Change, TIBCO use blockchain to build smart contract system for payers.


Change Healthcare and TIBCO Software are collaborating on a smart contract system for payers to automate the claims transaction process using blockchain, the companies announced Monday.

Smart contracts enable entities that need to see the information to do so through a shared ledger on the blockchain.

Through this platform, health plans can automate healthcare technology so that, in essence, claims process themselves. Self-executing business rules that payers embed on a blockchain trigger automatically based on events in a transaction.

The collaboration involves Change’s Intelligent Healthcare Network and TIBCO’s smart contract developer project called Project Dovetail. 

Project Dovetail provides a development framework to allow payers and financial institutions to build the smart contracts.

The smart contract goes on the Intelligent Healthcare Network to increase the efficiency of claims adjudication and payment processes, Change said.

Project Dovetail is slated to become publicly available in the near future.

THE IMPACT

Smart contracts offer a more efficient and lower-cost solution to what is currently being done because of the automation, Change said. When the transaction lifecycle is complete, the ledger is updated.
It is also aimed at improving providers’ revenue cycle performance through faster resolution and remittance.

THE TREND

Current processes to automate have gaps and require manual intervention or additional coding, Change said.

ON THE RECORD

“By bringing smart contracts to claims processing, payers can share a standardized approach that lets them easily write, visualize, test, audit, and implement smart contracts for automating healthcare transaction processes,” said Aaron Symanski, chief technology officer, Change Healthcare.

WHAT ELSE YOU NEED TO KNOW

The Change Healthcare Intelligent Healthcare Network reaches approximately 2,100 government and commercial payer connections, 5,500 hospitals, 900,000 physicians, and 33,000 pharmacies. In the fiscal year ended March 31, it facilitated nearly 14 billion healthcare transactions and $2 trillion in annual healthcare expenditures.

Twitter: @SusanJMorse
Email the writer: [email protected]



Published on: 2018-11-07 04:02:21

Disclaimer: This article has been automatically fetched from Google RSS feed. All contents including media files belong to Original Source.

Discuss Further

 

 

Latest Posts

Politicians From The Opposition Request More Feedback on Luxembourg’s E-Govt Blockchain Plan – Bitcoin Exchange Guide
May 25, 2019
Alibaba To Introduce Blockchain Technology To Their Intellectual Property System for Its Companies – Bitcoin Exchange Guide
May 25, 2019
Russia’s Government-Owned Holding Fund Rostec Proposes To Implement Blockchain In All Data Systems – Bitcoin Exchange Guide
May 25, 2019
COTI Partners with Fantom, Taking Technology Beyond the Blockchain – NullTX
May 25, 2019
19 Students Get Awarded with Blockchain Scholarships by the Maltese Government – Bitcoin Exchange Guide
May 25, 2019

Related Posts

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.