Although blockchain-based patient health record systems offer numerous advantages, they may face risks that limit their efficacy. This research focuses on emergent risks in blockchain-based Patient Health Records system applications by highlighting and qualifying the most significant issues affecting the technology. The study adopts a quantitative research approach and gathers data from blockchain-based patient health record system specialists all around the globe. The data was analyzed using univariate analysis and ANOVA to discover trends in developing risk groups. According to the data, regulatory risks are the most prevalent, followed by technical, operational, and security concerns—data privacy threats, on the other hand, rate lower. Blockchain-based patient health record system risks include erroneous data entry, legal and liability difficulties, and resource-intensive blockchain maintenance, which adds losses. The research additionally identified a relationship between organizational size and perceived security risks. The study emphasizes the importance of using access control systems, encryption methods, off-peak transaction incentives, standardized data formats, and legal compliance to improve data security and privacy while ensuring overall risk management in the BPHRS technology domain.