Tampa, FL— March 5, 2020 – Tampa-based Professional Credentials Exchange LLC (“ProCredEx”) announced today that it has completed its initial seed capital raise. The round, led by Spectrum Health Ventures, brings together a consortium of strategic investors committed to creating a solution that simplifies the work involved in healthcare practitioner credentialing and reducing the time and effort involved to initially onboard and retain healthcare practitioners.
Excerpt: Read full article at Modernhealthcare.com
This is “the year where we are starting to understand which use cases can be solved now and which will take more time.”
John Bass | CEO | Hashed Health
The blockchain startups arrived first. Then came the big technology companies. And then the old guard—mostly health insurers, but also some large hospital systems—began individually trying out blockchain. Now they’re building out coalitions across the industry to create environments where they can share data and pilot projects on a larger scale. To start, they’re steering clear of handling sensitive data like personal health information and applying blockchain to solve challenges that are systemic across the sector but aren’t too risky or costly for the early adopters.
This is “the year where we are starting to understand which use cases can be solved now and which will take more time,” said John Bass, CEO of Hashed Health, a Nashville-based company that was one of the first to build blockchain solutions specifically for healthcare.
Bass said blockchain is best put to use when addressing problems of trust, transparency and incentive alignment, and the healthcare industry is full of such issues, he said. Others noted that blockchain will drive the most value when applied to healthcare processes that suffer from redundancies or require different sets of data to be reconciled.
The Hashed Health-backed Professional Credentials Exchange—which includes Michigan-based system Spectrum Health, Anthem subsidiary National Government Services and insurer WellCare Health Plans, among others—is deploying blockchain to streamline the complicated process of verifying providers’ credentials to practice in a certain clinical setting. It’s a redundant process, with multiple provider organizations gathering the same credential information for the same clinicians.
But blockchain technology will allow the members of a network to trade already verified practitioner credential information with one another, eliminating the need to spend the four to six months it takes to collect and validate that data independently, said Anthony Begando, CEO of the Professional Credentials Exchange, which plans to go live in mid-2019.
Excerpt: Read full article at Modernhealthcare.com
Atlanta, GA – HealthLink Dimensions a healthcare care data organization that has been in business for eighteen years, with a focus on aggregating and verifying HCP master data has announced they will join the Professional Credentials Exchange (ProCredEx) Design Partner Program.
The partners in the ProCredEx initiative are working together to address the challenges in gathering and maintaining verified practitioner credential information. The platform represents a new business model for acquiring verified credentials, enabled by advanced data science, artificial intelligence, and distributed ledger technologies.
“We are delighted to have HealthLink Dimensions join our Partner Program. Their firm brings both significant amounts of highly reliable provider data and the ability to provide exchange members with on-going maintenance of expirable credentials information such as licenses, certifications, affiliations, and DEA queries,” states Anthony D. Begando, ProCredEx’s CEO.
On a monthly basis, HealthLink Dimensions accesses over 250 different sources of data including several CMS datasets, ABMS, DEA, and State Licensure data acquired directly from primary sources. The firm’s proprietary algorithms weigh, rate and verify this information for over 2.7 million healthcare providers. Further, HealthLink Dimensions has unique access to provider demographic data feeds from over 120 PPO networks and numerous insurance claim streams.
“In addition to serving our existing base of health plans, networks, and practice management firms, the Professional Credentials Exchange will reduce the friction related to delivering our verified data to virtually any member of the healthcare industry. We are excited about helping to bring this new utility to market,” said Kevin Guthrie, HealthLink Dimension’s CEO.
HealthLink Dimensions joins previously announced members (Launch Announcement) in the growing partner program.
About ProCredEx LLC
ProCredEx, in partnership with Hashed Health, is developing and operating the Professional Credentials Exchange as a secure and reliable method for trading verified credentials information between disparate healthcare organizations. The exchange leverages advanced data science, artificial intelligence, and blockchain technologies to greatly simplify the acquisition and verification of information related to professional credentialing and identity. For more information, please visit www.procredex.com and www.hashedhealth.com .
