In this review, we’re taking a deep dive into Patientory, a cutting-edge, blockchain-based platform for managing electronic healthcare records and related sensitive information.
Specifically, we’re taking a look at what it is, what kind of architecture it’s built on, what its uses are, and what benefits it offers for users. To wrap things up, we’ll offer a list of some of the pros and cons of the platform and give you a few words of advice on how you can get on board with the platform.
About Patientory
Patientory has been at the forefront of blockchain solutions for healthcare since December 2015, when it was launched by the founder and CEO Chrissa McFarlane, whose vision was born out of first-hand experiences with the shortcomings of the US healthcare system.
Failing to receive proper health care but having gained enough experience in healthcare IT consulting, McFarlane envisioned Patientory as a way to give the end-user all the necessary tools to own and manage their data safely.
Today, Patientory offers a HIPAA-compliant NEITH enterprise-centered web platform and a Patientory mobile app. As they are built on blockchain technology, these two decentralized applications encourage users to not only share but also enable the monetization of their data via its native token. Furthermore, the company currently states that its blockchain is representing 95% of electronic medical record data in the United States.
One of the core goals of the platform is to make accessing healthcare data intuitive and straightforward on all levels, accommodating the needs of patients, doctors, and health providers all at once.
It achieves that goal by using PTOYMatrix blockchain technology, which ensures data integrity and reduces transactional and operational costs — a system which, according to the company, “eliminates the friction of third-party intermediaries in managing healthcare data.” More precisely, it makes it hardly possible for any of the encrypted data to be altered or tampered with without those responsible for the changes leaving some kind of trace on the blockchain.
What the Patientory vision entails
In April 2023, Patientory CEO Chrissa McFarlane said that healthcare providers must be held to a higher standard compared to organizations in other industries. Her admonition came as no surprise, seeing that our health data went up for grabs among data brokers during the COVID-19 pandemic and the years following it.
Patientory seeks to soften the blow to privacy and render health data records impregnable. While the top-notch blockchain tech is the first and most important step towards that goal – it can only be reached if enough healthcare organizations adopt the Patientory model.
Since the healthcare industry is known for being somewhat resistant to change, the Patientory platform offers a four-metric argument for the need for blockchain technology in the industry:
- Improving interoperability while minimizing risk — If all user data is interconnected, all potential data breaches and glitches can be devastating. In other words, it is not merely enough to make patient data available in a single digital drawer — it is also crucial to do it right by keeping it locked away tightly. Due to blockchain technology, this issue can be addressed by decentralizing data ownership and encrypting information.
- Ensuring user data is not a product to be sold — It is no secret that companies and data brokers monetize personal information and turn it into a sellable product that rarely or never benefits the user. If the healthcare industry is to start pushing for data interconnectedness and interoperability, it is vital that patient data cannot be sold if the patient does not benefit from it. Patientory ensures that neither the patient nor the health organization can be exploited thanks to the nature of the PTOYMatrix blockchain characterized by high traceability, transparency, and efficiency.
- Supplanting outdated tech — Since health data is at stake, relying on age-old tech and easily compromisable EMR solutions is simply not viable. The Patientory claims, that its model is inherently stable and immutable. Once the data is on the blockchain, it is impossible to meddle with it without leaving a trace, or to delete it, which improves trust among data holders and allows for better tracking of all sensitive information.
- Simplicity — Blockchain data simply must be easy to grasp, track, and verify, all of which reduce the risk of error and removes the ambiguity that arises from cluttered and complex data. Patientory takes simplicity to a new level with the personal health score, a single metric measurement that can provide a clear and consistent standard for one’s health record assessment.
Why do people use Patientory?
When Patientory launched in 2015, the predictions for cyberattack damages in the healthcare industry were grim, with hospitals alone being expected to suffer over $300 billion in costs by 2021. The predictions, sadly, came true, and 2021 saw healthcare data breaches hit an all-time high. The following year was no better, considering that global cyberattacks had increased by 38%, and 2023 is not looking good either. Patientory can mitigate the damage and do much more.
According to the Patientory team, their chief arguments as to why blockchain technology was necessary for the healthcare industry even during the launch included:
- Reduced patient readmissions;
- More secure medical records and wearable device info;
- Lower health IT costs.
Another argument, however, is the similarities Patientory shares with existing electronic medical record (EMR) systems, namely its features that allow the user to create a personalized profile with their complete medical history. These similarities make switching to a blockchain-based solution easier and more attractive in itself, while the extra cybersecurity is merely an extra touch, a digital cherry on top.
Some of the main features of the Patientory platform include:
- Health history tracking;
- Covering medical bills;
- Insurance management;
- Vaccination and immunization tracking;
- Clinical trial management.
