Healthcare payment network, InstaMed has recently launched a Blockchain app prototype to explore how Blockchain technology could be leveraged for the synergy points among providers, payers and consumers including claim submission, claim payment, claim adjudication, patient billing, and patient payment. As built the Blockchain prototype on HL7 FIHR v4, it essentially generates a shared patient account ledger accessible by the provider, payer, and consumer.
Additionally, patient accounts are tracked through the entire claim payment cycle. The Blockchain holds the shared patient account ledger involving patient account, claims, encounters, and payments. With this, providers, payers, and patients are capable to view and write to the record’s Blockchain based on HIPAA and business process rules. As part of announcement, InstaMed Blockchain Prototype benefits in the way to eliminate duplicate posting and reconciliation processes across providers, payers, and consumers caused by having multiple ledgers, allow all stakeholders to see a patient encounter through all phases –claim submission, claim adjudication, claim payment, patient billing, and patient payment, and shun and recognize the source of mistakes or deception. As recognized healthcare’s most trusted payments network, InstaMed powers a better healthcare payments experience on a single platform which connects consumers, providers and payers for every healthcare payment transaction.
Based in Philadelphia, Pennsylvania, InstaMed’s patented, private Cloud-based technology securely converts healthcare payments by compelling electronic transactions, moving money and healthcare data seamlessly and advancing consumer satisfaction. Back in February this year, InstaMed collaborated with Semafone, leading data security and compliance solutions provider for call and contact centers. With this partnership, InstaMed is capable of leveraging Semafone’s patented payment method that utilizes a dual-tone-multi-frequency (DTMF) system to deliver a fully secure telephone payments solution for the healthcare marketplace, InstaMed VoIP Protection.