A collaboration featuring leading health insurers and led by IBM, Health Care Service Corporation, and PNC Bank hopes to enhance patient care and reduce unnecessary costs by designing and implementing a network using blockchain technology.
The collaboration, which includes CVS Health’s business Aetna and U.S insurer Anthem, says major improvements in transparency and interoperability among various groups in the healthcare system are still necessary to realise blockchain’s full potential.
Members of the collaboration intend to use blockchain to address a range of industry challenges, including promoting efficient claims and payment processing, enabling secure and frictionless healthcare information exchanges, and maintaining current and accurate
“Blockchain’s unique attributes make it suitable for large networks of members to quickly exchange sensitive data in a permissioned, controlled, and transparent way,” said Lori Steele, General Manager for Healthcare and Life Sciences for IBM.
“The fact that these major healthcare players have come together to collaborate indicates the value they see in working together to explore new models that we think could drive more efficiency in the healthcare system and ultimately improve the patient experience.”
Claus Jensen, Chief Technology Officer at Aetna, commented, “We are committed to improving the healthcare consumer experience and making our healthcare system work more effectively.”
“Through the application of blockchain technology, we’ll work to improve data accuracy for providers, regulators, and other stakeholders, and give our members more control over their own data.”
Rajeev Ronanki, Chief Digital Officer of Anthem, added, “At Anthem, we recognize the importance of driving change that will simplify the healthcare system for all Americans.”
“We view Blockchain as an enabler for establishing trust. Timely access to medical information has been a stumbling block for creating a seamless consumer experience.
Steve Betts, Senior Vice President and Chief Information Officer, HCSC, remarked, “HCSC is continuously exploring how technology and data can improve the lives of our members by reducing fragmentation of information and connecting parts of the health care system.”
“We are proud to be part of this collaboration focused on enhancing technical knowledge, understanding capabilities and unlocking the possibilities to drive quality, affordable care.”
Chris Ward, head of product, PNC Treasury Management, said, “This collaboration will enable healthcare-related data and business transactions to occur in way that addresses market demands for transparency and security, while making it easier for the patient, payer and provider to handle payments.”
“Using this technology, we can remove friction, duplication, and administrative costs that continue to plague the industry.”
