Blockchain Healthcare Review have teamed up to bring healthcare innovation to the R3 Corda Enterprise Blockchain platform.
In 2015, the enterprise blockchain company R3 launched with the ambitious aim of providing blockchain technology to a consortium of major banks. R3’s vision reflects a world where transactions can occur directly and privately without friction, one where business partners are able to operate in a synchronistic manner bringing consistency to the vital function of record keeping.
This initial foray involved a highly select group of financial institutions seeking to foster transactions in a faster and more secure way. Since that time R3 has been assisting members in the development of their prototypes as well as test experimentation with the blockchain.
In 2016, R3 saw a major leap forward with Corda, an open source blockchain platform in collaboration with financial industry-leading companies. Corda provides a private blockchain solution with privacy, scalability, and governance feature that make it appropriate for businesses, especially those involved in complex, highly-regulated global markets.
Then in 2018 Corda Enterprise, directed at the open source demands of modern day businesses was introduced. It provides an optimal value-proposition for organizations seeking additional business features such as 24/7 support, predictable release schedules, and industry-standard enterprise database support.
Today R3 manages a constellation of over 200 leading global firms with the aim of unlocking new value propositions for blockchain across multiple industries, including the rapidly growing field of healthcare.
The R3 Healthcare Value Proposition for Enterprise Blockchain
Here at Blockchain Healthcare Review, we recently interviewed Stephanie Perez, Associate Director of Strategic Partnerships about R3 growing number of partnerships and presence in the blockchain of healthcare space.
Having initially come from a financial industry orientation, what led to the decision to integrate a healthcare element into the R3 framework?
At its core, healthcare is very much about identity, data provenance, insurance and payments. The healthcare industry represents a large and complex network of institutions that must manage a highly regulated and fragmented environment.
Many of our partners have already built solutions to address each of those functional components, making healthcare very much a natural progression. Blockchain benefits are best realized when different industry participants come together to create a shared platform. Similar to other industries, healthcare finds importance in embracing the benefits of blockchain to provide common solutions.
So what is the main member benefit associated with the R3 healthcare community?
Having supported a high number of blockchain applications, we are well versed on the design, development and commercialization process and its value to our healthcare members.
Who are some of the current members of this cohort? What sort of healthcare niche areas are represented? What are they seeking?
As is reflective of the development trends in the space, initiatives are being led by consortiums, startups, internal innovation groups, and system integrators. There are a number of companies building and exploring healthcare/pharma-related applications as we engage with partners like HSBLOX, Q2 Solutions, Everis, Providence Healthcare, Lumedic and Cognizant.
What emerging trends are currently being hotly discussed these days in the R3 community in terms of the blockchain and healthcare?
Value-Based Contracting is an approach that’s challenging because of the administrative burden and technical limitations of setting up these new pricing models.
So first, there needs to be an agreement between parties on what a positive result for a patient looks like. Secondly, data needs to be provided and shared to prove that result. Lastly and most importantly, this highly sensitive data needs to be handled in a secure and immutable manner.
An example of this is where some of our partners are building solutions for outcomes-based pharma rebate and bundled payments.
Revenue Cycle Management
The next trend is Revenue Cycle Management. This involves functionality on both the front and back end. The front-end is patient facing and includes administration, document capture and the confirmation of eligibility.
The backend includes payer coordination, claims reimbursement, denial management. Both rely on highly manual processes with a lot of reconciliation.
Blockchain can help streamline recordkeeping, claims assessment, contract management, and payment processing in these areas. We have partners building solutions for prior authorizations and claims adjudication.