Change Healthcare and integration and analytics software provider Tibco Software built a "smart contract" system for health plans.
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.