At least one Houston currency firm isn’t as cryptic as it seems, reportedly recently helping a cancer patient facilitate a transaction with a Sugar Land clinic using the firm’s own digital dollars.
According to press releases, the patient used cryptocurrency from the CareX Blockchain Platform to cover the costs of a stem cell therapy procedure at Sugar Land-based clinic Elite Doc Health and Beauty.
CareX’s cryptocurrency also reportedly contained the medical records of the patient, a one 53-year-old Pinto Walia, who also happens to be an employee of the firm, adding another layer of security and convenience to the transaction, company reps said.
Walia said he used “Care tokens” to cover the costs of his procedure to treat what he described as a rare and aggressive form of lymphoma.
Rather than use cash or go through an insurance provider, Walia said he volunteered to use Care tokens to pay for the procedure, with each carrying an equivalent USD cash value of about $10.
Dr. Naz Keshwani, the doctor who performed the procedure, said he agreed to accept a discounted rate in exchange for the tokens in order to test how cryptocurrency transactions could work in a healthcare setting.
The procedure typically costs $7,000, but Dr. Keshwani volunteered to accept 450 Care tokens, or $4,500 USD:
“It’s exciting,” Dr. Keshwani said in an interview with the Houston Business Journal. “I feel like I’m on the forefront.”
Another reason for the discount is reportedly related to how the transaction becomes much easier without insurance providers serving as middlemen.
CareX is among several companies seeking to develop cryptocurrency solutions for healthcare transactions; the firm launched an initial coin offering (ICO) in December 2017 to raise $20 million in capital, according to its website.
During another interview, Blockchain Chief Technology Officer Andy Tunisi spoke on issues related to medical billing and paperwork:
“Blockchain is going to solve a lot of problems in the (health care) industry.”
Get well soon, Pinto, and congratulations to CareX and Elide Doc on their ventures.