MintHealth is perhaps the most interesting project in tokenization our Chief Editor has encountered so far. It tokenizes health. Yes, your health. It links you direct to your specialist doctor, and it gives you tokens for a healthy way of life and not forgetting about your pills. Read the interview with Vishal Verma, MD, MintHealth Co-Founder:
Q1: Most blockchain projects are hard to explain to someone who is not into blockchain. When I say ‘fractional ownership’ , I get back ‘oh, it’s timeshare’. When I say ‘decentralised’, people say ‘there must be a hidden button to switch it off’ 🙂 How do you explain Minthealth?
MD Vishal Verma, MintHealth Co-Founder
MintHealth is leveraging blockchain in two key areas to drive down the cost of healthcare. First, a distributed, transparent and immutable ledger is perfect for improving data liquidity in healthcare by giving patients more control of their healthcare data by allowing for access control and global audit trails. Healthcare data is sensitive and blockchain can help control who has access and keep track of what has been done with the data.
The second key area is a programmable incentive token designed for healthcare to drive patient behavior to healthier lifestyle choices. The primary driver of healthcare costs is patients with multiple chronic conditions and most of this is behavioral in nature. Incentivizing healthy behavior can have a big impact on healthcare costs.
Q2: Give us an example. Say, a patient with hypertension? How can she/he benefit in Minthealth?
This video shows how a patient with hypertension can benefit from the MintHealth platform.
By having access to prior healthcare data, a treating physician can make better decisions on how best to treat someone’s hypertension. Knowing what was tried before and what worked/didn’t work along with alleviating the need to order duplicate studies can help get to the resolution much faster and cheaper. Also, a patient can be incentivized to get their prescription for blood pressure medication fulfilled and to take their medication daily.
Q3: What is the current attitude of traditional health professionals and especially managers to the concept of a ‘self-sovereign health identity’ employed in Minthealth?
One of the biggest issues facing health care professionals is not having access to patient history when new patients walk in the door. It slows down diagnosis and drives expense up. It would be a dream if every patient could walk in the door with their entire medical record available on a mobile app.
Q4: Gamification in health care. Do you think people will want to play with their health? This approach is in use several health care related projects, which games do you play in Minthealth?
Gamification is not necessarily about playing games. It is using a range of engagement mechanisms to keep patients interested their health and to drive behavior. This includes:
Receiving financial rewards for behavior (similar to earning tokens in a video game).
Earning stars/badges as more complex behavior is demonstrated (Getting to gold, platinum level based on completing an education model on diabetes and taking medication for X days in a row). Higher levels can come with higher rewards or benefits (discount at a pharmacy, etc.)
Social support systems for motivation. (getting a notification that a friend has completed a bike ride gets one motivated to do their workout)
Q5: Vidamints will surely draw attention, you propose to pay people if they go into healthy lifestyles. How will it work? Does Minthealth also punish those who do not live healthy?
Those that do not live healthy are already punishing themselves. Those that don’t participate and earn financials rewards will be by default paying more for their healthcare which is a negative incentive. The positive incentive is do the prescribed healthy behaviors and earn discounts off your premium or co-pay, pay for medications at the pharmacy, or gym memberships etc.
Q6: As we know, social networking is a double sword in health care, yes, one tends to benefit from being in a group of people with same issues, however on social forums one tends to receive lots of bad and totally non-professional advice. Does Minthealth address this problem?
The benefit outweighs the drawbacks. Social support can be great for improving mental health and can also help with motivation. The goal is to also make access to healthcare professionals easier through the platform to link to professional resources and advice.
Q7: You distribute security tokens, is crowdfunding the main purpose? Why is $10,000 the minimum one can invest?
We have a dual token structure. MintHealth Security Token (MHST) is the SEC compliant investment vehicle that represents equity in MintHealth Inc. and is currently available to accredited investors. We used crowdfunding for a portion of our initial raise to help kickstart the project.
Q8: What do you promise in return?
A team that is dedicated to leveraging our experience in healthcare and technology to solve one of the most difficult problems facing this country, runaway healthcare costs and an aging population with multiple chronic conditions.
Q9: Will you place Vida tokens on an exchange?
Vida tokens are a utility token that will be available to earn through the platform as rewards. These will not be listed on exchanges. Organizations looking to engage a patient population will purchase Vida directly from MintHealth and deploy campaigns for patients to earn and redeem. We anticipate that MHST will trade on security token exchanges at some point in the future.
Q10: Where do you see blockchain in health care in 3, then 5, then 10 years time?
Most healthcare IT systems will leverage blockchain in the future because it solves a lot of problems with data liquidity as outlined above. We will see pockets of adoption in the three year time frame with full adoption in 10 years.