(919) 477-5152As a medical provider, you are used to the constant changes in the health insurance world. You also understand just how important it is for patients to find an in-network physician so they can reduce or even eliminate their out-of-pocket costs.
If you would like to accept a variety of health insurance plans, you know that it can be difficult to keep track of all of them. Believe it or not, the administrative costs of updating and tracking down health insurance information are estimated to be more than $2 billion dollars a year for the medical industry.
Despite this fact, federal health officials discovered that almost half of the provider listings for Medical Advantage were inaccurate in 2016. They contained incorrect provider phone numbers and addresses.
It is clear that this is a significant problem that hinders access to care for many patients. To figure out if blockchain technology and its system of decentralized ledgers can correct this issue, insurance companies, UnitedHealth Group and Humana have partnered together to launch a pilot program.
Blockchain technology is usually used in reference to Bitcoin and other cryptocurrencies. It allows a database to be shared across a network of computers. Any additions to the database are verified by other computers in the network. Since blockchain allows for decentralization, it can make it possible for healthcare providers to update data used by multiple users in an instant. This reduces the need to constantly look for and verify insurance data.
UnitedHealthGroup and Humana will work with Quest Diagnostics, a national lab testing company and Multiplan, a company that offers cost-management solutions to insurers, to bring this pilot program to life this summer. Both Quest Diagnostics and Multiplan will help them identify whether expenses can be reduced through data sharing and accurate lists. Hopefully, this study will be completed by fall 2018.
Mike Jacobs, senior engineer at UnitedHealthGroup said, “This is likely one of the very first nationwide healthcare blockchain alliances,” Jacobs said. “Health care in general is just getting started on understanding what the appropriate uses are of this technology.”
Will this pilot program and blockchain technology improve the accuracy of health insurance provider demographic data and expand access to patient care? Only time will tell. Until then, Fast Chart can help.
Contact Fast Chart
For more information on the pilot program with UnitedHealthGroup, Humana, Quest Diagnostics, and Multiplan, contact Fast Chart today. We’ll be happy to provide you with details of how we can improve the efficiency and success of your healthcare organization with our innovative clinical documentation solutions.