Blockchain, APIs Take a Stab at the Healthcare Revenue Cycle

Blockchain is generating interest as a way to improve healthcare revenue cycle management and reduce payment inefficiencies for providers.

Capital One is hoping to bring the blockchain and API tools to the healthcare industry by proving their value in the revenue cycle management arena. A pair of new partnerships between the financial services company and healthcare-focused startups aim to “reconceptualize” the claims management and patient payment processes, using blockchain and API technologies to reduce the time between service and collection.

Patrick Moore“We’re seeing unprecedented transformation in the payments space, as rapid advances in digital technology are reimagining the client experience,” said Patrick Moore, Executive Vice President and Head of Capital One’s Treasury Management’s Product Management group. “At Capital One we see the new network models and data analytics capabilities as an exciting opportunity to reinvent treasury management to better meet the needs of clients, not only increasing payment efficiency but also generating actionable information about their business.”

The first project will leverage the blockchain expertise of Gem, which offers a data management “operating system” that creates and manages identities for disparate users, such as payers, providers, and patients, hoping to engage in the same blockchain community and conduct transactions in a shared ledger, explains Emily Vaughn, Director of Client Relations and Marketing for Gem in an article for Bitcoin Magazine...