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)