On Sept. 25, Change Healthcare announced the launch of the first blockchain solution for enterprise-scale use in healthcare, enabling payers and providers to boost revenue cycle efficiency, improve real-time analytics, cut costs, and create innovative new services. As one of the largest independent healthcare IT companies in the United States, Change Healthcare services customers across the continuum of care, using its Intelligent Healthcare Network™ to process 12 billion healthcare-related transactions covering over $2.0 trillion in claims annually.
Change Healthcare CEO Neil de Crescenzo made the announcement during his keynote address at the Distributed: Health 2017 conference in Nashville. He said the Intelligent Healthcare Network™ will support blockchain transactions by the end of the year. Change Healthcare will employ Hyperledger Fabric 1.0, an open source blockchain framework and one of the Hyperledger projects hosted by The Linux Foundation, as its foundation for blockchain application design and development. Change Healthcare is a Premier member of the Hyperledger governing board and will be contributing code innovations back to the open source community to improve blockchain applications for the U.S. and global healthcare industry.
"We are excited to work alongside our customers and partners to make blockchain real in healthcare," said de Crescenzo. "As today's healthcare system becomes more value-based, it's essential that we aggressively and pervasively introduce new technologies into healthcare at scale -- whether they leverage blockchain, artificial intelligence, or other emerging capabilities with the potential to improve outcomes and efficiencies. We are initially introducing blockchain technology to create a distributed ledger that makes claims processing and secure payment transactions work more efficiently and cost effectively for all healthcare stakeholders."