Meyrick Vaz discusses how blockchain technology can solve some of the toughest problems in the healthcare industry
[VIRTUAL CONFERENCE] The leading Blockchain Expo World Series announced it’s free North America Virtual Expo taking place on the 4-5th November 2020.
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- How is your company applying blockchain?
Synaptic Health Alliance joins leaders in healthcare to explore how blockchain technology can help address some of the toughest problems in the industry. Synaptic’s members include Aetna, Humana, MultiPlan, Optum, Quest Diagnostics, and UnitedHealthcare. Synaptic believes that blockchain technology provides an excellent opportunity to collaboratively share information, automate common operations and audit interactions. Our first use case is focused on creating a provider data exchange—a cooperatively owned, synchronized distributed ledger to collect and share changes to provider demographic data. This shared source of high-quality provider data could streamline administrative burden, help reduce operational costs, improve access to care for patients, and relieve friction between providers and multiple payers.
- What were the biggest challenges, &/or benefits, in using blockchain technology?
Some of our biggest challenges included establishing a common operational and data governance framework, identifying commonalities in our business operational processes and working through the differences as well as testing out the various technologies to develop a national scalable platform.
The potential benefits of blockchain in healthcare are enormous, including streamlining the management health care data, developing common health care data bases (non-competitive data), efficiently managing transactions that involve multiple parties such as patients, providers, payers and Rx providers etc.
- What is your company’s roadmap for the rest of 2020 and what should we expect to see from your team in the next 12 months?
The Synaptic Health Alliance is currently focused on its first use case – Provider Data Exchange for provider demographic data. We have identified other use cases that could benefit from alliance-based collaboration and we intend to pursue one or more of these use case in the near future.
- How are you seeing the rate of blockchain projects move from pilot to production? When do you think blockchain could become a mainstream technology?
Currently blockchain is considered a nascent technology in healthcare and its adoption is relatively slow as compared to other emerging technologies. This will change as more blockchain based solutions are tested and proven to deliver business value.
- Who is your hero/mentor in this space: what lessons have you learned from them and how have you applied them in your career?
While there are many heroes in this space, we have drawn knowledge and collaboration from these three sources in particular.
- HyperLedger Foundation has a healthcare special interest group
- HIMSS Blockchain in Healthcare Taskforce
- Robert Miller’s newsletter
NOTE: Listing these resources as sources of knowledge do not imply endorsement.
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