Growing Alliance Demonstrates Value with Improvements in Healthcare Provider Data Quality and Reduced Administrative Costs
LOUISVILLE, Ky. & NEW YORK & SECAUCUS, N.J. & MINNETONKA, Minn.--(BUSINESS WIRE)--Synaptic Health Alliance, a consortia of healthcare leaders applying blockchain technology to industry challenges, today announced that its provider data management initiative, first started in Texas, has expanded to Colorado, Florida, Michigan and New York with the goal of a national rollout before end of year. Founded in 2018 by Aetna, Humana, MultiPlan, Quest Diagnostics and UnitedHealth Group, Synaptic Health Alliance membership has grown to nine participating organizations, including newest member ProCredEx, a blockchain health credentialing company.
ProCredEx is a key addition, serving as a conduit for additional organizations that manage provider directories to both contribute and subscribe to the Alliance’s provider data updates. “We are honored to join the Synaptic Health Alliance in its mission to create a blockchain-powered utility that can help reduce costs and improve access to care,” said George Bosnjak, Chief Growth & Partnerships Officer at ProCredEx. “We are impressed by the value existing members are gleaning and eager to support the continued growth of the network.”
To support its first use case of blockchain in healthcare, the Alliance developed the Provider Data Exchange platform to help ensure that provider demographic information in health plan provider directories is up to date for patients seeking care. Today, Alliance members using the platform are benefiting from shared, validated data that shows when individual providers are, or are not, actively practicing at a certain location. Members are updating their provider directories accordingly and avoiding unnecessary calls to providers and administrative costs.
Through Synaptic Health Alliance’s Incentive Model, participants are testing the potential use of financial incentives for identifying incorrect or out-of-date records and/or for supplying corrections to the secure blockchain. They are also evaluating the use of financial incentives when other organizations subscribe to their data updates, potentially paving the way for the Alliance to become attractive to provider organizations that can supply many insurance companies updates at once and avoid numerous quarterly verification calls.
Synaptic Health Alliance is actively accepting new member applications from across the healthcare industry. Organizations with a shared interest in improving healthcare through better, collaborative use of innovative technology are encouraged to apply.
ProCredEx has developed a digital marketplace to provide a solution for credentialing that allows member healthcare organizations to securely share, exchange, and monetize their credential verification data. The exchange represents a significant advancement in the tools available to credentialing professionals. ProCredEx achieves this by leveraging distributed ledger technology, applying its proprietary requirement validation engine, and building a network of vetted members focused on high-quality credentialing practices.
About Synaptic Health Alliance
Synaptic Health Alliance believes that blockchain technology provides an opportunity to explore how collaboration can help transparently share information, automate mutually beneficial processes and audit interactions. Its intent is to leverage this emerging technology to facilitate reaching across industry and competitive lines to solve healthcare’s toughest problems. Founding members include Aetna, Humana, MultiPlan, Quest Diagnostics and UnitedHealth Group. For more information, visit www.synaptichealthalliance.com.
Chanel Hastings, SVP
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