Signify Well being turns to blockchain area with acquisition of PatientBlox

Signify Well being is popping to the blockchain area with its acquisition of PatientBlox, a tech firm that helps facilitate contracts and funds in healthcare. 

Georgia-based PatientBlox focuses on the value-based care area. Its blockchain expertise platform is used to help with the executive aspect of healthcare, together with information sharing and value-based fee fashions. Its major product, the CuraBlox, automates and scales potential bundle funds. Its capabilities embody fee distribution, reconciliation and monitoring efficiencies. 

In keeping with Signify Well being’s announcement of the acquisition, PatientBlox’s blockchain expertise is designed to seize every well being occasion and put it right into a sequence of interactions. The system is then in a position to “set off funds” at sure factors or milestones. 

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WHY IT MATTERS 

Signify Well being stated it intends to make use of PatientBlox’s expertise to hurry up its potential supplier fee capabilities, in addition to broaden its foothold within the value-based care area. 

“We’re excited to reinforce our main value-based fee platform with this first-of-its-kind potential functionality and the larger predictability and accountability that include it,” Signify CEO Kyle Armbrester stated in an announcement. “We’re already powering the nation’s most revolutionary fee packages, and this functionality opens up vital alternatives to create and assist new packages and market entrants.”

THE LARGER TREND 

Inside the previous few years, blockchain expertise has made its manner into the digital well being world. The expertise grew to become well-liked within the area due its capability to make information simple to confirm and tough to falsify. 

Not too long ago, the expertise has come up in relation to COVID-19 vaccination distribution. IBM’s Mark Treshock defined to MobiHealthNews the potential use circumstances for the expertise in verifying and monitoring the vaccines, certifying that sufferers have the vaccine and protecting observe of which sufferers acquired which vaccine.  

Whereas this can be a brand new space for Signify Well being, the corporate has been concerned within the payer area for a while. In September, it labored with Blue Cross to launch a community-based group community focusing on social determinants of well being referred to as CommunityLink.

The corporate has additionally proven particular curiosity within the value-based care space. In 2019, Signify Well being merged with Treatment Companions, resulting in a platform targeted on advancing value-based care by leveraging scientific, behavioral and social information.