The Synaptic Health Alliance’s technology consortium has announced the addition of its newest member, ProCredEx, a blockchain health accreditation company.
The alliance also announced the expansion of its data management initiative to suppliers in Colorado, Florida, Michigan and New York.
Launched in Texas in 2018 by Aetna, Humana, MultiPlan, Quest Diagnostics and UnitedHealth Group, the Alliance aims to address the challenges of the healthcare industry through blockchain technology.
With the addition of ProCredEx, the Alliance now has 11 members, adding Centene, Cognizant, CorVel, Prime Health Service and Providence.
The blockchain functions as a secure, traceable and almost instant way to synchronize information across multiple sources.
Through the Alliance-enabled blockchain pilot project, which was activated by blockchain technology, members were able to find and update certain demographic inaccuracies in health plan provider directories faster than they would have done on their own, according to the Alliance.
ProCredEx will serve as a channel for additional vendor directory management organizations to contribute to and subscribe to Alliance vendor data updates.
Kyle Culver, co-founder of the Synaptic Health Alliance, told Healthcare Finance News that Synaptic has so far been very focused on the directory of providers, while ProCredEx seeks to ensure that doctors are accredited and licensed to provide certain services.
“They also have directory data, but they have a different set of skills and have been in the blockchain space for some time,” he said.
WHY THIS IS IMPORTANT
Culver pointed out that the multitude of data silos in healthcare is a major challenge for improving data exchange on a large scale.
“What blockchain can do is allow you to share logic as well as data. which can allow a shared workflow between multiple countries, “he said. “When you have these multilateral workflows, follow this data and have a shared reference to the type of anchor – blockchain does a good job of that.”
When the size and scope of healthcare and the number of companies that have data and need to be able to put this data together are taken into account, the blockchain is seen as a solution for a more comprehensive review of patient files and medical data.
THE GREATER TREND
The pandemic acts as an accelerator for the development and evolution of blockchain technology, allowing a level of interoperability that does not yet exist in any large-scale form, facilitating access to information and preventing the potential for fraud and waste.
Culver pointed out that the four newest states included in the data management initiative have a national profile.
The addition of the four states to the data management initiative is part of a national implementation goal before the end of the year.
“The more countries you can cover, the more you can have that efficiency, and from there we can better understand how we work together in different geographical areas,” Culver said. “You can have different participants who have good data in different areas.”
The key is to understand how to perform crowdsourcing and make sure that the data is shared in an optimal way.
“The efficiency of a blockchain increases with the network effect, and its value is really related to who is involved,” Culver said. “The more people we provide data, valuable information, the better it will be. The faster we can get data and the more elements we can get, the more accurate that information will be. ”
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