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US-based Healthcare Companies’ Blockchain Technology Solutions To Cut Down Operational Cost

Healthcare technology solutions adopted by two U.S.-based companies Aetna and Ascension. They are expected to cut down operational cost in the healthcare industry. The two companies recently become a part of a blockchain alliance project with the aim to reduce administrative costs and improve data quality related to the changes in the healthcare provider demographic data.

CVS Health recently acquired Aetna. Along with Ascension, Aetna is collaborating in the Synaptic Health Alliance pilot project. Announced in April this year, other healthcare groups including UnitedHealth Group’s Optum, Quest Diagnostics, MultiPlan, Humana, and UnitedHealthcare are already a part of this group.

The primary focus of the pilot project will be to find out how blockchain technology that relies on the digitalized ledger that can provide the most recent information related to a healthcare provider. Aetna boasts of having 22 million medical benefits members whereas Ascension is the largest Catholic health system and the largest nonprofit American health system.

Most of the healthcare organizations face the common issue of not having updated healthcare provider directories. These organizations also need to maintain basic information about healthcare providers working under state and federal laws as well as about general physicians.

The healthcare technology solutions based on blockchain will cut down the $2.1 billion spent annually on acquiring as well as maintaining the provider data across all the healthcare systems, reported Health Exec. The press report says that the project will lead to improvement in care by actively sharing data to potentially lower administrative cost savings for care providers and health plans.

The Centers for Medicare & Medicaid Services analyzed data that was provided to them in between September 2016 and August 2017 and found out that almost half the information on Medicare Advantage Organizations had mistakes. This causes delays in the medical services and also make them pay fines for no fault of theirs, reported Cointelegraph.

The healthcare technology solutions from the alliance are expected to keep the information more accurate with its decentralized storage and a security system that allows tracking of all the copies in real time.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Sangati has graduated in biological sciences and also has completed P.G. Diploma in Mass Communication. She has an experience of 14 years writing for leading ad agencies, corporate and media houses, online news channels and websites. She is passionate about writing, reading, music and traveling. Sangati writes blockchain and cryptocurrency news for OWLT Market.

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