Based on the reality that Salud is offering services within the United States and several other countries throughout the international community as well as expanding into additional locations, it is a primary importance to be able to review the current practices and procedures used by Salud. Our intent is to utilize our team to understand the current state of Salud’s customer and service provider records systems and secured commination platforms. We also will need to identify and understand Salud’s accounting systems and procedures utilized in securing and leveraging subcontractors as well as their service provide network in addition to their current payment solutions deployed within their networks.
Through our investigative analysis and assessments of the current state of Salud’s operating procedures we will be able to identify solutions for Salud via blockchain utilization and alignment with various regulatory guidance involving controls and access to patient records as well as their interconnected group of service providers and the ability to implement a cryptocurrency solution to assist with reducing or eliminating barriers to their services.
The immediate impact to Salud Healthcare, its clients, and service providers would be the ability to have a payment processing system between clients and medical service providers that would provide standardized funds and anonymity to clients. The use of the Cardano enterprise wallet would afford a secure and standardized payment system without a client or medical provider needing to handle cash payments and the associated risks of transporting cash. This solution would also limit Salud Healthcare’s need to operate with pricing and payment solutions dependent on current currency conversation rates.
The Cardano payment system would enhance client security as well as remove or significantly reduce barriers with the current cash payment process being used. The payment system would also allow a client and Salud to have a verifiable and traceable payment system to track and verify payments to providers while still maintaining the security of the records as required by clients or regulations.
A realization of payroll savings related to managing client records would also be realized under this model by reducing the labor used to account for and reconcile payments received and sent for services. Reducing the time necessary to handle payments for services would also impact the hours required to functionally manage their inventory controls. The time necessary to support regulatory audits will also be reduced by a standardized system. This increases efficiency and increases profitability through reduced expenditure.
Salud Healthcare and its clients will realize benefits related to theft and loss through greater oversight and accountability by reducing or eliminating cash payments. Theft or other losses would be easier to recognize and act through improved quality control processes over their products and services. The proposed solution will allow clients to preserve capital and have faster and easier regulatory responses which will reduce the risk of regulatory fines and adverse actions against their regulated business operations.
Salud will realize better returns on the capital they deposit into their Cardano enterprise wallets, have greater security of their assets, and allow for near instant movement of assets from location to location reducing their reliance on cash, the risks of storing and transporting cash and having better and quicker access to accounting records.
Challenges include regulatory matters such as:
• Identification and understanding of Compliance matters with location specific regulations concerning client and provider records
• Identification and understanding of Compliance with finance regulations surrounding money transmission
• Due to operators having a lack of capital available to improve their processes and still comply with regulations, there is a real need to offering a no cost proven and design solution to Salud that would allow clients and providers to improve their regulatory support (such as HIPPA) and improve their business processes to realize greater compliance and increase their revenues.
Regulatory roadblocks and hurdles that will take time to navigate. Because this is an international company, there may be delays in board approvals and questions related to the payment processing system as well as the integrity of the medical records system due to difference in regulations and oversight in each respective area of authority.
Delays in receiving or obtaining any necessary licenses through the respective financial systems for Salud Healthcare and its clients to establish and operate their enterprise wallets.
Our mitigation efforts involve the routine access, historical experience and business and regulatory environments that Pinnacle Consulting & Advisors has with international affairs, regulated businesses, regulatory bodies, state legislators, the attorney general’s office, and local elected officials.