Blockchain technology now isn’t a new phrase in the healthcare space, as more and more healthcare organizations are deploying this technology into their care process. According to a market analysis report, the global Blockchain technology in Healthcare will reach USD 1415.59 million by 2024. As there are several areas waste accumulates, costly data reconciliation is a significant issue for healthcare centers and health systems. According to Change Healthcare that defines data reconciliation as the process of compiling information across companies in order to complete a set of records and informs business decisions. This process can be superfluous, error-prone and costly.
However, by utilizing Blockchain, care providers can change the way they share data. The technology brings identification, chronology, and integrity to transactions. With its distributed and decentralized network, Blockchain is transparent to all users and utilizes an algorithmic set of rules, generating a permanent record of events and imitating the network history in-full. Healthcare organizations can experience advanced security, transparency, and efficiency using Blockchain networks. The technology is designed to be a transactional log or event log of transactions that have occurred. Blockchain has huge potential to advance revenue cycle management and claims management. With using a blockchain underpinned network, care providers can trim down deception, waste, and abuse through the technology’s added transparency. Moreover, the technology is intended to cut time and money spent reconciling information.
With the utilization of Blockchain, payment reconciliation is significantly benefited. The distributed ledger accelerates payment settlement time, decreases waste by being automatic, enhances transparency and predictability, empowers payment auditability and makes it easier to update and maintain claims. Rather than traditional payment processes and instructions, Blockchain technology allows smart contracts that enable the storage of distributed logic prior to getting payment information.