About HealthLink Dimensions
HealthLink Dimensions provides healthcare data solutions to healthcare and life science organizations to improve master data management, compliance and marketing initiatives. Leveraging the largest multi-sourced database of active practicing healthcare professionals, HealthLink Dimensions develops customized data solutions to help clients reach their target audience, enrich their business data, optimize claims processing, meet compliance requirements and solve master data quality problems. Based in Atlanta, GA, HealthLink Dimensions is one of America’s fastest-growing private companies on the Inc. 5000 list, one of Atlanta’s Best and Brightest Companies to Work For™, and a National Best and Brightest Companies to Work For™ winner. www.healthlinkdimensions.com
Read the Newswire Release here: HEALTHLINK DIMENSIONS JOINS PROCREDEX DESIGN PARTNER PROGRAM
Last week I had the honor of kicking off the third annual Distributed Health conference in Nashville, which brought together leaders in healthcare as well as blockchain innovators from across the nation. All were united by the shared belief that blockchain has transformative potential for health and healthcare, with changes already underway.
Blockchain is more than a technology that has enabled the much-hyped Bitcoin. It is a transactional ledger that records the movement of anything of value—currency, records, contracts, supplies—between parties. It is unique because it is a distributed ledger, which means multiple parties can hold copies of the ledger that are continuously synched, taking out inefficiencies in the transaction process. And, most importantly, it is highly secure and generally cannot be changed without the agreement of all parties to the ledger. The Economist magazine has called blockchain “a machine for creating trust,” allowing “people who have no particular confidence in each other [to] collaborate without having to go through a neutral central authority.”
Read the full article here: Forbes – The Latest In Blockchain In Healthcare: Top Takeaways From Distributed Health
A new healthcare blockchain initiative has been launched to help ease the administrative burden of professional credentialing, a process that can require four to six months to complete.
– A new healthcare blockchain initiative has been launched to help ease the administrative burden of professional credentialing, a process that can require four to six months to complete.
The effort, called the Professionals Credentials Exchange, includes National Government Services, Spectrum Health, WellCare Health Plans, Accenture, and The Hardenbergh Group.
Hospitals can forfeit an average of $7,500 in daily net revenues waiting for credentialing and payer enrollment processes to complete, according to a release from the new group. Most organization required to perform this work do it independently, which creates a significant administrative burden for practitioners.
Read full article here: HITInfrastructure – New Healthcare Blockchain Effort to Ease Credentialing Burden
BLOCKCHAIN VENTURE PARTNERS WITH SPECTRUM, WELLCARE TO TACKLE CREDENTIALING
The goal is to reduce the time and cost associated with verifying professional credentials by facilitating the secure exchange of verified information among members.
- WellCare Health Plans and Spectrum Health are among five organizations involved in the pilot.
- The program is a blockchain-powered credentialing information exchange that aims to save time and money.
- The company, ProCredEx, is looking to expand and diversify its partners program.
Anyone in the healthcare industry who provides patient care or pays for it knows that credentialing for healthcare professionals can be a pain, often taking up to six months. That’s the problem a blockchain-based pilot project said it aims to solve in partnership with major health plans and providers.
WellCare Health Plans, which serves about 5.5 million members, and Spectrum Health, a 12-hospital nonprofit system in western Michigan, are among the five organizations participating in the distributed-ledger program, the companies announced last week.
See full article here: HEALTHLEADERS: BLOCKCHAIN VENTURE PARTNERS WITH SPECTRUM, WELLCARE TO TACKLE CREDENTIALING
Two national insurers and a Michigan health system are joining a new pilot project aimed at simplifying physician credentialing with blockchain technology.
WellCare and Spectrum Health are among the founding participants in a pilot project launched by ProCredEx, a new company backed by Hashed Health, which specializes in blockchain and distributed ledger technologies for healthcare.