Blockchain's association with the financial services industry has been quite remarkable. Now it is time to assess its relevance in the healthcare industry. From being a mere buzzword, to becoming one of the most sought after technologies, blockchain is rapidly capturing the attention of the healthcare sector due to its streamlining of operations, driving revenue, and securing patient data. Blockchain's potential to address security and interoperability issues and transform electronic health records platforms, has led to the increased interest in its adoption in healthcare.
Armed with key features such as data integrity and networked immutability characteristics, the use of blockchain-fueled applications in claims adjudication and billing management in the insurance sector has immense scope. By detecting billing errors and minimizing medical billing-related frauds, blockchain-based systems can increase transparency and reduce administration costs with higher efficiency. This ebook serves to introduce the blockchain technology, unveil prospective use cases of blockchain in the healthcare insurance payment industry, and highlight probable challenges related to compliance with The Health Insurance Portability and Accountability Act (HIPAA) and other regulatory standards - crucial to the successful implementation of blockchain.
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