In a bid to improve on the way sensitive data is shared and also make health claims and transactions more efficient. Tech giant IBM is collaborating with some major players in the healthcare sector on a blockchain-based ecosystem.
Big Blue, Aetna, health plan provider Anthem, Health Care Service Corporation and PNC Bank are partnering to see this through.
These providers when combined already accounts for close to 100 million healthcare plans. More members expected to join the Health Utility Network in the coming months.
IBM General Manager informed their payers at IBM Watson Health, Barbara Hayes today while speaking on the collaboration.
According to her: “IBM is one of the founding members, but everybody has an equal stake across those founding members. It’s so important because competitors are going after tremendous amounts of waste that is in the healthcare system; 40 cents, 50 cents on the dollar.”
Transforming industries such as healthcare mean going after insights and advanced predictions using data and eliminating waste or inefficiencies.
In healthcare, these inefficiencies are in clinical areas and in administrative areas. Even just friction that happens in the system which leads to bad customer experience.
More so, Dr. Bill Lafontaine, IBM, general manager of intellectual property, gave insights on how the partnership would work:
“We are going to provide the SDKs and other ways to link to the platform. We are leaving this very open because many of the members are bringing different technologies that they have already invested. So they get a faster return on that investment.”
IBM is not the only company trying to leverage on immutability and transparency of blockchain for the siloed and healthcare. There are many companies involved in utilizing blockchain for healthcare; Change Healthcare, Hashed Health, Guardtime, Gem and SimplyVital – to name a few are some of the notable ones.
Recall that in November, 2018, another healthcare blockchain called ProCredEx came into limelight. Its focus was on storing and sharing the credentials of medical and dental practitioners. It also aims to save time and costs within the health industry.