Healthcare in the Metaverse – InsuranceNewsNet

Healthcare in the Metaverse – InsuranceNewsNet

Advancements in healthcare are happening around us every day. Healthcare disruptors are constantly devising ways to save money, lead people to better outcomes, make healthcare easier to access, and promote healthier lifestyles.

One of the most important advances to emerge was the decentralized autonomous organization. DAOs are global, member-driven communities where a centralized government does not determine the rules and structure. The Healthcare DAOs are the latest step in a bold initiative to not only lay out a new blueprint for the Metaverse, but also create a more efficient and less expensive healthcare system.

What is a health DAO structure?

In more traditional business structures, the organization is usually created in a “top-down” format. The structure of the company goes from the CEO, to the top management, to the middle management and finally to the lowest level without management.

However, in a DAO structure, users, developers, experts, and management work together without centralized and ultimate authority. Instead, the organization is owned and run by members of its community. Decisions are made collectively as there is no hierarchy and the DAO works through smart contracts powered by blockchain technology. This structure allows actions taken by the DAO to be transparent, auditable, and ultimately approved or disapproved by members of the organization’s community.

Reinventing healthcare

The healthcare industry has remained relatively unchanged for many years. Even with the introduction of the Affordable Care Act in 2010, many people remain accustomed to the traditional processes of accessing healthcare, paying for it, and interacting with healthcare professionals. Newly introduced healthcare DAOs seek to overturn this status quo and give consumers a new way to approach health and wellness.

The DAO platform brings together patients and healthcare professionals in a collaborative metaversal space. By creating secure and open marketplaces to define what services and access to digital health solutions should be, healthcare DAOs strive to make access to healthcare inclusive, as well as less cumbersome and less expensive for users.

The Benefits of a Healthcare CAD

Consumers are well aware of the inequities in the traditional healthcare business structure. The high salaries of healthcare CEOs are a stark reminder that, in a conventional healthcare landscape, power rests in the hands of a privileged few. People feel a remarkable lack of control over their health and well-being when insurance companies and healthcare organizations set all the rules.

The Healthcare DAO introduces a more personalized approach to healthcare. For example, NFT membership levels offered by DAO healthcare companies entering the market are redefining how members can access and interact with the healthcare system.

Insurance companies may ask “what’s in it for us?” DAOs and the metaverse can be confusing, especially for companies operating in an established industry such as health insurance. Either way, previous studies have shown that one of the best ways to reduce healthcare costs across the board for consumers and healthcare businesses is to promote a healthier population.

Bringing healthcare into the metaverse via a healthcare DAO brings health and wellness directly to the consumer. It eliminates the barriers people face in a traditional health care system — prohibitive cost, inconvenience, discomfort, and lack of holistic support.

Additionally, the gamification opportunities offered in the metaverse allow for educational interaction and promote preventative rewards and good health choices, such as a health-for-wealth system.

The borders and barriers to health care typical of a traditional health care system do not lead to a healthier population. It’s statistically obvious that relying on the way things have “always been done” just doesn’t work. US healthcare spending is higher than most peer countries, but our overall health and wellness outcomes are lower.

We have a high level of chronic disease and obesity among our population, which leads to increased costs for consumers and insurance companies. The old methods do not lead to the best results.

Healthcare DAOs are bringing needed disruption to the industry, showing a different path to better outcomes and cost savings. Adopting this new approach also benefits the overall structure of physical health care by relieving the flow of medical patients. Studies have shown that almost 70% of medical problems can be diagnosed without a visit to a health facility.

People have shown a greater interest in controlling their health care in recent years. Virtual telehealth and personalized concierge services have slowly become the norm. A move to the metaverse is the next logical step for many. Healthcare DAOs are an innovation that aims to improve healthcare access and patient autonomy at all levels.

Hélène Blanchette is co-founder of MMDAO and MyMedV. She can be contacted at [email protected].

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