Blockchain Technology to be Applied by Five Major Healthcare Institutions

Five famous healthcare organizations, Humana, MultiPlan, Quest Diagnostics, and UnitedHealth Group’s Optum and UnitedHealthcare, have claimed in a statement their intention to set up a blockchain pilot program in order to improve data processing and decrease administrative spending.

Officials stated in the press release:

“Providing consumers looking for care with accurate information when they need it is essential to a high-functioning overall healthcare system.”

The fintech project is set to improve a range of characteristics, including not only data collection but also processing time, accessibility, and accuracy. According to the officials’ announcements in financial news outlets, it will help to solve “a critical, complex and difficult issue facing organizations across the healthcare system.”

Nowadays, all healthcare systems work on the basis of holding separate copies of data. Such a pattern is not effective enough to provide fast, accurate, and a secure exchange of information. Besides, it takes a lot of money to pay for reconciliation processes. If a preliminary study is anything to go by, the industry spends more than $2.1 billion annually on maintaining provider data.

The pilot is expected to improve data quality and reduce high costs via blockchain technology. It will create a financial technology system where provider data inputs and changes added by various users can be shared, diminishing administration costs and boosting data quality at the same time.