Given the current sentiment in the crypto and blockchain market, the Health FX team has been advised to await a more favourable investment climate. As such we would like to announce that the crowd sale is being postponed until further notice.

Our team has always maintained a long term vision for Health FX, keeping the best interest of the community mind.

We want to ensure the best possible outcome for Health FX and it’s community, which at this time means we have to await a more favourable climate — Varun Panjwani, CEO

In the interim, the private token sale will be ongoing. We will continue to develop the Health FX value proposition, product and network, as well as build our community and brand awareness through several marketing activations.

In these volatile markets, things can change quickly. Our whitelist has been growing rapidly every day. We encourage anyone that hasn’t yet joined to do so, ensuring your participation readiness once the token sale goes live.

Thank you for your continued interest, support and patience. We will announce the new dates of our public sale in due course.

A s a strong vote of confidence in Health FX and the viability of HFX Token, trade.io’s seed venture investment program has made a purchase of USD2.8m equivalent in HFX Tokens during the private sale.

Health FX, Asia’s leading health facilitation platform since 2010, headquartered in Singapore and trade.io Consulting Limited, headquartered in Hong Kong, would like to announce a formal partnership established on 1 August 2018 to assist Health FX with its Token Generating Event.

Trade.io is a next-generation financial institution based on blockchain technology, providing the ultimate in security and transparency. By leveraging decades of experience in the investment banking, trading & FinTech sectors, and combining them with the power and transparency of the distributed ledger, trade.io has created a truly unique exchange that will revolutionise asset trading and investment banking.

Trade.io to grow awareness of the HFX token offering through the trade.io community of 15,000+ investors

Trade.io Consulting Limited will help to further grow awareness of Health FX and the HFX Token offering through the trade.io community of 15,000+ investors, as well as combine efforts on investment road shows with a focus on the Asia region.

Leveraging 8 years of success in healthcare facilitation with a global network of practitioners, Health FX has launched a Token Generation Event to create an A.I. and blockchain powered platform that will increase efficiency, transparency and security across the medical industry.

Health FX is gaining momentum with USD2.8m investment from trade.io! was originally published in hfxtoken on Medium, where people are continuing the conversation by highlighting and responding to this story.

“Medical tourism” refers to traveling to another country for medical care. In 2016, more than 11 million residents left the U.S. to receive healthcare in another country. Many factors influence the decision to seek medical care overseas. Some people travel for care because treatment is cheaper in another country. Other medical tourists may be immigrants to their residential country who prefer to return to their home country for healthcare. Others may travel to receive a procedure or therapy not available in their country of residence. The most common procedures that people undergo on medical tourism trips include cosmetic surgery, dentistry and heart surgery.

Medical Tourism Industry Valued at $439B; Poised for 25% Year-Over-Year Growth by 2025

The Medical Tourism industry is valued at a staggering USD439 billion, with a projected growth rate of up to 25% year-over-year for the next 10 years. An estimated three to four percent of the world’s population will travel internationally for healthcare and health-related treatment.[1]

The cost savings from receiving healthcare services from Asian countries can range from 65%-90% compared to the same services being consumed in the U.S.[2]

Asia represents 50% of the world’s top 10 medical tourist destinations.

Despite the sector of medical tourism growing rapidly, there are two key challenges facing consumers that choose this option of care:

1. Payment of services for international providers. Virtually all countries have inbound cash restrictions that apply. Wire transfers are costly and take several days to clear. Credit cards often do not have sufficient limits and are exposed to unfavourable foreign exchange rates. Providers are limited in their ability to ensure full payment from international visitors.

2. Receiving pre-approval from domestic health insurance providers is complex and time consuming. Additional verifications required by insurers for international services often extends rebate periods and in some cases can take over six months to process claims.

Health FX will extend its vast global network of healthcare providers to launch a blockchain enabled platform. To solve the challenge of cross boarder payments, this platform allows for payment of medical treatments using the HFX tokens. Additionally, with the efficiency that blockchain technology provides, HFX token holders will benefit from instant insurance claims handling. For consumers choosing the medical tourism option of care, the Health FX platform is the answer.

