NURSETOKEN REVIEW

NURSETOKEN REVIEW

  • NurseToken is a 21st century solution to a persistent yet growing 20th century problem: a global nursing shortage of epic and crisis proportions.
  • NurseToken will power a credentialing, incentive, and payment ecosystem that overcomes the problems of recognizing national and state credentials, cross-border payments, misaligned incentives, data accessibility, and payment risk.
  • They intend to create an ecosystem that facilitates the efficient matching of healthcare skilled resources with medical care facilities in desperate need.

 

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IDEA:

  • NurseToken allows hospitals to greatly reduce the cost and hassle of dealing with the administrative overhead and paperwork typically associated with staffing agencies.

PROTOTYPE PRODUCT:

CONNECTIONS:

  • SnapNurse (SnapNurse.com) is their partner, they have multiple hospital contracts and 1800 Nurses. They are also in discussion with AMN group.

WHITEPAPER HIGHLIGHTS:

  • Today, eight of the world’s twelve largest economies have a serious nurse shortage; Japan and the US have only about a third of the nurses they need, Russia has just half, and the UK has less than a fifth.
  • Estimates from the World Health Organization show the needs-based shortage of health-care workers globally is expected to top 17.4 million in 2018, of which more than 9 million are nurses and midwives.
  • the United States Bureau of Labor Statistics projects that there will be more than a million openings for registered nurses in the US by 2024.
  • Critical factors contributing to the nursing shortage include:
    • Difficulty in Credentialing: At present a nurse’s credentialing details are not owned or controlled by the nurse. The nurse must work to assemble a ‘credentialing packet’ every time she goes to work for a new institution, and the resulting materials are owned by that institution.
    • Declining workforce: Heavy workloads are a factor affecting the decision to enter or remain in the nursing profession.
    • Misalignment of available resources: Travel nursing volumes have nearly doubled over three years to $4.8 billion in 2017, according to Staffing Industry Analysts, a global advisor on workforce issues.
  • Increased staffing efficiency and utilization, powered in part by NurseToken, will have a massive impact on quality of care and increase the roster of nurses available to participating institutions.
  • Nurses want a portable credentialing system, a loyalty-rewards program, and a better way of being paid for their work. Hospitals want to make sure that nurses have verified credentials, can come to work without undue delay, and are properly motivated to provide high-quality, consistent care over time.
  • They envision creating a smart contract as a “governing workflow” service that supervises all transactions within the NurseToken ecosystem.
  • NurseToken makes it possible for a nurse to carry their own portable credentialing passport. Once a nurse has their credentials in a blockchain wallet, those credentials can move freely through participating facilities in the healthcare system.
  • The price of trust is expensive. With blockchain technology, the steps in the verification process can be greatly reduced and the need for repeating expensive tests such as background checks, urine drug tests, workplace and license verifications, and health screens, is greatly reduced or eliminated, saving time and money for hospitals and nurses.
  • Quality control is difficult. By implementing a trusted reviews system powered by blockchain technology, a hospital can ensure that the rating a nurse receives has not been tampered with and is a true measure of their ability.
  • Blockchain Application #1: Universalize Nurse-Hospital Credentialing:
    • Putting the ownership of nurse profiles in their own hands and having the ability to securely manage, share, and enable privacy levels of profiles and all associated transactions made visible only to the rightful owner or delegated role according to the agreed upon smart contract is a foundational aspect of their blockchain platform.
    • All business processes surrounding the onboarding of a nurse with the ecosystem will be part of the credentialing blockchain.
    • Their credentialing process will manage the different types of transactions, messages, and documents, such as annual health checks, annual physical checks, medical tests and examinations, digital IDs, and other information that is part of each nurse’s credentialing packet.
    • NurseToken empower nurses to engage in a rigorous credentialing process that satisfies the unique but often similar requirements of each health care facility. These credentials will be stored in a blockchain wallet for each nurse in a secure, yet accessible manner.
    • The credentialing steps will be on a private blockchain developed by their CTO, Josef Jonas, and his tech team. The blockchain is called XERU and has been used in many Fortune 500 companies in other blockchain sectors. XERU has over 25 microservices developed as plug and play modules allowing for seamless transactions.
    • NurseToken will connect to Ontology’s public blockchain for payment and access in its early phases until the Ontology platform matures to handle other transactions. Ontology is a great platform for NurseToken because of its focus on government compliance, a trusted ecosystem, digital identity, and customizability to connect with private blockchains.
    • The public interface will allow for facilities to see at a glance how complete a profile is, as well as the trustability score of the data. The trustability score is calculated using a scale for each data point, such as “Urine Drug Test”, which would assign a higher trustability score if the test was done within 30 days vs. 12 months ago.
    • A max total of a 10.0 Trustability score would indicate that the data has a high value of trust associated with it. A Facility can opt to only use the NurseToken data if the score is above 8.0 trustability or may lower their standards and opt for a lower score and simply repeat some of the data (like background check) if the trustability score for that data point is low.
    • Hospitals and other health care facilities will save millions of dollars of lost income by credentialing nurses quickly to fill their empty shifts and eliminate millions of dollars of expenses arising from hours spent by their human resource departments repeating unnecessary verifications.
    • Nurses would also not have to worry about forgetting to keep their credentials current. NurseToken’s automated reminder system will warn nurses when their credentials are set to expire.
    • The nurse would give a facility permission a to look her profile up by giving out her Approval Code to anyone interested in viewing her trustability score and other key indicators that would give a facility enough information to determine if it would like to pay to access and unlock the credentialing information.
    • NurseToken will facilitate a global community of nurses who are mobile and flexible, by building out an ecosystem of incentives, loyalty, and engagement.
    • NurseToken provides a missing piece of the incentive structure that will allow nurses to have a stake in building a track record of performance at hospitals where they work and these facilities will use NurseToken as incentive compensation when certain metrics are met.
  • Blockchain Application #2: Incentive and Rewards System:
    • As hospitals sign up to participate in our credentialing process, they will be automatically included in our incentive and review system. Health care facilities will then be able to implement the NurseToken blockchain to quickly provide both short- and long-term incentives to nurses.
    • An example of how the incentive and review process will work is as follows:
      • A nurse completes a shift at a given hospital and receives rave reviews from patients and other hospital staff.
      • Reviewers can also be rewarded with NurseToken upon completion of a review of a nurse, encouraging the verification of a nurse’s ability to do his or her job. Etc.
  • Blockchain Application #3: Payments – Stable Currency for International Nurse Travelers
    • NurseToken will provide nurses working internationally access to seamless currency conversion and significantly reduce or even eliminate forex spreads and fees.
    • Many nurses work abroad and send substantial portions of their earnings back to family in their home country. By electing to accept some portion of their earnings in NurseToken and implementing a NurseToken wallet, nurses on our platform will avoid or reduce exchange rate fluctuations, security concerns, and high remittance fees that often negatively impact international currency transfers.
  • The ICO will be held on the NEO Blockchain and the platform will connect to the Ontology network. Once the NUR token is created on the NEO Blockchain`, contributors will receive NUR tokens in the amount of their investment at the end of the ICO.
  • In the future, they reserve the right to move the NurseToken platform off of Ontology should another blockchain platform mature. In this situation, NurseToken would be split into two equal parts – one that runs on Ontology and one that runs on an alternative blockchain’s technology.