Products offered by Patientory
Patientory offers two decentralized solutions, both of which make use of the same blockchain technology and make no sacrifices in the safety department:
- A user-oriented mobile app;
- An enterprise-oriented web platform.
1. Mobile App (built on the blockchain)
The Patientory app provides the user with a comprehensive dataset of health-related features:
- Hospital records;
- Lab results;
- Genomic data;
- Health tracking tools;
- Progress monitoring tools;
- AI-driven health data trends;
- Etc.
In addition to compiling all the data, the app comes with a number of additional features meant to give the user a detailed wellness profile. Some of the features include:
- Care plan scheduling;
- PhotoDiary;
- Water intake tracker;
- Activity notifications;
- Pandemic response;
- Etc.
2. The NEITH Platform
The NEITH enterprise platform is a more comprehensive solution. It offers real-time population health analytics and seeks to speed up workflow for everyone involved in the medical industry, including doctors, healthcare organizations, and, to quote Patientory, those with “actionable data-driven insights for improved health outcomes and well-being.”
The NEITH platform can also be integrated with the mobile app. Thanks to its analytics features and health information, it can feed the app the data necessary to provide users with well-structured care plans.
How does Patientory operate and who can benefit from the platform?
Currently, all Patientory users are connected to the PTOYMatrix blockchain network, which comprises the PTOYMatrix consortium. Data storage and management are facilitated by its native utility token called $PTOY.
What is PTOYMatrix?
Further, neither the NEITH enterprise solution nor the mobile dApp (a.k.a. decentralized application; as the app is built on blockchain technology) is regulated by a single entity. The Patientory cybersecurity model ensures the data is available to all parties on the network equally, meaning that no single body is in control of it. In other words, the user has full and ready access to their data and analytics at all times.
How the data is organized is simple: each user on the blockchain is evaluated according to their personal health score, the key Patientory metric generated based on the user’s health condition and lifestyle. In accordance with the gathered data, each individual receives a recommended healthcare plan they can follow to improve their score.
So, those who can benefit from the platform and its business model include:
- Patients;
- Medical professionals;
- Health organizations;
- Healthcare providers;
- Insurance companies;
- Data brokers.
How to create a Patientory account (step-by-step)
The process of incorporating the NEITH web solution into your enterprise can be a bit long, as you’ll need to schedule a demo and get in direct contact with the Patientoy team. However, setting up a personal Patientory account in the Patientoy mobile dApp is rather straightforward. All it takes is a few simple steps:
Step 1 — Download and install the Patientory app
If you’re on a desktop, head over to the official Patientory website and move your cursor to the [Download] button located in the upper right corner, as shown below:
If you are on mobile, you will have to scroll down until you reach the download panel as shown below, or you can look the app up in the app store directly:
As you can see, the app is available for both iOS and Android. For the purposes of this guide, we have chosen the latter, but the registration process is the same on both platforms.
Step 2 — Start creating an account
Once you’ve downloaded the app, open it and press the [Start] button:
Step 3 — Input your phone number
Next, you will have to type in your phone number for security purposes:
Step 4 – Explore the features
Once you set up your account, you can start navigating the variety of features it offers in accordance with your needs. You can look forward to the following:
1. AI Health Data Predictions and Treatment Advice
2. Complete Wellness Profiling in a Single App
3. Customized Activity Schedules
4. Progress Tracking and Health Monitoring
5. Medical Record Management
6. Clinical Trials
7. Earning Rewards for Your Progress
8. Saving on Prescription Costs
Patientory’s native $PTOY token — What you should know
As mentioned earlier, Patientory uses blockchain technology not only to ensure digital safety but also as a way to monetize information, and it all revolves around the native PTOYMatrix network token — $PTOY.
The $PTOY token is available for purchase through the official PTYO website and various global cryptocurrency trading platforms such as LBank and BitMart, and as it is the native PTOYMatrix network token, it removes the need for a digital middleman in managing healthcare data.
The nature of the $PTOY coin has, understandably, raised some questions and concerns. A lot of them have, naturally, been in regard to the volatility of cryptocurrencies and the unstable nature of the crypto trading market as it was in its infancy.
In short, all of that, combined with a lot of confusion as to how crypto works on the part of the average user, led to the assumption that the $PTOY coin would be no different from, say, Bitcoin (BTC), with medical personnel and healthcare organizations purchasing and trading the coin as they would any other.
However, the Patientory business model ensures that the coin is licensed with the product itself. That is, the Patientory blockchain solution is a B2B2C SaaS product, and the company itself brokers and buys the coin back in the health organization’s stead (according to the market demands and trends, of course).