[1] Mapping the Future of Global Travel and Tourism, 2016. Visa in Partnership with Oxford Economics

[2] http://www.medicaltourismmag.com/top-10-medical-tourism-destinations-world/

Medical Tourism Access was originally published in hfxtoken on Medium, where people are continuing the conversation by highlighting and responding to this story.

The rising body of medical knowledge has led to increased levels of medical specialisation and higher rates of referrals.[1] Studies have also correlated the number of physicians involved in a patients treatment to lower survival rates, with the primary driver being a diminished awareness of medical history.[2]

The aggregation, ownership and access provisioning of personal healthcare records must transform in order to truly shift the quality of future healthcare. Most people today will have health records distributed between their family doctors, hospitals, clinics, laboratories and personal health apps. A collective 360º view of an individual’s health and medical history is a critical requirement for effective diagnosis and treatment planning.

Efficient data discovery results in quicker diagnosis, better patient care and reduced cost.

Electronics Health Records (EHR) or Electronic Medical Records (EMR) were proposed to improve the effectiveness of medical history for patients, however the industry has noted the broad failures of such implementations. In a 2014 U.S. national EHR survey, 70% of facilities described their EHR investment as not worth the effort, resources and costs. The top reasons being system functionality (67%), cost (48%) and poor customer service (67%)[3]

“When the tools are pushed back and patients and doctors can communicate effectively at the point of care, that’s when people will like EHRs.” — Ryan Champlin, Cook Children’s Health Services[4]

The centralised nature of EMR brings with it several challenges that, when compared to modern blockchain technology, sees legacy systems being essentially redundant in the near future. Of primary difference is the ownership of patient records. EHR records are maintained and provisioned by the medical institutions that run the systems. Patients have little control over the use of their data, either for their own benefit or the benefit of others through extended research, clinic trials, biopharmaceutical studies etc.

Health FX will extend its deep knowledge and wide networks in medical treatment coordination by launching a blockchain enabled platform that connects consumers with practitioners to solve the challenge of fragmented medical records. In short, information tracked in existing IT systems can be directed by healthcare providers to the blockchain via API’s. Transactions are completed and uniquely identified using smart contracts. Healthcare providers can submit their queries via API’s, view non-identifiable patient information and analyse data to uncover new insights. Consumers can choose to share their identity with healthcare providers using a private key.

Ultimately, the blockchain powered Health FX platform acts as a secure connection between the existing EMR Systems of different healthcare providers. Consumers own the key to their securely stored medical data, access and share them whenever needed, with their permission, wherever they may be.

[1] https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3568395/

[2] The Fragmentation of U.S. Health Care — Causes and Solutions. Elhauge ed., Oxford University Press 2010

[3] MPI Group and Medical Economics

[4] http://www.clinical-innovation.com/topics/ehr-emr/functionality-failure-more-ehr-users-ready-replace

Fragmented Personal Healthcare Records was originally published in hfxtoken on Medium, where people are continuing the conversation by highlighting and responding to this story.

The global demand for high quality health­care continues to rise unabatedly. It is projected that global spending on healthcare will increase from $9.1 trillion in 2017 to $18.3 trillion in 2040.[1]

The primary drivers for this growth are:

• Aging and increasing populations
• Emerging market expansions
• Advances in medical treatments
• Rising labour costs

Today, the number of people aged over 65 has increased to more than 656 million, or 11.5% of the total population. Emergency related healthcare costs represent less than 5% of total costs (U.S.).

High-income countries are expected to spend USD9,019 per person on health in 2040, compared to the projected USD1,935 for upper-middle income countries, USD507 in lower-middle income countries, and $164 in low-income countries.[2] This disparity in cost is driving healthcare tourism at increasing rates.

The cost of healthcare globally continues to rise and the disparity in cost for like services is not materially closing. Rather, Compound Annual Growth Rates (CAGR) are increasing the variances in costs for identical services.[3]

Furthermore, the cost for treating well researched and understood conditions is also increasing, not decreasing. For example, the cost of treating musculoskeletal system disorders such as arthritis has increased over 130% within 12 years.[4] This is fundamentally at odds with what is seen in other industries in which economies of scale lead to a reduction in unit costs.

