New Formed U.S. Healthcare Alliance Tests Blockchain for Improving Data


In efforts to improve data quality and reduce cost, major U.S. healthcare companies have formed an alliance to trail blockchain solutions, a shared, digitized ledger that cannot be changed once a transaction has been recorded and verified.

The Synaptic Health Alliance group is made up of Humana, Muitiplan, Quest Diagnostics, Ascension, CVS Health-Aetna, United Healthcare and United Health Group’s Optum. According to the Centers for Medicare & Medicaid Services (CMS), almost half of the information stored on Medicare Advantage Organizations contains errors that cause issues in getting timely medical services and leads to fines.

The goal of the alliance is to reduce these problems through blockchain. Blockchain has the ability to keep medical and personal data more accurate through the system’s strong security and real-time tracking. Insurers are currently maintaining their own directories of providers which is a costly task. Insurers spend around $2 billion yearly to keep the information up to date. When directories aren’t maintained properly, they can cause delays and insurers can face fines from the CMS.

When information is correct, this causes issues for the healthcare providers, medical offices and more importantly, the patient. If healthcare organizations share provider information via blockchain, this could help solve the problem of misinformation and save money too.  Simply put, blockchain has the ability to track where and a patient is and what procedures/test they’ve had done through a secure means.

The blockchain is evolving in the healthcare industry quickly. The implementation of blockchain can change the way the medical field operates for the better. Stay up to date with these changes through funding solutions like invoice factoring. Factoring provides agencies with the capital needed to recruit more workers, expand working quarters or whatever else your company needs to grow.

New Law States Hospitals Must Display Pricing

Legislators have ruled in favor of a new federal law stating every hospital in the United States is required to publish prices for treatments online in efforts to move toward hospital price transparency. The law, also known as the Inpatient Prospective Payment, states that hospitals are required to post a list of their standard pricing online and make electronic medical records more available to patients. The implementation of the new price transparency law means new challenges for healthcare providers, one of them being rebranding hospital websites to include care cost information. That is where invoice factoring comes in.

The Factoring Blog is Back!

The Factoring Blog Returns

Three Years Later…

We believe that perfecting knowledge on all things factoring takes time – three years to be exact! Just a short 1,095 days later and The Factoring Blog is back and ready to give you the invoice factoring knowledge you need to help your business succeed. 

We have been working hard for the past three years researching the best factoring resources, networking and building strong connections with professionals in the industry, as well as following up with past clients to hear their success stories. Here at The Factoring Blog, we are your invoice factoring experts writing to you, our readers, to share the tips and information that we think will help you to stay up-to-date on the latest invoice factoring news, small business trends, and industry-specific information. 

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