Change Healthcare, a group dedicated to “inspiring a better healthcare system,” is partnering with TIBCO and its Connected Intelligence Cloud to bring smart contracts to the healthcare industry. The collaboration will result in the first ever healthcare smart contract system, as revealed via a press release.
The two companies will combine their services, TIBCO’s “Project Dovetail” and Change’s “Intelligent Healthcare Network,” to automate healthcare plans and the surrounding transactions.
Disrupting Traditional Healthcare
According to today’s press release, current healthcare systems consist of too many steps for automation. Those segments sometimes require hands-on intervention or even extra code to function correctly. Smart contracts mitigate those additional steps by providing “self-executing business rules” that will automatically activate once certain conditions are met. Then, the transaction will be recorded onto the blockchain ledger.
The goal of the project is to increase efficiency by providing faster payment times. Companies can streamline the claims process, which should increase overall customer numbers and result in extra profit. The collaborators are also looking to create the “next generation of healthcare transaction applications” that take advantage of blockchain and smart contract technology.
Aaron Symanski, CTO of Change, commented on the collaboration:
“This collaboration with TIBCO is part of our larger initiative to simplify and standardize healthcare transaction processing and help move the industry to real-time adjudication on the Intelligent Healthcare Network. By bringing smart contracts to claims processing, payers can share a standardized approach that lets them easily write, visualize, test, audit, and implement smart contracts for automating healthcare transaction processes.”
TIBCO’s Dovetail project will take data gathered from this collaboration and use it to build smart contract frameworks. With this infrastructure, companies can create smart contracts to manage healthcare transactions. Dovetail will also provide access to a “model-driven environment,” which will enable these smart contracts to run on any blockchain or cloud network.
The Global CTO of TIBCO, Nelson Petracek, believes the two companies are making significant progress:
“We’re excited to be collaborating with Change Healthcare, a company that is driving innovation in healthcare transaction automation. The powerful combination of our smart contract development project and Change Healthcare’s Intelligent Healthcare Network incorporating blockchain technology will empower payers to move aggressively toward the goal of real-time adjudication, while ensuring compliance and helping streamline healthcare transaction processing for all stakeholders.”
As of now, the Change Healthcare Intelligent Healthcare Network connects with around 2,100 government and commercial payer connections. This is on top of 5,500 hospitals, 900,000 physicians, and 33,000 pharmacies. Their previous fiscal year generated close to 14 billion healthcare transactions, accounting for two trillion dollars in annual healthcare spending.
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