Plano health insurance providers have begun taking advantage of blockchain technology to deliver more accurate physician directory information and medical records.
Blockchain could be coming to a Plano health insurance plan near you. Several major healthcare providers are introducing a new program that aims to improve data quality and reduce administrative costs.
Blockchain is a nascent software platform for digital assets that creates permanent and accessible records of transactions. The same technology is utilized in the bitcoin platform. Now, healthcare advocates think blockchain could vastly improve the efficiency of data sharing. Too often health insurance providers have been plagued with out-of-date directories which in turn prevent them from delivering optimal service to consumers.
Health insurance in Plano has certainly not been immune to these challenges. Historically, insurance provider data are separately stored by physicians and health systems. The data may include name, address, specialty, and insurance accepted. Physicians and providers spend a great deal of time and expense attempting to keep the information as current as possible. As a matter of fact, the healthcare industry spends over $2.1 billion each year doing so based on research done by the Council for Affordable Quality Healthcare.
Healthcare Information Technology (IT) experts believe blockchain technology and the proposed program could help transform the industry because of its ability to lower administrative costs while dramatically optimize accuracy in data systems. It also allows data professionals to utilize the information in a more intelligent and timely way.
Rick Thornton, a Plano health insurance agent, is encouraged by this new development. “I think blockchain can be a game-changer in the health insurance industry. Providing accurate and timely information has been a ‘chink’ in the process. If we can solve this, consumers will immediately experience higher quality care,” he said.
Blockchain proponents have not limited their sights to just provider directory data. Companies like MedRec are utilizing the technology for electronic medical records and researchers at the University of California, San Francisco, are creating blockchain applications that would allow women to access their medical data in an effort to detect potential markers of breast cancer.
Health insurance providers in cities in Texas like Plano may not see complete blockchain implementation for a few years but as the technology grows and is further perfected, it’s inevitable that all healthcare participants will benefit from how medical data is utilized.
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