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Change Healthcare and TIBCO software are working on a system of smart payer contracts to automate the claims transaction process using blockchain, the companies announced on Monday.
Smart contracts allow entities that need to see information to do so through a shared ledger on the blockchain.
Through this platform, healthcare plans can automate health technology so that, in essence, requests are processed on their own. Self-executable business rules that tax payers automatically incorporate into a blockchain trigger based on events in a transaction.
The collaboration involves Change's Intelligent Healthcare network and TIBCO's smart contract development project, called Project Dovetail.
The Dovetail project provides a development framework to enable payers and financial institutions to create smart contracts.
The smart contract goes to the smart health care network to increase the efficiency of claims and claims settlement processes, said Change.
The Dovetail project is destined to become publicly available in the near future.
L & # 39; IMPACT
Smart contracts offer a more efficient solution and lower costs than what is currently being done due to automation, said Change. At the end of the transaction life cycle, the ledger is updated.
It also aims to improve supplier revenue cycle performance through faster resolution and remittances.
FASHION
Current processes to automate have gaps and require manual intervention or additional coding, said Change.
ON RECORD
"By bringing smart claims processing contracts, payers can share a standardized approach that allows them to write, view, test, verify and implement smart contracts to automate health transaction processes," said Aaron Symanski, Chief. Technology Officer of Change Healthcare.
WHAT IS NECESSARY TO KNOW
The Intelligent Healthcare Change Healthcare network reaches approximately 2,100 government and commercial connections, 5,500 hospitals, 900,000 physicians and 33,000 pharmacies. In the fiscal year ended March 31, it facilitated about $ 14 billion in healthcare transactions and $ 2 trillion in annual healthcare expenses.
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