Samsung SDS Unveils Blockchain-Enabled Medical Insurance Claim Platform
Last month Samsung SDS uncovered a new medical insurance claims processing platform enabled by blockchain. It principally approaches the inconvenience caused to patients for registering health claims and tackles deception.
Instead of patients having to assemble paperwork from hospitals to present a claim, the platform undeviatingly connects the insurers to hospitals and digital health providers. As an outcome, the insurer recognizes that the health claim is verified, and fraud is prevented.
Samsung has enabled patients to submit the claim either at the hospital reception counter, at kiosks, or through the KakaoTalk mobile messenger app.
In phases of adoption, so far, Samsung Fire & Marine Insurance and NongHyup Life Insurance are included with eight other insurers in the pipeline. Kangbuk Samsung Hospital and Hallym University Dongtan Sacred Heart Hospital are the first medical facilities. By the end of the year, Samsung envisions combining another 30, including the Seoul Medical Center.
Samsung is utilizing its Nexledger enterprise blockchain platform to digitize the receipts and consumer documents, thereby decreasing the costs.
“We will continue expanding the scope of our service to ensure more customers can file medical claims regardless of the time and place easily,” stated Hunsup Shim, SVP of Samsung SDS.
Samsung’s description concentrates on claim initiation. Last year U.S.-based Change Healthcare, which treats more than $1 trillion in claims per year, outlined the difficulties of automating the matching of applications to policies. The big issue is whether a specific treatment is included or not.
That’s in part because providers often employ a similar but incorrect billing code that is more prone to get paid out. Nevertheless, claims for routine medical checks such as mammograms can be wholly automated with smart contracts.
Ant Financial is also adopting technology to make it more comfortable to file medical claims. It operates a blockchain-based mutual aid platform Xiang Hu Bao with more than 100 million members. It also intends to direct fraud and allows patients to submit digitized paperwork using the Alipay app.
At this stage, it is not thoroughly combined with all the hospitals. This week Ant walked in to fund payouts linking to the death of members that contracted the Coronavirus.
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