Prov­i­dence St. Joseph ac­quires blockchain-en­abled rev­enue cy­cle so­lu­tion

Modern Healthcare - - Regional News -

Prov­i­dence St. Joseph Health ac­quired Lumedic, a rev­enue cy­cle man­age­ment plat­form based on blockchain tech­nol­ogy.

The 51-hospi­tal Prov­i­dence St. Joseph sys­tem plans to form a com­pany that will main­tain the Lumedic brand and op­er­at­ing ap­proach. They look to ex­plore other part­ner­ships with providers, insurers and other stake­hold­ers across the in­dus­try. The Ren­ton, Wash.-based sys­tem’s goal is to in­ject ef­fi­ciency and in­ter­op­er­abil­ity into what are of­ten ar­chaic sys­tems of col­lect­ing, an­a­lyz­ing and dis­tribut­ing claims and billing.

Blockchain tech­nol­ogy can en­able the hospi­tal, pa­tient and in­surer to view the same run­down of ser­vices and ex­pe­dite claims pro­cess­ing. (See cover story, p. 20). Rather than wait­ing weeks to set­tle claims and gen­er­ate ex­pla­na­tion of ben­e­fit forms, the pa­tient and the in­sur­ance com­pany would know the por­tion of the bill they are re­spon­si­ble for at the time of dis­charge. Smart con­tracts can au­to­mate ne­go­ti­a­tions, as long as a pre-de­fined set of rules are met.

Lumedic will im­prove the co­or­di­na­tion of fi­nan­cial trans­ac­tions be­tween pay­ers and providers, said Dr. Rhonda Me­dows, ex­ec­u­tive vice pres­i­dent of pop­u­la­tion health for Prov­i­dence St. Joseph.

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