Smart contracts are a type of self-executing contract in which a computer protocol automatically processes and verifies transactions, such as claims adjudication or payments. The new system brings together blockchain technology from Change Healthcare’s Intelligent Healthcare Network and a smart contract development framework from Tibco Software’s Project Dovetail.
Under their collaboration, Change Healthcare and Tibco Software also plan to provide a developer environment to help organizations create new healthcare transaction applications that leverage blockchain, a decentralized and permanent ledger of online transactions or exchanges. Unlike a traditional database, a blockchain record is shared among a network of users, rather than being maintained by one party.
Change Healthcare and Tibco Software said their goal is to improve providers’ revenue cycle performance by streamlining resolution and remittance.
“This collaboration with Tibco is part of our larger initiative to simplify and standardize healthcare transaction processing and help move the industry to real-time adjudication on the Intelligent Healthcare Network,” said Aaron Symanski, chief technology officer of Change Healthcare.
More articles on payers:
Oscar Health to hire 400 in Arizona
Humana’s Q3 net income climbs to $644M
Health plan enrollment season marred by ‘epidemic’ of robocalls
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.