By Clinical Research News Staff

January 24, 2019 | Aetna, Anthem, Health Care Services Corporation (HCSC), PNC Bank, and IBM today announced a new collaboration to design and create a network using blockchain technology to improve transparency and interoperability in the healthcare industry.

The aim is to create an inclusive blockchain network that can benefit multiple members of the healthcare ecosystem in a secure, shared environment. The goal is to allow the blockchain network to enable healthcare companies to build, share, and deploy solutions that drive digital transformation in the industry.

Aetna, Anthem, HCSC, PNC Bank, and IBM are actively working to further define the initial use cases for the health utility network. The collaboration will add additional members to the network in the coming months including other health organizations, healthcare providers, startups, and technology companies.

“This alliance will enable healthcare-related data and business transactions to occur in way that addresses market demands for transparency and security, while making it easier for the patient, payer and provider to handle payments” Chris Ward, head of product, PNC Treasury Management, said in a press release. “Using this technology, we can remove friction, duplication, and administrative costs that continue to plague the industry.”

Despite major initiatives to digitize healthcare information, major improvements in transparency and interoperability among various groups in the healthcare system are still necessary. By reducing administrative errors and friction through the application of blockchain technology, healthcare information could be exchanged more efficiently. These improvements, once realized, could help enhance patient care and reduce unnecessary costs.

The collaboration members intend to use blockchain to address a range of industry challenges, including promoting efficient claims and payment processing, to enable secure and frictionless healthcare information exchanges, and to maintain current and accurate provider directories.

“Blockchain’s unique attributes make it suitable for large networks of members to quickly exchange sensitive data in a permissioned, controlled, and transparent way,” said Lori Steele, general manager for Healthcare and Life Sciences for IBM, in an official statement. “The fact that these major healthcare players have come together to collaborate indicates the value they see in working together to explore new models that we think could drive more efficiency in the healthcare system and ultimately improve the patient experience.”