53555/ephijse.v7i4.271Keywords:
Blockchain in medical science, Smart contracts, Healthcare payments, fraud prevention, claim processing, decentralised finance (DeFi), regulatory compliance, Safe transactions and openness in healthcareAbstract
The ongoing digital changes influencing various sectors demand improved security, efficiency, and openness in healthcare payments. Blockchain technologies and smart contracts offer a special way to handle ongoing problems, including bad claim handling and fraud. Combining smart contracts—self-executing agreements with specific conditions—with these kinds of technologies might automatically pay for healthcare, therefore removing intermediaries and reducing administrative costs. Moreover, the transparency & actual time verification features of blockchain significantly lower fraudulent activities, such as duplicate billing & false claims, thereby saving the sector billions annually. The effectiveness of blockchain-enabled claims processing—a case study on which this paper investigates—in reducing fraud By use of blockchain, healthcare companies may increase confidence among providers, insurers, and patients by ensuring that claims are verified and handled with minimum delays or mistakes. Our results highlight how smart contracts enable payments, therefore lowering costs and reducing human participation; blockchain's ability to create an immutable transaction record limits data manipulation. Blockchain has a revolutionary effect on payments for healthcare. Apart from reducing fraud, it improves regulatory compliance, patient data security, and efficiency. Using this technology more and more guarantees that payments are not only faster but also more reliable and fraud-resistant, so changing the financial structure of healthcare becomes possible. This article highlights the transformational potential of blockchain technology in payments for healthcare and projects a future free of perfect, consistent transactions free of false claims.
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