We’ve already spent some time the past few months talking about how data is a hot button conversation topic in the healthcare world. One of the most sobering studies last year revealed how much healthcare data is being leaked.

2019 has started with assessing how the inaccurate patient matching system can be improved. Now, the news has broken that some major players in the healthcare industry are utilizing blockchain technology to address some of the issues we’ve been covering.

Blockchain is a information storage system that was developed to support cryptocurrencies like bitcoin. The technology works in a structure that allows data to be collected, stored in chronological order and accessed in a more effective and secure way than past digital models. If you want to understand a little bit more about how the technology works, Blockgeeks has a walkthrough.

The news broke this week that health insurance network Aetna, provider Anthem and Health Care Service Corporation (HCSC) are partnering with computer hardware company IBM and PNC Bank to apply blockchain to healthcare. This effort is being propelled forward by a collaborative effort called the Synaptic Health Alliance.

According to the Alliance’s white paper, “The Alliance views blockchain technology as a means to a critical end: ensuring that data is accurate and sharable for reliable use across the healthcare ecosystem. Thanks to the members’ large collective data volume and national footprint, this collaboration could prove the business value of cross-company data sharing in healthcare and, ultimately, help facilitate a significant positive impact in the healthcare market space.”

In a statement about joining the initiative, Aetna chief technology officer Claus Jensen said “Through the application of blockchain technology, we’ll work to improve data accuracy for providers, regulators, and other stakeholders, and give our members more control over their own data.”

It’s easy to see why some of these industry giants would find this technology attractive. With its streamlined and accurate model, blockchain could help solve some of the ongoing data problems that major healthcare corporations struggle with.

The core issues they’re trying to solve are accuracy and security of data stored. Of course, at Captiva we’ve already been solving those problems with the model established by the Health Rosetta

By fostering direct relationships between benefit providers and caregivers, the patient data storage system is personalized. Sensitive information isn’t shared between near as many parties, centralizing care.

Sustained relationships between those paying for benefits and the hospitals treating the benefit recipients makes communication clear and smooth. The transparent relationships at all levels result in a higher level of trust. Whatever data storage advances are made through blockchain will be just amplified in effectiveness when they reach the care providers that your business will interact with.

As blockchain transforms how the healthcare industry thinks about data, Captiva continues to help your business stay a step ahead in providing benefits for employees. Contact us today to find your solutions!