[ad_1]
Signify Health is turning to the blockchain space with the acquisition of PatientBlox, a technology company that helps facilitate contracts and payments in the healthcare sector.
PatientBlox, based in Georgia, focuses on the value-based care space. Its blockchain technology platform is used to assist the administrative side of healthcare, including data sharing and value-based payment models. Its main product, CuraBlox, automates and scales potential bundled payments. Its functions include the distribution of payments, reconciliation and monitoring of efficiencies.
According to the announcement of the acquisition of Signify Health, PatientBlox’s blockchain technology is designed to capture each health event and insert it into a sequence of interactions. The system is therefore able to “trigger payments” at certain points or milestones.
HIMSS20 Digital
BECAUSE MATTER
Signify Health said it intends to use PatientBlox’s technology to accelerate its potential vendor payment capabilities, as well as expand its position in the value-based care space.
“We are thrilled to enhance our leading value-based payment platform with this unique forward-looking capability and the increased predictability and accountability that comes with it,” Signify CEO Kyle Armbrester said in a statement. “We are already fueling the nation’s most innovative payment programs, and this capability opens up significant opportunities to create and support new programs and new market entrants.”
THE BIGGEST TREND
In recent years, blockchain technology has made its way into the digital health world. The technology has become popular in space due to its ability to make data easy to verify and difficult to falsify.
Recently, the technology has been fine-tuned in connection with the distribution of COVID-19 vaccination. IBM’s Mark Treshock explained to MobiHealthNews potential use cases for the technology in vaccine testing and monitoring, certifying that patients have the vaccine and keeping track of which patients received which vaccine.
While this may be a new area for Signify Health, the company has been involved in the payer space for some time. In September, he partnered with Blue Cross to launch a community-based organizational network that targets the social determinants of health called CommunityLink.
The company has also shown a specific interest in the area of value-based care. In 2019, Signify Health merged with Remedy Partners, leading to a platform focused on advancing value-based care by leveraging clinical, behavioral and social data.
.[ad_2]Source link
