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Signify Health, a leading provider of technology healthcare solutions designed to keep people healthy and happy at home, has acquired PatientBlox, an Atlanta-based technology company with deep experience in applying distributed ledger technology to the healthcare industry. The acquisition accelerates the potential Signify vendor’s payment capabilities for service episodes, supporting the company’s commitment to advance value-based service through new payment and risk arrangements. Financial details of the acquisition were not disclosed.
The acquisition will accelerate potential episodes of service payment models
The addition of blockchain technology allows a further departure from traditional fee-for-service models. By making payments to vendors early in the episode, vendors are incentivized to drive service redesign because there are shared measurements and accountability at every stage of the process, which results in better service coordination, results and cost savings.
A cure episode is a health event – a condition or treatment – characterized by a sequence of interactions between a patient and health care professionals. The blockchain can capture each of those interactions and patient care milestones that trigger payments. The PatientBlox platform is designed to handle these transactions without relying on per-service payment requests.
The PatientBlox integration offers payers / suppliers a number of payment options
As part of the acquisition, Signify will integrate PatientBlox technology into its already robust and scalable value-based care platform, which supports $ 6 billion in healthcare spending annually associated with the federal government’s bundled payment program, BPCI-A and episodes. payment of care programs of health plans and employers.
Proprietary PatientBlox technology is purpose-built and highly secure, enabling functionality that facilitates contract and payment administration in a prospective payment model. With its expanded platform, Signify will offer payers and suppliers a wide range of payment options to meet them where they are on their value-based service journey.
“We combined our team’s healthcare, fintech and supply chain expertise with machine learning and Distributed Ledger Technology (DLT) to build the PatientBlox platform for administration and management of potential bundles,” he said. Rahul Sharma, co-founder and CEO of PatientBlox. “Our DLT-based platform enables collaboration between healthcare professionals and healthcare providers and provides real-time data synchronization between entities, thus enabling rapid scalability of potential bundled payment programs. We are thrilled to be working with Kyle and the Signify team and are proud that the new technology developed by the PatientBlox team is part of Signify’s leading platform, which is already driving real change in the healthcare industry. “
