Blockchain could save 80% of cost, time for physician credentialing, JPMorgan says

Blockchain has the potential to reduce the cost and months-long process for clinical credentialing, according to a 2019 JPMorgan report on healthcare challenges and opportunities.   

The report suggests that blockchain has the potential to save as much as 80 percent of the current cost and time it takes for the physician credentialing process. 

Currently, clinical credentialing requires verification from several organizations, which can take months to collect. Through a blockchain network, members can have access to a physician’s encrypted log, which would include credentials. Changes to the log would be transmitted to the network and validated by each party on the blockchain. 

Rather than rely on a third-party for the credentialing, blockchain puts trust into the network as a whole. Physicians would also have the ability to share access codes to the hospitals to review their verified credentials. 

Beyond helping with credentialing, blockchain can also be leveraged as a tool for finding efficiencies when working with patient records. 

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