The medical world is fundamentally at odds with what is seen in other industries, in which economies of scale lead to a reduction in unit costs.

The unit costs of healthcare are particularly highest in developed countries, led by the U.S. by a significant margin, where the healthcare cost per capita is more than twice that of the average of other developed countries.[5]

Considering the rapidly rising healthcare costs and the therefore unprecedented growth of medical tourism, the Health FX platform identifies appropriate, available and affordable healthcare expertise using Artificial Intelligence.

[1] Institute for Health Metrics and Evaluation (IHME). Financing Global Health Visualization. Seattle, WA: IHME, University of Washington, 2017.
http://vizhub.healthdata.org/fgh/. (Accessed Mar 2018)

[2] http://www.thelancet.com/journals/lancet/article/PIIS0140-6736(16)30167-2/supplemental

[3] World Industry Outlook, Healthcare and Pharmaceuticals, The Economic Intelligence Unit, June 2017

[4] Blended Account, Health Care Satellite Account, Bureau of Economic Analysis

[5] Organisation for Economic Cooperation and Development, OECD Health Statistics 2016

Rising Healthcare Costs was originally published in hfxtoken on Medium, where people are continuing the conversation by highlighting and responding to this story.

Fraud within global healthcare systems is rife. Health insurance providers attempt to combat this through multi-modal, time consuming, often manual fraud-detection processes. The complexities of checks and verifications is further compounded when international healthcare providers are considered. Many insurance providers also rely on third-party verification services that cost in excess of USD150 per claim review. Ultimately, the need to complete these extensive checks on every claim, in the event that a minority may be fraudulent, results in extended processing times and increased costs. Both of which are passed through to consumers.

Health insurance claims can take upwards of six months to process

Health system related fraud in the U.S. alone was estimated at USD272 billion in 2014.[1] The perpetrators of medical fraud are multi-faceted and include individual consumers, organised gangs, clinics, pharmacies and individual medical professionals. Identity theft has spawned a costly offshoot: medical identity theft. Thieves steal a consumer’s personal information to lodge fraudulent claims against the victim’s health policy. Medical thieves can heist health-insurance numbers and other personally identifiable information. [2], [3]

Three unique properties of blockchain allow business to become less susceptible to fraud.[4] Fundamentally, all blockchains are distributed digital ledgers. The lack of a central administrator or instance eliminates a single point of failure. The distributed nature improves transparency and demands that any tampering require majority control of the network. Secondly, transactions recorded on blockchain are immutable because they cannot be deleted or changed. The process of consensus ensures that platform participants must agree on the validity of the transaction before a ‘block’ can be appended to the blockchain. Finally, the Health FX blockchain is permissioned through cryptographically validated membership which govern access and identity management. Even permissioned blockchains require consensus and encryption prevents record tampering.

The beneficial impact of Health FX using blockchain technology to health insurance providers is ground-breaking. With intrinsic resistance to fraud and precisely accessible data, insurance claims processing times can be reduced dramatically. The derived efficiencies also reduce cost and these savings can then be passed back to consumers.

[1] Healthcare Fraud. The $272 billion swindle. The Economist, May 2014

[2] Ponemon Institute, February 2015

[3] http://www.fraud-magazine.com/article.aspx?id=4294999161

[4] https://www.ibm.com/blogs/blockchain/2017/09/three-features-of-blockchain-that-help-prevent-fraud/

Convoluted Insurance Claims Processing was originally published in hfxtoken on Medium, where people are continuing the conversation by highlighting and responding to this story.

The complex environment of the healthcare domain is compounded with the vast body of knowledge that exists within it. Publications of medical journals have increased steadily over 40 years, with the rate of increase becoming more pronounced starting approximately in the year 2000[1].

