Health insurance companies Etna, Anthem, HCSC, and non-profit health organizations Sentara Health and Cleveland The clinic invested and launched a member-based utility network business alongside IBM and PNC Financial services. The adventure, Avanier’s health, aims to eliminate inefficiencies in the US healthcare system through blockchain solutions.
Insurance companies, IBM and PNC had previously formed the Healthy utility network seeks to drive digital transformation in the healthcare sector. The consortium’s initial projects included claims and payment processing, health data exchanges, and supplier directories. Avaneer Health is an extension of the consortium.
For those unfamiliar with the U.S. healthcare system, the central role of health insurance creates a significant amount of bureaucracy that blockchain can help solve.
One example is supplier directories. Insurers will only pay approved medical clinics and hospitals and must maintain supplier directories. It’s not just about licensing a clinic. They should have a list of current personnel, licenses and qualifications and any changes. This involves the sharing of dynamic data between organizations, which is why blockchain is particularly useful.
Another example is the eligibility check. When a patient plans to have an operation, they need to be sure that their insurer will cover the costs. For minor things, it is not uncommon for the health care provider to turn the “code” used for the procedure into a code that they know is approved by the insurer. This approval process can take a week or two. But automation that uses blockchain can speed it up.
Avaneer Health can address these questions, although official announcements and demos will only be revealed at the HIMSS Global Health 2021 conference and exhibition in August.
The board of directors has appointed Stuart Hanson as CEO of Avaneer. Hanson joins the company after holding a position at JPMorgan as a senior executive in the healthcare industry, where he was involved in the healthcare payments industry. He also previously worked at Changing health care, which received the North American Enabling Technology Leadership Award 2019 for its blockchain-based healthcare billing and claims solution.
“This network of utilities will provide the answers needed to deliver exceptional care and service to people, who today are opaque and in latent silos,” said Tim Skeen, vice president of Sentara Healthcare. “Avaneer Health has the potential to change all aspects of the healthcare experience. “
Meanwhile, Aetna is also part of the Synaptic Alliance for Health Consortium alongside insurers Humana and UnitedHealth Group, which was working on a blockchain-based supplier directory in 2018. Another healthcare consortium that includes Blue Cross is Coalition for Health Alliance, launched in 2019 to explore the exchange of health data via the blockchain.