After debuting as an infrastructure for cryptocurrencies, blockchain is gaining traction in healthcare for its ability to improve process integrity, auditability, and efficiency. We first invested in this technology in 2017, incorporating blockchain into our Intelligent Healthcare Network™ to speed claims processing.
We continue to explore new ways of leveraging blockchain to reduce costs and streamline workflow, such as by improving the healthcare payments and revenue cycle management processes.
WE PROCESS UP TO
The data reconciliation process in healthcare is costly, error-prone, and ineffective—its results are not trusted. Blockchain technology can transform the way companies share and reconcile data by providing a trusted system of identity, chronology, and integrity for each unique data element. Essentially, blockchain is an efficient means of capturing events so that all parties stay in sync.
Change Healthcare pioneered the use of enterprise-scale blockchain technology in healthcare with the Intelligent Healthcare Network™. Designed to speed claims lifecycle management transparency, the network’s blockchain makes it easier for payers and providers to accurately and securely process claims. With greater efficiency, the cost of administering claims decreases. The network’s success has spurred us to continue our blockchain innovation.
In November 2018, we announced a collaboration with TIBCO to build the first smart contract system for healthcare. The system will allow health plans to automate the claims transaction process using self-executing business rules embedded on a blockchain trigger.
At Change Healthcare, we are excited for the future. Advancements in blockchain technology and other cutting edge intelligence and interoperability technologies, such as artificial intelligence and APIs, will help us create a more efficient, collaborative, and patient-centric healthcare system.
Frost & Sullivan recognized Change Healthcare with the 2019 North American Enabling Technology Leadership Award. The award recognizes pioneering technology that not only enhances current products, but also enables the development of new products. Frost & Sullivan noted that The Intelligent Healthcare Network™ with Blockchain technology could help expedite claims processing while lowering administrative costs.
Up to 50M transactions daily*
Up to 550 transactions per second, on average*
*Statistics are Internal Change Healthcare Metrics
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