EY an awardee of $49m U.S. Government blockchain health contract
EY announced it is one of the recipients of a $49million contract from the U.S. Department of Health and Human Services (HHS) to build AI and blockchain solutions
Use blockchain has the potential to automate conventionally manual processes
May include the recent health payments project the firm is undertaking with AI company Sensyne Health and blockchain company Guardtime
Enterprise blockchain firm Guardtime in U.S. government health deal
Guardtime’s role is to provide its enterprise blockchain capability
Guardtime’s HSX health platform has been deployed in production within the Estonian healthcare sector for the last several years,
EY contracted Guardtime to assist with an AI/blockchain project for results-based health payments
EY, Sensyne Health, Guardtime partner for AI/blockchain results based health payments
link payments to the success of clinical treatments and patient satisfaction in so-called outcomes-based contracting
Change Healthcare: enterprise blockchain with 30 million transactions per day
Company plays a crucial role in the U.S. healthcare sector where it acts as a clearinghouse for insurance claims with both the healthcare providers and insurers as clients
Owned by McKesson and Blackstone, McKesson owns 70%.
IPO valued at $12 Billion
US Healthcare 2017 costs the waste figure is nearly $1.2 trillion
Abuse often happens when medical providers use a similar but inaccurate billing code because they know the alternative code has a higher likelihood of getting paid out. Automation with smart contracts has the potential to weed out this activity.
Another benefit to insurers is patient engagement. The vision is to provide patients with a digital identity and a wallet-like experience powered by blockchain. So patients will be able to see all the payments and medical events creating a more positive interaction with the insurer.
It can take 7 to 14 days to get results from an eligibility check to find out if a procedure will be covered by insurance
Potential to reduce the response time to a matter of minutes for routine medical checks like mammograms by using Blockchain. Which means the hospital or clinic can collect payment at the point of care.