The healthcare industry suffers from an inability to share and exchange information due to complicated agreements between shareholders. The outcome is an inefficient outdated healthcare payment process that leads the millions of waste spent resulting from claims errors and disputes.

Now imagine a world where all parties in a business network have access to the same information that means there’s one version of the truth which is always in sync.

Blockchain-based solution:

The blockchain solution can enable just that simply the find blockchain is a shared distributed ledger that facilitates the recording of transactions and asset tracking for anything of value.

The shared ledger allows all parties to monitor and analyze the status of an asset in near real-time.

Another pain point today is denied claims due to missing or inaccurate information such as patient’s name, subscriber information, diagnosis and procedure codes.

The term clinical attachments is a concept surrounding the need for additional clinical information when a payers adjusting a healthcare claim. The basic premise is that sending a claim without all supporting data is time consuming, costly and challenging for all parties involved.

Blockchain enables claims process provides transparency into claim requirement and reimbursement rules for all parties. If the agreements between providers and patients payers and government regulators were agreed upon and then stored via smart contracts on the blockchain.

Providers would know exactly what information is needed prior to submitting claims.

Proper data formats requirements are stored on the blockchain would enable providers to easily format the claim data to ensure that all information is entered correctly. This clarity reduces or eliminates claims being returned due to insufficient information.

The potential use of blockchain technology in healthcare are multiple and varied. Here we present the wide-ranging list of prospective healthcare related use cases that the industry has been debating.