Yesterday it was announced that five leading healthcare providers have signed up to use a new blockchain credentialing system from ProCredEx. The aim is to resolve the administrative inefficiencies in healthcare credentialing by using distributed ledger technology (DLT). The solution aims to connect existing credentialing systems.
The five organizations are National Government Services, Spectrum Health, WellCare, Accenture, and The Hardenbergh Group. ProCredEx is developing and operating Professional Credentials Exchange in partnership with Hashed Health.
The use of DLT aims to cut time, costs and the convoluted nature of the current system. Anthony Begando, ProCredEx’s Co-founder and CEO says that “a fundamental component of developing the exchange lays in building a network of members that bring significant verified credential datasets to the marketplace…These are the leading participants in a growing group of collaborators who bring data and implementation capabilities to accelerate the deployment and scaling of the exchange.”
The existing process of credentialing healthcare providers often takes between four to six months to complete. This lengthy procedure has been criticized for negatively impacting on healthcare worker’s ability to be reimbursed for their work promptly. It is also financially costly with hospitals losing on average $7,500 in daily net revenues waiting for credentialing and enrollment into an insurance program to be completed.
The exchange will simplify the current system by allowing a secure exchange of needed information. This credentialing data will be freely available between exchange members. In contrast, the current process involves each organization acting independently.
ProCredEx intends to grow the current partner program and increase the data available over the coming months.
Related blockchain projects
Two of the top five US insurers have been working on a related project for more than six months. Humana and UnitedHealth Group are working with Mutiplan and Optum on “Health care provider demographic data”. While the ProCredEx program looks at the issue from the point of view of the provider, the Humana / United Health views it as a way for patients to find access to appropriate care. But it also involves keeping records on up-to-date licensing and qualifications on doctors, dentists and other practitioners.
And outside of blockchain, there’s the non-profit CAQH whose role is to streamline data sharing.