Five healthcare organizations have joined a new effort to use blockchain to resolve administrative inefficiencies with professional credentialing.
The blockchain-based project, known as The Professional Credential Exchange (ProCredEx), aims to address the time, cost and complexity associated with credentialing processes through a secure, trusted exchange of verified credential information between members in the exchange, according to the announcement. Blockchain is a digital ledger that was popularized by the rise of cryptocurrencies, such as Bitcoin, and is expected to have a big impact in data sharing across industries.
The five groups include:
- National Government Services
- Spectrum Health
- WellCare Health Plans
- Accenture
- The Hardenbergh Group
Professional credentialing is a process all healthcare organizations deal with that often requires four to six months to complete and “directly impedes the ability for a healthcare professional to deliver care and be reimbursed for their work,” according to the announcement. Healthcare enterprises use credentialing to establish and evaluate qualifications of medical professionals.
The process also costs hospitals an average of $7,500 in daily net revenues waiting for credentialing and payer enrollment processes to complete, according to the announcement.
"A fundamental component of developing the exchange lays in building a network of members that bring significant verified credential datasets to the marketplace," Anthony Begando, ProCredEx's co-founder and CEO, said in a statement. "These are the leading participants in a growing group of collaborators who bring data and implementation capabilities to accelerate the deployment and scaling of the exchange."
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."