News Briefs Archive

3 of the Largest Third-Party Payers Launch Blockchain Initiative

Jan. 30, 2019

Aetna, Anthem and HCSC are joining forces with IBM and PNC Bank to enable healthcare blockchain and promote information sharing, according to Kyle Murphy, PhD in Health Payer Intelligence.

“The aim is to create an inclusive blockchain network that can benefit multiple members of the healthcare ecosystem in a secure, shared environment,” the companies stated. The goal is to allow the blockchain network to enable healthcare companies to build, share and deploy solutions that drive digital transformation in the industry.”

The first step for the collaboration — dubbed a health utility network — is identifying use cases that demonstrate the usefulness of blockchain for secure health data exchange. Work will then turn to signing up additional members ranging from providers to developers.

“We are committed to improving the healthcare consumer experience and making our healthcare system work more effectively,” said Aetna Chief Technology Officer Claus Jensen. “Through the application of blockchain technology, we’ll work to improve data accuracy for providers, regulators and other stakeholders, and give our members more control over their own data.”

Specifically, the five companies hope to reduce administrative costs by reducing inefficiencies and redundancies tied to inaccurate data.

“This alliance will enable healthcare-related data and business transactions to occur in way that addresses market demands for transparency and security, while making it easier for the patient, payer and provider to handle payments” said PNC Treasury Management Head of Product Chris Ward. “Using this technology, we can remove friction, duplication and administrative costs that continue to plague the industry.”

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