Synaptic Health Alliance joins leaders in healthcare to explore how blockchain technology can help address some of the toughest problems in healthcare. Synaptic’s members include Humana, MultiPlan, Quest Diagnostics, and UnitedHealth Group.
Healthcare provider data is an essential building block of today’s health system, feeding activities such as claims processing, payment integrity processes, provider and member attribution, provider directories, and more. Today, managed care organizations, health systems, physicians, diagnostic information service providers and other healthcare stakeholders typically collect provider demographic data in separate IT systems maintained by each organization independently. This promotes vast inefficiencies and duplication of efforts, while also potentially reducing data quality.
Industry estimates indicate that $2.1 billion is spent annually across the industry chasing and maintaining provider data.
Synaptic believes that blockchain technology provides an excellent opportunity to explore how collaboration can help transparently share information, automate mutually beneficial processes and audit interactions. The intent is to leverage this emerging technology to facilitate reaching across industry and competitive lines, creating a provider data exchange—a cooperatively owned, synchronized distributed ledger to collect and share changes to provider data, starting with demographics. This shared source of high-quality provider data could streamline administrative burden, help reduce costs, improve access to care for patients, and relieve friction between providers and multiple payers.
With reduced administrative responsibilities, providers can focus on what’s most important—the patient. Synaptic has identified many potential uses for blockchain in healthcare and will consider them for future exploration, with a focus on the goal of improving patient, provider, and payer experiences and driving costs out of healthcare.
Our technology partner: Kaleido
Kaleido is an award-winning SaaS platform making blockchain and digital assets radically simple for organizations to adopt. Leading global blockchain consortia are in production today on Kaleido, accelerating the digitization of their critical business processes and adoption of digital asset technologies across their industries.
Kaleido uniquely provides security, compliance, and scalability for the most stringent enterprise requirements within highly regulated industries. Kaleido’s platform is ISO27K and SOC 2 Type 2 certified with built-in high availability and disaster recovery, achieving 99.99% uptime over the past 4 years.
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What is blockchain technology?
Blockchain is a shared, distributed digital ledger on which transactions are chronologically recorded in a cooperative and tamper-free manner. One of the best and simplest explanations compares it to a spreadsheet that gets duplicated multiple times across a network of computers, which is designed to regularly update the spreadsheet.
