Blockchain technology seeks to improve the quality of data and reduce the administrative costs associated with insurers getting up-to-date healthcare provider demographic data.
Insurers are mandated to get accurate information that is passed on to beneficiaries. The Centers for Medicare and Medicaid Services fines insurers if they do not have up-to-date provider directories.
According to the insurers, the pilot will examine how sharing data across health care organizations on blockchain technology can improve data accuracy, streamline administration and improve access to care.
The pilot will also address the high cost of health care provider data management, testing the premise that administrative costs and data quality can be improved by sharing provider data inputs and changes made by different parties across a blockchain, potentially reducing operational costs while improving data quality.
Industry estimates indicate that $2.1 billion is spent annually across the health care system chasing and maintaining provider data.
HealthcareIT News quotes Optum:
Managed care organizations, health systems, physicians, diagnostic information service providers and other healthcare stakeholders typically maintain separate copies of healthcare provider data, which can result in time-intensive and expensive reconciliation processes when differences arise.
Learn how the pilot project is envisioned to function in Healthcare IT News.
Get more details from the Star Tribune