Harnessing the power of Blockchain to modernize healthcare delivery, empower patients, and support health information exchange across the entire care continuum.
The healthcare industry has gone through a lengthy period of modernization for improved sharing of information across providers, payers, patients, research institutes, government and other healthcare entities. The need for sharing data is equally applicable to patients as well as payers, and vital for achieving a “value-based” care model that results in improved quality of service, reduced costs, and improved patient experiences. Blockchain serves as an effective framework for achieving value-based care through a decentralized healthcare ecosystem. Blockchain’s use of “distributed digital ledgers” and various consensus processes makes it a more effective and secure alternative to the conventional “centralized” approach.
As a pioneer in leveraging disruptive technologies for customer solutions, C-HIT is actively engaged in developing blockchain solutions for the healthcare industry. We have invested in two key use cases that conform with our goal of delivering solutions that improve overall quality at reduced cost – Decentralized Provider Directory and Consumer Directed Healthcare Exchange (CEDx).
Decentralized Provider Directory
Studies have shown that a provider practice dedicates one staff per week to perform repetitive provider credentialing tasks that cost them an average of $1000 per month. The blockchain framework provides an alternative approach to siloed provider credentialing by acting as a consortium of payers who share a common goal of leveraging each other’s provider credentialing process. In other words, each payer organization acts as a node or participant in the blockchain network with the ability to validate a provider that is credentialed by any network participant (payer). This improves the overall integrity of the validation process while reducing provider burden – a provider credentials only once in the blockchain network and can then transact with any payer within the network.
Consumer Directed Healthcare Exchange (CEDx)
The fragmented nature of a patient’s healthcare information across their care spectrum has been an impediment to value-based care. Quality of care, patient experience, and cost reductions can only be affected when the right data is available to providers at the point of patient care. Today’s enterprise solutions—Health Insurance Exchanges (HIEs), Personal Health Record (PHR) portals, and the various direct messaging capabilities built into EHR products—consist of critical drawbacks, including lack of patient visibility and engagement, health system rigidity (information blockage), and administrative/geographic challenges. The result is a lack of adoption and acceptance by both patients and providers. By contrast, a CEDx encourages providers to give patients access to their own health information. Providers leverage standards-based interfaces, such as FHIR, for managing this patient health information access.
C-HIT’s decision to champion the development of a CEDx is fueled by our belief that patients should act as the effective carriers of their own information. We are convinced that a CDEx built on a blockchain foundation will fulfil the vision of improved patient information integrity in a value-based care model. We view the CDEx as an important enabler in a modernized healthcare delivery paradigm that promises patient empowerment through health information access and data sharing across the entire care continuum.