The token also enables:
- In-app purchases;
- Interoperability;
- Monetizing unused storage space on the node;
- Smart contracts.
Check the real-time $PTOY token price below:
Is the Patientory platform safe?
The short answer is yes — Patientory is relatively safe to use. The very nature of the projects demands that the Patientory team take a rather serious approach to safety and security if they wish to safeguard user information. Indeed, the company has built its brand around four core values:
- Empowerment — Patientory bypasses most of the security issues by giving you, the user, complete ownership of your personal healthcare information. This safety system is further supported and encouraged with personal care plans and various incentives for going through with them, such as NFTs.
- Clarity — Patientory data is aggregated all in one place, meaning you’ll have easy access to all relevant information in one place, from your clinical records to wearables and daily activities. That means your entire wellness profile is going to be not only readily available but also fully perspicuous, with no information withheld.
- Security — As is probably evident by now, the company promises it is fully committed to maintaining high levels of security. In fact, security is its chief selling point in comparison with standard EMRs, and combined with the platform’s ever-increasing interoperability, it can diminish health system breaches by a whopping 85%.
- Integrity — According to CEO Chrissa McFarlane, immutability, anti-corruption, and financial and social access are among the top five things about blockchain technology that got her interested in the project, which the Patientory team has proven multiple times since 2015. The company was founded to “accelerate the education around the development of new technologies and applications,” and the team’s innovative approach to the healthcare system gave it the leading voice on blockchain marketplaces. By taking charge and staying true to the original vision, the team hopes to build trust and gain allies among health data brokers and medical professionals.
Patientory Pros and Cons
Pros
- Gives the patient full control of their data;
- Offers preventive solutions to data breaches, hacks, and technical glitches centralized EHR and health data systems are susceptible to;
- Provides users with a chance to monetize their data thanks to the native $PTOY token which can be gained in exchange for data that the user sells and shares with interested parties with no need for an intermediary;
- Has both enterprise-oriented and standard user-oriented solutions.
Cons
- NEITH platform is not supported by healthcare systems globally;
- The app may not work in some countries.
Patientory Customer Support and Community Platforms
All the necessary information on Patientory and its blockchain solutions is readily available on both the company’s website and a number of other pages through which you can reach the Patientory customer support team and interact with over 45,000 other subscribers. Here are the platform’s key social channels:
Website: https://patientory.com/
Blog: https://patientory.com/blog
Email: [email protected]
Telegram: https://t.me/PTOYChat
YouTube: https://www.youtube.com/@PatientoryInc
LinkedIn: https://www.linkedin.com/company/patientory
Instagram: https://www.instagram.com/patientory_inc/
Facebook: https://www.facebook.com/patientory
Twitter: https://www.twitter.com/patientory
Final thoughts
Patientory is more than a reliable solution for introducing blockchain technology to health data and analytics, which the steady user growth in eight years since its release has shown.
Thanks to the groundwork laid by the company and the constantly growing interest in cybersecurity and digitization in the healthcare and medical industries, the demand for healthcare analytics tools and data management solutions is sure to rise, so sticking to one of the pioneers in the business is sure to pay off.
Further, thanks to the Patientory team’s innovative approach not only to healthcare data management but AI and cybersecurity as well, the platform is expected to remain highly adaptable and flexible. Notably, the platform is already highly interoperable, allowing for seamless integration with other tools and facilitating data sharing among users, and we only expect the service to improve in the near future.
Finally, given that Patientory makes use of blockchain technology to monetize data and allow the users to exchange the native $PTOY token on global cryptocurrency trading platforms such as Bittrex, the potential uses of this platform exceed those offered by a sizable chunk of the competition.
Risk Disclosure and Disclaimer: The information provided in this review should not be regarded as investment advice. Cryptocurrency assets experience high market volatility, and therefore buying, selling, and trading them exposes you to significant financial risks.
Frequently asked questions on Patientory
What is Patientory?
Patientory is a blockchain-based platform that lets patients and all those involved in the healthcare industry store, manage, and share their health data safely and efficiently.
What makes Patientory the right choice?
Patientory was among the first enterprises to adopt blockchain technology in the healthcare industry and push the boundaries of healthcare digitization. Patientory continues reinventing itself to this day, constantly seeking new ways to improve the user experience.
Is Patientory safe?
Yes, Patientory is relatively safe. It is a HIPAA-compliant platform meeting all standards of health data protection and storage.
Can you monetize data on Patientory?
Yes, you can monetize data on Patientory. It uses $PTOY, a cryptocurrency token native to the PTOYMatrix blockchain network.
