Change Healthcare is mentioned prominently in a new McKinsey report, “Blockchain beyond the hype: What is the strategic business value?” The study highlights Change Healthcare’s leadership in the blockchain arena, with McKinsey specifically pointing to the company’s early adoption of the technology.
Change Healthcare is listed in a section titled “Leaders” as an example of a company with a smart strategy that McKinsey recommends other companies look to as a model for practical innovation with blockchain.
“Leaders should act now to maintain their market positions and take advantage of the opportunity to set industry standards,” McKinsey notes in the report. “As dominant players pursuing use cases with fewer requirements for coordination and regulatory approval, they can establish market solutions. The greatest risk for these companies is inaction, which would cause them to lose the opportunity to strengthen their competitive advantages compared to competitors. An example of a leader following this strategy is Change Healthcare, one of the largest independent healthcare IT companies in the United States, when it launched an enterprise-scale healthcare blockchain for claims processing and payment.”
Blockchain might have the disruptive potential to be the basis of new operating models, McKinsey adds, but its initial impact will be to drive operational efficiencies.
“With the right strategic approach, companies can start extracting value in the short term,” the report notes. “Dominant players who can establish their blockchains as the market solutions should make big bets now.”
Change Healthcare has unveiled a new technology that helps providers reduce one of the leading causes of claim denials: missing attachments. Assurance Attach Assist, part of Change Healthcare Assurance Reimbursement Management, can anticipate what documentation a payer needs to process a claim and ensure that ...