The companies all agree this technology has the potential to collectively reduce operational costs while improving data quality, and they will collectively measure outcomes against this premise.
Federal regulations require insurers to maintain directories that contain up-to-date demographic information about physicians and other providers, such as name, address, specialty and phone number. Typically, each insurer maintains its own directory, which can be a time-consuming and expensive endeavor. If the information in these directories is inaccurate, it can delay claim and payment processing and can lead to fines from the Centers for Medicare and Medicaid Services (CMS). Roughly $2.1 billion is spent annually across the healthcare system chasing and maintaining provider data. Still, a review completed last year by CMS found that 52 percent of provider directory locations listed had at least one inaccuracy.
This pilot will examine how sharing data across healthcare organizations on blockchain technology can improve data accuracy, streamline administration, reduce costs, and improve access to care.
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.