The ever-increasing volume of evidence makes it difficult for clinicians to maintain a working knowledge of new clinical information. Even after identifying relevant information for a given condition, clinicians and their patients still must ensure that the information is of high quality.

The pace at which new knowledge is produced outstrips the ability of any individual clinician to read, remember, and manage information that could inform clinical practice.

Given the almost 450,000 papers published in 2000, this amounts to less than 0.1 percent of the medical literature produced. Even within a narrow specialty, it is impossible for a clinician to keep pace with the published medical literature. If a clinician training in cardiac imaging read 40 papers a day for 5 days a week, then it would take more than 11 years for that clinician to become up to date in the field. By that time, however, another 82,000 potentially relevant papers would have been published, which would require another 8 years of reading. These figures assume that the clinician needs to know only about cardiac imaging and need not remain current in any other area of medical knowledge.[2]

“Objectively identifying, analysing and sharing the rapidly expanding medical knowledge base with consumers is a key deliverable of Health FX.” — V. Panjwani CEO Health FX

The increasing challenge for practitioners to stay current has resulted in uneven knowledge distribution and that best practice awareness within the medical community can shift rapidly. Choosing the best practitioner is now a point-in-time exercise and the ability to quickly identify healthcare professional options who have appropriate experience, up-to-date knowledge, positive feedback from previous consumers and availability is critical in ensuring the best possible outcomes.

Health FX will extend its experience and vast network of medical professionals to launch a blockchain enabled platform. To solve the challenge of expanding knowledge, the platform uses advanced Machine Learning A.I. to objectively identify, analyse and share the exact medical knowledge of a practitioner, which is turn is matched to the specific needs of a consumer.

[1] http://www.ncbi.nlm.nih.gov/pubmed/

[2] Fraser and Dunstan, 2010

Expanding Knowledge Creation was originally published in hfxtoken on Medium, where people are continuing the conversation by highlighting and responding to this story.

Today’s healthcare systems are extremely complex and individually identifying the best possible care options between and within the vast government and private providers continues to increase in difficulty.

“America’s health care system is neither healthy, caring, nor a system.”
― Walter Cronkite

The chart below displays the bewildering array of new U.S. government agencies, regulations and mandates that do little to simplify the complexity of powerful healthcare silos. Increasing legal and regulatory demand is resulting in similar complexities throughout Asia and other regions worldwide.

Around the world, online review sites and social media platforms have become important sources of reputational information for healthcare providers — especially among younger, well-educated patients and potential employees. This is equally true for Europe, the U.S., and many emerging economies. More than a third of the Indian population, for example, use the Internet to search for health information, with similar percentages of younger, more educated people seeking health information online in Brazil, Mexico, and China.[1]

“The consumer impact of complexity in current healthcare systems is extended suffering and uncertainty of the best available options.”
― Vipula Samarakoon, CTO Health FX

To solve the challenge of these complex environments, Health FX will extend its deep experience in medical treatment coordination to launch a blockchain enabled platform. Connecting a global network of healthcare professionals that are matched precisely through advanced Machine Learning A.I. with consumers based on their specific conditions, the platform will provide both in-time validations, predictions and decision-making capabilities.

[1] Bain & Company, Health Care 2020

Complex Environments was originally published in hfxtoken on Medium, where people are continuing the conversation by highlighting and responding to this story.

HealthFyx Pte. Ltd. is creating Health FX — a consumer centric service that will help identify the best healthcare for you, provide validated reviews, allow for seamless payment and process insurance claims faster. Health FX is the future of healthcare. Smarter.

Leveraging eight years of experience in medical facilitation and a global network of practitioners, HealthFyx, Asia’s leading health consultant and media company, is launching a token generation event to launch Health FX, an A.I. and blockchain-powered platform that aims to be the industry standard for consumer centric healthcare.

Varun Panjwani is CEO of Singapore-based HealthFyx Pte. Ltd., leading both Health FX and Global Health and Travel. The Health FX platform is the result of his deep understanding of the “pain points” that affect healthcare, he said during the 2018 APAC Healthcare and Medical Tourism Summit in Ho Chi Minh, Vietnam.

