United Health Group’s Blockchain Solution
As per government data around 50% of the US doctor directories are incorrect, to counter this U.S. based healthcare giant UnitedHealth Group is joining forces with a rival health insurer (Humana) and one of the nation’s lab testing companies (Quest Diagnostics) to check if healthcare data can be improved using blockchain technology.
Under the new scheme, the conglomerate’s subsidiary will work with multiple industry players to fix this issue.
Companies in their statement said that,
“Industry estimates indicate that $2.1 billion is spent annually across the health care system chasing and maintaining provider data. The pilot project will examine how sharing data across health care organizations on blockchain technology can improve data accuracy, streamline administration and improve access to care.”
Healthcare claims are often delayed due to mismatch in data provided by the claimants as against actual records resulting in denials.
The denial, in turn, kicks off a costly process for both sides to ensure whether the bill should be paid. To avoid these inconsistencies, Blockchain’s decentralized ledger will be used in the pilot program.
UnitedHealth Group’s Optum division’s senior distinguished engineer while speaking to media houses mentioned that one of the technology’s distinctive features is that it is intended to address business problem for multiple companies that want to share information and streamline processes.
Jacobs said, “This is likely one of the very first nationwide health care blockchain alliances.” We agree with Jacob on this because, the move also marks a major step in Health care industry towards adopting blockchain technology.