Healthcare tech consortium Synaptic Health Alliance has announced the addition of its newest member, ProCredEx, a blockchain health credentials company.
The Alliance also announced the expansion of its vendor data governance initiative to Colorado, Florida, Michigan and New York. Founded in Texas in 2018 by Aetna, Humana, MultiPlan, Quest Diagnostics and UnitedHealth Group, the Alliance aims to solve healthcare industry challenges through blockchain technology. CorVel, Prime Health Service and Providence.
Blockchain acts as a secure, traceable, and near-instantaneous way to synchronize information across multiple sources. The Alliance’s provider data-sharing pilot, enabled by blockchain technology, has enabled its members to find and update certain demographic inaccuracies in health plan provider directories faster than they could on their own, according to the Alliance.
ProCredEx will serve as a channel for additional organizations to maintain vendor directories, both to contribute to and to subscribe to the Alliances vendor data updates. Kyle Culver, co-founder of the Synaptic Health Alliance, told Healthcare Finance News that Synaptic has been very focused on the provider directory, while ProCredEx strives to ensure physicians are qualified and licensed to provide specific services. They also have directory data, but they bring different skills and have been in the blockchain space for a while, he said.
WHY THIS MATTERS
Culver pointed out that the multitude of data silos across healthcare poses a major challenge to improving data sharing at scale. What blockchain can do is allow you to share both logic and data. which can enable a common workflow for multiple parties, he said. If you have these multi-party workflows, keeping track of this data and having a common reference to some kind of anchor, blockchain does a good job. Given the size and scope of healthcare and the number of companies that hold data and need to bring that data together, blockchain is being viewed as a solution for a more comprehensive view of patient records and medical data.
THE LARGER TREND
The pandemic has acted as an accelerator for the development and advancement of blockchain technology, enabling a level of interoperability that does not yet exist in a broad form, facilitating access to information and preventing the potential for fraud and waste. Culver pointed out that the four newest states included in the data management initiative have a national profile. Enrolling the four states in the data management initiative is part of the goal of national rollout before the end of the year.
The more states you can cover, the more efficiencies you can achieve, and from there we can better understand how we work together in different regions, Culver said. You may have different participants who have good data in different areas. The key is figuring out how to crowdsource and ensure the data is shared optimally. Blockchain’s effectiveness grows through the network effect, and its value really depends on who participates, Culver said. The more people contribute data and valuable information, the better it gets. The faster we get data and the more items we can get, the more accurate that information will be.
You can email the writer: firstname.lastname@example.org
The Cents Warrior – Please subscribe.