InstaMed, healthcare’s most trusted payments network, announced today that it released a blockchain prototype at the InstaMed Healthcare Payments Summit. InstaMed’s Innovation team debuted a working app to demonstrate how blockchain technology could be leveraged for the interaction points among providers, payers and consumers including claim submission, claim adjudication, claim payment, patient billing and patient payment. InstaMed built the blockchain prototype on HL7 FHIR v4.
Providers and payers nationwide are challenged to find ways to cut costs and drive efficiency in their organizations while also facing pressure to create better consumer experiences. InstaMed developed a blockchain prototype that offers a way to significantly reduce manual processes and paper communications while giving all stakeholders the visibility into the full lifecycle of a patient encounter.
“Since Bill Marvin and I co-founded InstaMed in 2004, we have been passionate believers in bringing connectivity to healthcare payments. We have participated in creating industry standards for driving the electronic movement of healthcare data and money,” said Chris Seib, Chief Technology Officer of InstaMed. “The InstaMed Innovation team is constantly looking at the latest trends in technology, and it made sense to explore ways to use blockchain technology in healthcare payments with its potential to increase connectivity among all stakeholders. The InstaMed Healthcare Payments Summit gave us a great opportunity to get real-time feedback on our blockchain prototype from leading providers and payers. We’re excited about the momentum and possibilities coming out of the conference.”
InstaMed has an open call for industry participants to join the conversation around blockchain in healthcare payments. Learn more about InstaMed’s blockchain prototype and view a video overview at www.instamed.com/blockchain.
InstaMed powers a better healthcare payments experience on one platform that connects consumers, providers and payers for every healthcare payment transaction. InstaMed’s patented, private cloud-based technology securely transforms healthcare payments by driving electronic transactions, moving money and healthcare data seamlessly and improving consumer satisfaction. Everyone benefits from InstaMed’s exclusive focus on healthcare, integration into any healthcare IT system, robust analytics and proven scale.