One of the eternal questions for healthcare facilities is how to optimise a patient’s “journey” to good health, whilst simplifying administrative and insurance processes.

Optimal patient-practitioner matching

Identifying the best possible practitioner from a vast pool of providers is a significant challenge for consumers. “For many, this is still a word-of-mouth process undertaken with time pressure and is far from scientific. One consumer’s positive experience may well differ from another’s clinical outcome, especially when sub-specialisation is becoming the norm”, Panjwani explained.

“Doctors today have a tremendous amount of medical data available in their field, so have inadvertently become sub-specialised,” he said. “The differences in clinical outcomes between doctors for specific treatments are evident, even between the same speciality group, such as cardiac medicine.”

Harnessing A.I., Health FX aims to minimise confusion and maximise positive outcomes by operating in a similar consumer-focused manner to services such as Booking.com.

“The nuances for each patient do vary according to their profile, which determines what type of treatment and recovery plan is required. Some practitioners may have a better skill set and understanding of a particular condition under specific circumstances” said Panjwani.

By entering selected data points, together with details about the patient’s condition, the platform is able to shortlist the best specialists with appropriate expertise and availability.

“The choice is always with the consumer, however Health FX will provide the options to allow consumers to make the most informed decision at that specific point in time”, he said.

Blockchain technology then ensures that reviews for the chosen services are verified, avoiding the fake review problem that face some websites, at the detriment to consumers and healthcare providers.

From siloed data to consumer-owned medical records

“Once you have found the right doctor, treatment may be delayed if your medical records are incomplete,” said Panjwani. “If your medical records are stored across various healthcare facilities, the patient may need to retake a number of tests or wait extend periods for the original test results to be accessed.”

“By provisioning medical records via the Health FX blockchain, consumers can ensure that their personal medical history is verified, secure and accessible from anywhere at any time,” he said.

Seamless payments and rewards

After booking and receiving services from the selected healthcare provider, consumers can pay directly from their HFX Token wallet. The blockchain verification will be completed by Health FX, the healthcare provider and (if applicable) the insurance provider.

Additionally, the platform will reward individuals with HFX Tokens when they leave a review after receiving their medical treatment, “to incentivise token holders to continuously improve the quality of the ecosystem for everyone,” said Panjwani.

Efficient insurance claims processing

Following treatment, the subsequent delay in the patient journey is caused by claiming insurance back, which takes up to three months. To avoid fraud or pre-existing conditions that would disqualify a claim, many insurance providers engage third-party auditors to verify claims. This adds up to millions of dollars in administrative costs each year.

“If Health FX can help save these costs and improve the efficiency in the claims process using blockchain technology, insurance providers will be better positioned to provide immediate payment.”

Rewarded for good health

Health FX rewards HFX Token holders for staying healthy. The derived efficiencies along the Health FX patient journey saves costs for all stakeholders and these savings are passed back to all HFX Token holders.

“Today, healthcare providers spend up to 18% of their revenue on administrative and third-party costs. This would be drastically reduced using the Health FX platform. These savings would then be distributed between every HFX Token holder.”

This means that if you hold HFX Tokens and you stay healthy, those tokens will be accruing a loyalty reward. These loyalty tokens can be used for future services across the Health FX platform, or exchanged to fiat currency via a network of trusted cryptocurrency exchanges.

HFX tokens will be cryptographically minted in a limited number and the demand for tokens will make them and the associated Health FX platform increasingly valuable.

For more information about Health FX, please visit the website www.hfxtoken.com or send an email info@hfxtoken.com

Empowering patients through artificial intelligence (A.I.) and blockchain was originally published in hfxtoken on Medium, where people are continuing the conversation by highlighting and responding to this story.

We are excited to announce the HFX token generating event for Health FX.
Stay informed by signing up for our newsletter on the only official website http://www.hfxtoken.com and join the conversation on Telegram @hfxtoken.

We are excited to announce the HFX token generating event for Health FX. was originally published in hfxtoken on Medium, where people are continuing the conversation by highlighting and responding to this story.