Providence St. Joseph Health, which is a non-profit health system is purchasing Lumedic, which is a Seattle-based blockchain new firm. Lumedic was established in 2018 & utilizes blockchain technology to develop the financial part of healthcare by enabling transparency in price & boosting the invoicing & claim procedure for providers of healthcare.
As part of their purchase, health system is taking Lumedic’s IP assets & employees to start a new firm which will work to sign up contracts with stakeholders of healthcare such as payer firms.
CFO of Providence St. Joseph Health Venkat Bhamidipati stated that latest technologies such as machine learning, blockchain & artificial intelligence offers them a chance to see the complications of current health systems from a different perspective. Lumedic’s advanced platform’s purchase is a perfect example of how they are following all ways of alteration, letting them to divert non-essential spending in regards to either caring for patients or saving.
Although there is advancement and huge adoption of various systems of software such as EHRs, claims & billing is mostly manual & there is a possibility for errors developing expensive inefficiencies.
With the help of a distributed system of ledger such as blockchain – the theory suggests would lead to a single way of truth resulting in simplified sharing of information & rapid processing of claims.
Lumedic’s network will enable providers & payers to easily & safely transmit data & work together with the help of smart contracts, computerized protocols of computer that implement some deals or exchanges sans the requirement of a third-party.
The firm also publicized its versatility when alterations to contracting agreements are important, when the industry shifts to maximum combined, result-based models of payment.
Providence St. Joseph Health’s President of population health division, Rhonda Medows stated that they wholeheartedly welcome Lumedic’s team & their aim is to gradually improve the collaboration of financial deals between providers & payers.
By disturbing the frequent lengthy processes, they aim to decrease costs of administration for both the parties involved, at the same time, gaining more insight into the financial background of patients & methods they can use to streamline the procedure for them.