Unlocking Interoperability for Digital Transformation with a Blockchain-Powered Network
Payers, providers, financial institutions and tech innovators – often known as “frenemies” – need to set aside their old competitive spirit and come together as one team for the healthcare industry to be truly interoperable. Digital transformation is a path towards achieving these goals – just like it has been in other industries but many hospitals, healthcare systems, payers and vendor organizations struggle with where to start on this journey. Payers, providers, financial institutions and tech innovators – often known as “frenemies” need to set aside their old competitive spirit and come together as one team for the healthcare industry to be truly interoperable. A blockchain-based network of payers and providers creates the opportunity to reimagine many of these traditionally non-value added activities. Furthermore, when payers and providers work together to create joint processes and execute on a shared network, inefficiencies can be eliminated. With a distributed network that leverages blockchain, when a validated change is made to a provider’s data, all parties with appropriate permissions can automatically receive the updated information resulting in faster and more accurate payments. Blockchain technology can help provide a foundation for a newfound level of trust in the healthcare industry. The next step is for all stakeholders – payers, providers, patients, financial institutions and developers to collaborate on building this network together to achieve efficiency and true interoperability in healthcare.