Why Blockchain ?



Blockchain will speed pre-authorization and enable timely treatment of the patient as well as accurate payment to the provider. The goal will be real- time determination of benefits, with the blockchain ledger shared among the stakeholders.
 

Benefits to Healthcare Stakeholders :

Provider (health-related services and medical goods ) :
• Faster transaction settlement: Improved cash flow
• Accurate pre-authorization: Anticipated payments known earlier in cycle
• Blockchain virtual ledger: Patient data accessible from multiple silos

Payer (private and government insurers and individual payers):

• Proof of member identity: Assurance that proper consumer is treated
• Faster transaction settlement and lower costs: Fewer financial intermediaries
• Blockchain immutability: Audits facilitation and better fraud detection
• Blockchain virtual ledger: Less administrative “double recordkeeping”

Member / Patient :

• Security: Less likelihood of hacking of medical or financial information
• Privacy: Ensure proper application of HIPAA guidelines
• Accurate pre-authorization: Immediate determination of coverage and greater
ability to compare options (member pre-authorization portal could provide view into
 costs, providers, and possibly provider ratings)