US Insurance Giants to Launch a Blockchain Pilot
A blockchain pilot is going to be launched in order to improve the health system in USA. The announcement was made on 2nd April 2018 by US two giant insurance providers.
Five US insurance giants will launch a Blockchain Pilot
The biggest competitors in the health insurance sector based in the United States of America are UnitedHealth Group and Humana. These two revealed that would collaborate with MultiPlan and Quest Diagnostics in order to create a blockchain pilot. Additionally, the UnitedHealth Group has provided an important role in the new project to its own subsidiary Optum. Thus, five care institutions will launch a revolutionary pilot organization.
According to the official Press Release published by UnitedHealth Group:
“The pilot will examine how sharing data across health care organizations on blockchain technology can improve data accuracy, streamline administration and improve access to care.”
The Blockchain Pilot is going to sustain the development of blockchain- based technology, improve data management and operate more efficiently with the administrative costs of health care providers. The new collaboration between the five health organizations will lead to finding and testing solutions that could be beneficial to the health insurance industry.
The maintenance of data costs up to 2.1 billion dollars/year
The main purpose of the pilot project remains to reduce the difficulty in operating data, whose maintenance and storage are consuming up to 2.1 billion dollars per year, according to the statement.
“Today, managed care organizations, health systems, physicians, diagnostic information service providers and other health care stakeholders typically maintain separate copies of health care provider data, which can result in time-intensive and expensive reconciliation processes when differences arise. Industry estimates indicate that $2.1 billion is spent annually across the health care system chasing and maintaining provider data.”
Thus, the pilot blockchain will ensure accuracy in managing the information recorded in the database of organizations in the medical industry. It will test new projects based on blockchain technology in order to lead to an improvement of the administrative system.
Unfortunately, it’s not known whether the Blockchain Pilot will create a new organization on which the resulting solutions will be implemented or these will be introduced within the five partners.