Top five leading healthcare insurance enterprises, MultiPlan, Humana, Quest Diagnostics and UnitedHealth Optum (a UnitedHealth Group venture), in collaboration to adopt blockchain technology system to enhance structuring and maintaining healthcare data, and cut down administrative costs.
Humana and UnitedHealth partner together besides being dominating rivals in the healthcare industry, to establish the blockchain based in order to resolve a major issue of high data management costs faced by many healthcare companies.
Optum is far most the most popular information and techno-savvy health services company, which aims to provide a better healthcare system for the people, suggests UnitedHealth Group’s official website.
“ All the five companies involved will research on how could blockchain tech help to provide latest healthcare provider data on the plan provider directories, which eventually would help provide detailed and factual data of healthcare services to potential customers leading to a powerful healthcare system.”, mentioned in a statement released by all the five companies jointly.
This also interprets that almost all healthcare service providers and companies technically use a duplicate copy of the patient’s data which in turn leads to high data merging costs and a time-consuming procedure.
Analysts and experts conclude that nearly $2.1 billion is spent annually by the entire healthcare industry to manage service provider’s data. The initiative of the new tech will tentatively bring down costs and reduce workload, also ensure higher data accuracy and increase administrative efficiency resulting in high-quality healthcare services.