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Since launching four years ago, the global healthcare blockchain technology company Solve.Care Foundation has established the goal of redefining care coordination, improving access to care, empowering consumers with information and ability, reducing benefit administration costs and eliminating fraud and waste from healthcare while benefiting administrations around the world.
Helmed by CEO Pradeep Goel, an exec with more than 25 years of healthcare experience as CEO, COO, CIO and CTO in insurance, benefits administration and public programs, Solve.Care’s innovative patient-centric platform combines decentralization with synchronization to connect stakeholders with each other and redefine care, cost and convenience for everyone.
When describing the new Global Telehealth Exchange (GTHE) recent rollout in Latin American Goel explained, “The pandemic has resulted in the acceleration of the adoption of new digital technologies for healthcare by at least 5 years. GTHE is designed for more than just simple episodic care. It is holistically designed so that doctors can improve patients’ outcomes with built-in functionalities to develop strong patient-doctor relationships, preventative care and facilitate continuity of care. By taking advantage of the characteristics and benefits of blockchain technology, Solve.Care has been able to develop a global telemedicine network that is reliable, scalable, secure, and easy to use, to fill both the current demand and the expected huge growth for telehealth services.”
At this writing, GTHE is currently available in 23 countries across the world, and continuously growing in North America, Europe and Asia from its headquarters in Kyiv, Ukraine. Also involved in designing and building solutions for several public programs such as Medicaid, Children Health Insurance, Medicare, SNAP and TANF, Goel continues to lead the charge in the industry.
I caught up with Goel via email to learn more about his views on a variety of topics including his career, crypto asset regulation, healthcare technology and blockchain innovation. We also discussed the effects of the pandemic, team building tips and book recommendations. Our interview follows.
EKMH: What’s led to India’s proposed crypto ban? How would such a ban affect the emerging tech industry?
Pradeep Goel: India is edging closer to regulating cryptocurrencies, however we still do not know what exactly this will look like. We do not yet know if this would be a blanket ban or a balanced approach, however it would seem that prior to the COVID crisis India is currently experiencing, the government was considering the adoption of one of the strictest crypto legislative regimes in the world. Such a ban in any jurisdiction could prove to have a negative impact on innovation within the tech industry.
EKMH: What steps need to be taken and/or adopted to promote India as a cryptocurrency hub? What type of crypto asset regulation do you propose and why?
Pradeep Goel: Calls for regulation have increased as the move toward bridging the gap between DeFi and traditional finance has gathered steam. Introducing legislation can stand to further legitimize the use of decentralized finance. India is at the vanguard of innovation, entrepreneurship, and technology and has built a positive reputation as one of the fastest growing technology hubs in the world, creating jobs, driving growth, and having overwhelmingly positive economic impacts as a whole. After India overcomes the dire situation it currently faces, it will seek to rebuild its healthcare infrastructure and its economy. There is an opportunity at that time for India to utilize blockchain technology, the network upon which cryptocurrency is built.
EKMH: Please discuss how global trends in healthcare technology continue to shift in the pandemic.
Pradeep Goel: Over the last year, we have seen a greater shift toward the adoption of groundbreaking healthcare technology over the utilization of archaic healthcare systems than ever before. The adoption of telemedicine in mainstream healthcare was one of the most important steps taken by the healthcare industry this year. The global healthcare community understands that this is a viable way to address many lower risk illnesses and diseases for patients, while also ensuring that the health and wellbeing of physicians is placed at a high priority. Solve.Care is building on blockchain technology to address issues experienced across healthcare systems globally by simplifying access to care and the way in which payment and healthcare benefit administration is managed. The coronavirus pandemic has prompted a paradigm shift in how people view telehealth platforms, with a recent study showing that 88% of Americans want to continue using telehealth for non-urgent consultations after COVID-19 has passed. However, barriers for many patients across the world still prevent access to healthcare, most notably, the cost of healthcare. DeFi, or decentralized finance, allows patients to access pools of revenue that they would not have been able to access previously, expanding the amount of people across the world that can access healthcare. It is likely that once the profound benefits of DeFi are realized in the healthcare industry, we will see a much greater level of innovation.
EKMH: What products should be considered more closely in order to promote blockchain and crypto adoption within the healthcare sector?
Pradeep Goel: A key issue within the global healthcare sector is with patient data, where we are not seeing sufficient access or security of patients’ medical data, for both healthcare providers and the patient themselves. This is where blockchain technology can be fully utilized. Solve.Care addresses this key issue by changing the way how patient data is managed and stored through decentralization. In this way, patients are made sovereign where they have complete control over their data, and can provide consent to share the medical data with healthcare providers for whatever healthcare services they need.
EKMH: Where do you see institutional adoption faltering? Where do you see scalability opportunities?
Pradeep Goel: The implementation of blockchain technology into the healthcare sector has proven to have an overwhelming positive impact, from improving overall health outcomes for patients to increasing efficiency within the systems processes. It is vital however, that patient data is protected and kept secure within such systems. Blockchain technology allows data to be kept on a shared, immutable ledger that facilitates the process of recording transactions and tracking assets on any given blockchain network. However, that means institutions would have to give up being custodians of the data that rightfully belongs to the patient. Through balanced, secure innovation, the healthcare system will benefit from models such as the one that Solve.Care has established, revolutionizing the way healthcare is conducted globally.
EKMH: How have you benefited from failure and/or taking risks in your career?
Pradeep Goel: When my career began, it was smooth sailing for many years until I eventually met a bump in the road. This was a great reminder that nothing should be taken for granted. In many ways, failure in my career has defined my ability to take bigger risks and aspire to be better everyday. When you look failure in the face and analyze what you could have done differently, you learn from your mistakes. Throughout my career I have learned to take risks. When I am making a decision I now begin to evaluate the risk. I look at the risk reward ratio and I ask myself, is the reward worth the risk.
As the leader of a growing healthcare company, or any company for that matter, you have to take risks to move the organization forward. In this regard, I believe that my ability to take risks and acknowledge my failure has made me a better leader and helped my company grow.
EKMH: What recommendations do you have for not only building talented, outcome-oriented globally-based teams but also keeping them engaged post-pandemic?
Pradeep Goel: First and foremost, you have to understand your team and their individual strengths. We live in a world where remote working is now the norm, and in the age of globalization it will continue to be so. With this in mind, I believe you have to nurture your team and their skills. There is one key element that employees have to understand with this: they need to understand their role in the game.
During the pandemic last year, we made a very strategic decision to further globalize Solve.Care. We had offices across the world previously filled with staff that were lying empty. We were also growing globally so our strategy changed. Our product can be utilized globally, and our vision is increasingly global, so we have now expanded. During our expansion we created an expectation for our employees, which is keeping them engaged and believing in our vision.
EKMH: And finally, which books, films and/or podcasts top your recommended list?
Pradeep Goel: As I travel a lot for work, and my time is managed in 15 minute blocks from the moment I wake up to the moment I go to sleep; I don’t have much time to watch movies. When I am traveling, I read and listen to podcasts. I have been following a recommended book list from a few people that I admire, so I'm reading a book called Future of Capitalism: Facing the New Anxieties, which is quite thought provoking. It's something that I've been grappling with in the role of a commercial enterprise. I also listen to audio books from authors who I have admired over the years, like Peter Drucker, Brian Tracy, and Anthony Robbins. I am also quite focused on self-development and self-care, so I would read books and listen to podcasts recommended by my executive coach.
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