Five leading health care organizations – Humana (NYSE: HUM), MultiPlan, Quest Diagnostics (NYSE: DGX) and UnitedHealth Group’s (NYSE: UNH) Optum and UnitedHealthcare – today announced that they are launching a pilot program applying blockchain technology to improve data quality and reduce administrative costs associated with changes to health care provider demographic data, a critical, complex and difficult issue facing organizations across the health care system.
The companies will explore how the technology could help ensure the most current health care provider information is available in health plan provider directories. Providing consumers looking for care with accurate information when they need it is essential to a high-functioning overall health care system.
Today, managed care organizations, health systems, physicians, diagnostic information service providers and other health care stakeholders typically maintain separate copies of health care provider data, which can result in time-intensive and expensive reconciliation processes when differences arise. Industry estimates indicate that $2.1 billion is spent annually across the health care system chasing and maintaining provider data.*
The pilot will examine how sharing data across health care organizations on blockchain technology can improve data accuracy, streamline administration and improve access to care.
The pilot will also address the high cost of health care provider data management, testing the premise that administrative costs and data quality can be improved by sharing provider data inputs and changes made by different parties across a blockchain, potentially reducing operational costs while improving data quality.
Humana Inc. (NYSE: HUM) is committed to helping our millions of medical and specialty members achieve their best health. Our successful history in care delivery and health plan administration is helping us create a new kind of integrated care with the power to improve health and well-being and lower costs. Our efforts are leading to a better quality of life for people with Medicare, families, individuals, military service personnel, and communities at large. More information regarding Humana is available to investors via the Investor Relations page of the company’s web site at www.humana.com.
MultiPlan is committed to helping healthcare payers manage the cost of care, improve their competitiveness and inspire positive change. Leveraging sophisticated technology, data analytics, and a team rich with industry experience, the company interprets clients’ needs and customizes innovative solutions that combine its payment integrity, network-based and analytics-based services. MultiPlan is a trusted partner to over 700 healthcare payers in the commercial health, government and property and casualty markets, and saves these companies more than $15 billion annually. MultiPlan is owned by Hellman & Friedman and other investors. For more information, visit multiplan.com.
Optum is a leading information and technology-enabled health services business dedicated to helping make the health system work better for everyone. With more than 145,000 people worldwide, Optum delivers intelligent, integrated solutions that help to modernize the health system and improve overall population health. Optum is part of UnitedHealth Group (NYSE:UNH). For more information, visit www.Optum.com.
About Quest Diagnostics
Quest Diagnostics empowers people to take action to improve health outcomes. Derived from the world's largest database of clinical lab results, our diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve health care management. Quest annually serves one in three adult Americans and half the physicians and hospitals in the United States, and our 45,000 employees understand that, in the right hands and with the right context, our diagnostic insights can inspire actions that transform lives. www.QuestDiagnostics.com
UnitedHealthcare is dedicated to helping people live healthier lives and making the health system work better for everyone by simplifying the health care experience, meeting consumer health and wellness needs, and sustaining trusted relationships with care providers. In the United States, UnitedHealthcare offers the full spectrum of health benefit programs for individuals, employers, and Medicare and Medicaid beneficiaries, and contracts directly with more than 1.2 million physicians and care professionals, and 6,500 hospitals and other care facilities nationwide. The company also provides health benefits and delivers care to people through owned and operated health care facilities in South America. UnitedHealthcare is one of the businesses of UnitedHealth Group (NYSE: UNH), a diversified health care company. For more information, visit UnitedHealthcare at www.uhc.com or follow @UHC on Twitter.