HYPE:

  • 9 K + telegram users, 95.6K + followers on Facebook (That’s a huge numbers) and 29.5K Twitter followers.
  • They don’t have any official YouTube Channel, they are waiting for some reviewers to review it.
  • 4.1 ratings on ICO bench.

LONG TERM:

  • Their vision is to create a single point of access for both hospitals and nurses that transcends national boundaries; providing credentialing data, reliable ratings, built-in compliance with regulatory and security protocols, and reduction of payment friction from the global health care system.
  • The technology is designed to provide value to hospitals and nurses, and by increasing their care efficacy, to society as a whole.

EXPERTS REVIEWS:

  • “More and more ICOs’ in the field of medicine. And this is an excellent trend, the market is large-scale, and products will definitely be in demand. This project has every chance to succeed – strong team, up-to-date product, good vision” – Daniil Morozov (Co-Founder Node, ICO & Business Advisor, Investor)
  • “Healthcare is a big industry, and many startups are working on solutions, and It’s good to see a startup working to solve the problem of the people “Nurse”.”-  Farooq A Rahim (Founder – HeapX. Entrepreneur. Investor. ICO Advisor. Blockchain Strategist)

TOKEN METRICS:

Token NUR
Pre – Sale Price 1 NUR = $0.10667 at the 50% bonus phase.
1 NUR = $0.1143 at the 40% bonus Phase.
Price in ICO 1 NEO = 366 NUR
Country Cayman Islands
Platform NEO
Website https://nursetoken.io/
Whitelist/KYC KYC & Whitelist
Restricted Areas USA, China, Korea, Cayman Island, Singapore
Pre – Sale 1st July 2018
Public-Sale 1st August – 31st October 2018
Tokens for Sale: 150,000,000
Soft Cap 2,000,000 USD
Hard Cap 17,558,330 USD
Total Token Supply 300,000,000
Token Supply Breakdown Crowd-Sale – 50%
Reserved for EcoSystem and Platform Participants – 25%
Reserved for Management and Executive Team – 20%
Early Contributors – 5%
Bonus Pre-Sale: 27M NUR issued at 40% bonus
ICO: 63M NUR issued with the following bonus structure:
Month 1: 30% bonus
Month 2: 25% bonus
Month 3: 20% bonus

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