IBM Announces Sentara Healthcare And Cigna Join Blockchain Utility Network with Anthem, Aetna And PNC Bank
Cigna And Sentara Healthcare Have Expanded Their Blockchain-Based Ecosystem
IBM recently announced that Cigna and Sentara Healthcare have joined a new blockchain network that uses the blockchain. The network has a goal of creating a huge ecosystem of healthcare providers that is secure. This network will allow the creation, sharing, and deployment of solutions for the healthcare industry using the blockchain.
Other companies have already joined the network. They include Anthem, Aetna, PNC Bank, and Health Care Service Corporation. These companies are working to explore how the blockchain can be used to deal with various issues that face the industry. The issues include efficient processing of payment and claims, secure and frictionless information exchange, and how to maintain accurate directories of providers.
According to the chief digital officer at Anthem, they came together to create a network that will help them improve interoperability and transparency. Their aim is to improve healthcare for all US citizens. By growing the membership across various levels of the industry, it will help to improve to deliver better solutions.
Why This Project Works
At the core of it, the blockchain is about securing data; a digital records system improves how data is shared and secured in a network. What makes it so revolutionary is its ability to do this in real time while ensuring governance, data ownership, and permissioned access amongst various parties.
The chief information officer at Cigna said that the company saw the technology had a lot of potential to improve insight into the health care system. This will help them serve customers better. By being part of this network, the chief information officer believes they will have an awesome chance to improve efficiency that will lead to better health and wellness for clients.
The chief information and innovation officer at Sentara also expressed similar sentiments. He said that the company is dedicated to using IT to improve the health of its clients. The official added that the blockchain would help to solve some of the issues of data security in the healthcare sector. It would also help to deal with issues of interoperability.
An official for IBM also commented on the issue. He said that the unique characteristics of the blockchain enable two parties to collaborate in a manner that was impossible before. He added that it was making it possible to come up with new and unique business models. As a result, it was making it possible for organizations to link up in real time in a way that would help to improve healthcare services provision.
The Main Area Of Focus
A major area of focus is how the payment system can be improved. Lack of trust between providers and payers can often hinder efforts to create new payment models. PNC and IBM are working on how to utilize the blockchain to improve efficiency in this area. They intend to use the blockchain to push adoption of bundled payments. The two companies intend to introduce this solution at the HIMSS Conference.