IBM, PNC Bank launch blockchain plan with major insurers

Jan. 28, 2019

IBM is teaming up with PNC Bank, Aetna, Anthem and Health Care Service Corp. to develop a blockchain-based network to streamline payments, claims, update provider networks and speed the sharing of health information.

The goal is to create a frictionless environment and create an interoperable environment in the healthcare industry, according to a press release. The companies plan to develop test cases and also will add new health companies, healthcare providers, startups and technology firms.

"This collaboration will enable healthcare related data and business transactions to occur in  a way that addresses market demands for transparency and security, while making it easier for the patient, payer and provider to handle payments," Chris Ward, head of product at PNC Treasury Management, said in the release. "Using this technology, we can remove friction, duplication and administrative costs that continue to plague the industry."

A key area of focus will be to focus on use cases and applications that will "bring transparency and near real time visibility" into the claims and payment processing areas, Barb Hayes, general manager of payer for IBM Watson Health, told Mobile Payments today through an email from a spokesperson.

Hayes said that blockchain would help eliminate duplicate processing and reduce disputes, which could allow more effective risk management.

The consortium plans to open up the platform to different stakeholders to build use cases and solutions using the platform. Whether they use a mobile app or allow remote access to the platform depends on the use case, Hayes said.

Topics: Bitcoin, Mobile Banking, Mobile Payments, Technology Providers, Transaction Processing

Companies: PNC, IBM Corporation

Sponsored Links:

Related Content

Latest Content