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.