Transformed the health insurance benefits and claims processes with a blockchain-based technology platform

Provider refunds to consumers are expected to grow by 5 percent from 2018 to 2022. The report estimates refunds totaled 2.6 billion in 2018 and will total 3.1 billion in 2022. (Source: Health care refunds are becoming more common, but are lagging behind the times)

Our client, a healthcare technology company was looking for a better solution to settle the claim, manage members, and benefit accumulator. The company, dedicated to co-create digital health solutions for health insurance companies, wanted to improve its level of data consistency and transparency using modern automated processes. Chainyard, with its extensive expertise and experience in Blockchain technology and providing Digital transformation solutions was chosen to provide a solution.

• Reduced member friction  with pharmacy and medical provider due to accurate payment
• Reduced reconciliation time & effort with the right information available instantly between delegated network partners
• Reduced payer cost due to real-time exchange of patient benefit utilization across the providers
• Transparent medical costs as the estimates for the landed cost are calculated accurately for patients based on use of benefit accumulators
• Increased veracity and transparency of information with an immutable, distributed, single source of truth accessible by all participants
• Faster new PBM integration and onboarding with the help of network effect and standard connection to any PBM solutions

We are continuing our development engagement with the client, providing solutions to healthcare payers and healthcare benefit managers (HCBM) to settle the claims, manage members, and their benefit accumulators.