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With more than three decades of experience in blockchain, finance, technology, and healthcare, Pradeep Goel has held CEO, COO, CIO, and CTO roles at various insurance, technology, and healthcare companies.
Pradeep’s innovative mindset led him to develop cutting-edge solutions for public programs, encompassing Medicaid eligibility and enrollment, Medicare claims, Children’s health insurance, and administration of welfare programs like the Supplemental Nutrition Assistance Program (SNAP) and Temporary Assistance for Needy Families (TANF), both within the United States and globally. Furthermore, Pradeep played a pivotal role in supporting healthcare initiatives during both the Bush and Obama administrations, contributing to the design and implementation of numerous public program solutions under the Health Savings Act and Affordable Care Act.
Before establishing Solve.Care, Pradeep successfully founded 4 healthcare IT companies that have been recognized by Deloitte’s Technology Fast 500, INC500/5000 fastest growing companies lists multiple times. His remarkable entrepreneurial skills also earned him a spot among the top 100 promising entrepreneurs worldwide, compiled by Goldman Sachs.
Establishing Solve.Care
Established by Pradeep Goel in 2017, Solve.Care provides a healthcare relationship management platform that uses blockchain technology to redefine how healthcare is accessed, administered, and paid for.
At the core of Solve.Care’s platform is the goal to provide a solution that eliminates current issues in healthcare, including inefficiencies, delays in care, insurance fraud, and wasteful spending in the industry. By leveraging blockchain technology, clients can now create digital healthcare networks called Care.Networks. These networks are tailored for specific groups of individuals who share common characteristics such as a specific disease, insurance policy, employment status, geographic location, or any other relevant criteria.
Through the Solve.Care platform, clients gain the ability to effectively target and engage a particular group of people with high healthcare risks, costs, or needs. This innovative approach significantly transforms how members experience and benefit from improved healthcare coordination, enabling a profound change in their overall healthcare journey.
“Solve.Care is the result of more than two and a half decades spent working as an executive in healthcare, insurance, and IT, where I saw the inefficiencies inherent in the healthcare industry. That previous experience inspired me to do all I could to make the space more efficient, accessible, and secure,”- explains Pradeep. “On a personal level, I have also experienced first-hand the difficulties and inefficiencies with our healthcare system as my young son has a developmental disorder and requires continuous care. I am determined to ‘solve healthcare’ and so, Solve.Care was born.”
Improving Care Outcomes
Solve.Care is the first global company in history to utilize blockchain technology and digital currency for value-based payments in healthcare that improves care outcomes. It provides products like:
- Care Platform: It is a decentralized healthcare platform where Solve.Care’s clients can rapidly author and roll out Web3 health networks to serve their clients.
- Wallet: Designed to be a life-long healthcare companion for the individual. It empowers users to have better control of their healthcare journey. It also acts as a gateway to the different Care.Networks on the Solve.Care Platform.
- Labs: This is Solve.Care’s development portal, where all of its clients can imagine their ideal digital network to provide healthcare services. All they need to do is to define the roles of participants in the network, the actions they will take, events that will happen, and Care.Labs do the rest for you. It is a breakthrough in Web3 development. Enterprises can harness the power of blockchain and Web3 with incredible ease, without even having to understand how Web3 or blockchain works. They can publish digital health solutions that get used by millions (but don’t cost millions) within a matter of days or weeks.
- Chain: It is the first-ever layer-2 infrastructure designed for healthcare. It provides a globally connected, open network architecture where all participants in the healthcare ecosystem can interact on a peer-to-peer basis in a transparent, trusted, and secure manner.
Additionally, several digital health networks have been launched on the Solve.Care Platform, including Team.Care Network, an employee health and wellness solution adopted by Angel Kids Pediatric in Florida, The Collaborative Group of Charter Schools in California, and Aon Plc in The Philippines; The Diabetes Care Administration Network, a diabetes care management network sponsored by Boehringer Ingelheim; A Non-Emergency Medical Transportation Network, launched in partnerships with Uber Health and Lyft; and Provider Rewards Program, a value-based provider rewards program, which was built for Arizona Care Network to reward and incentivize healthcare providers to improve outcomes for their patients.
“Our mission is to make healthcare work better for ourselves, our parents, children, society, business, and the global economy. Our vision is to redefine care coordination, benefits administration, and payments for all stakeholders while empowering consumers and reducing healthcare costs by billions,”- says Pradeep.
Challenges of the Industry
Pradeep believes that like 2022, investment in digital health will continue to remain relatively strong in 2023. However, health systems are likely to continue grappling with financial challenges arising from persistent staffing issues, declining patient volumes, and the impact of rising inflation. Notably, health systems can no longer rely on federal Covid-19 relief funding to alleviate the burden of escalating costs. Additionally, potential reductions in Medicare reimbursement rates pose a further threat to revenue streams.
Another significant obstacle facing the healthcare industry is the prevalence of health system mergers. While there has been a slowdown in hospital transactions in recent years, market analysts anticipate a rebound in mergers as health systems seek to distribute their growing expenses across larger organizations and increase their bargaining leverage with insurers.
“According to data from Fitch Ratings, healthcare job openings reached an all-time high of 9.2% in September 2022—more than double the average rate of 4.2% between 2010 and 2019. With this trend likely to continue, organizations will need to find effective ways to recruit and retain workers,”- explains Pradeep.
Changing the Industry for Better
Under Pradeep’s leadership, Solve.Care is bringing meaningful and beneficial real-life healthcare applications of Web3 to consumers and businesses in an easy-to-use interface. With the Solve.Care Platform and Care.Labs, Pradeep, and his team are providing businesses and individuals with the ability to create Web3 – based Care.Networks without having to know the intricacies of Web3.
These Care.Networks can be rapidly developed and brought to market at a minimal cost. This agility enables them to be quickly adapted to suit any situation, significantly reducing the risks associated with deploying new digital healthcare networks. This approach fosters a new wave of innovation in the industry, ultimately benefiting society as a whole. Any network built using Care.Labs on the Solve.Care platform will natively be Web3, which will bring quick and scalable networks that can easily be the foundation needed to overcome the many inherent inefficiencies of today’s healthcare systems.
Looking at the Future
In the future, Solve.Care will majorly focus on providing a globally connected, open network architecture where participants in the healthcare ecosystem can interact on a peer-to-peer basis in a transparent, trusted, and secure manner.
This year Solve.Care will continue adding functionalities to its fully-decentralized healthcare platform. With the help of budding partnerships lined up along the way, Solve.Care also intends to begin globalizing and working with healthcare providers to build specific solutions that work best for their patient care needs.
“Professionally, my goal is to make Solve.Care, a sustainable organization in the long-term. My main goal is for my business to outlive myself and the current management. I would be proud for the company to be sustainable enough to hand it over to the next generation of managers. Our ambition is to have a lasting legacy that will span for centuries,”- Pradeep concludes.
