How the Credit Protocol Enables Better Processes in the Health Industry.
The Blockmason team is excited to announce our new partnership with Coral Finance, a subsidiary of Coral Health.
Coral Health, a Vancouver-based company, targets a massive disruption opportunity in the global healthcare system by leveraging blockchain technology. With a vision of developing a suite of products that initially targets finance applications in healthcare, Coral Health aims to maximize the efficiency of health records storage and dissemination, enabling the company’s mission of accelerating the uptake of Personalized Medicine through efficient health data exchange.
With Coral Finance, the Blockmason and Coral Health teams are on track to develop an efficient, decentralized method of recording and settling debts and IOUs between doctors, patients and the insurance companies who reimburse them. This system will be built on top of the Blockmason Credit Protocol. Learn more about how this works here.
With this platform, Coral Finance aims to address the problem of inefficient debt recording and unreliable payment processes that hospitals and medical offices face. Currently, most doctors receive payment preapprovals from insurance companies, and are only paid after they have already performed the procedure. For various reasons, insurance companies may underpay or renege on prior authorization commitments, thus leaving the doctors to write off a number of the procedures they have performed. The situation has become so dire that in the US, doctors often encourage patients to negotiate directly with them, trying to cut out insurance companies. As a result, many U.S.-based doctors must rely heavily on their own faith in the insurance company or their patients when it comes to payment issues, and end up working only with a limited number of large insurance companies with whom they have had prior positive payment experiences. This in turn makes it more difficult for smaller, lesser-known insurance companies to wedge themselves into a doctor’s circle of trust, which leaves a smaller pool of insurance companies for patients to choose from.
Coral Finance aims to solve the problem of unreliable payment processes and writeoffs by leveraging the functionality of the Credit Protocol – a system that facilitates a double confirmation and a permanent storage of an obligation between two parties on the Blockchain. Coral Finance’s platform will enable proper validation of claims and expected payments, and provide a reliable method of tracking and settling debts between insurance companies, patients and doctors upon the completion of medical procedures. The Credit Protocol introduces a new level of dependability by enabling easy tracking and storage of claims information in a standardized, immutable, and secured way.
With a strong team and solid vision, Coral Finance is well equipped to disrupt a 15B Health IT products industry that is currently growing at 5 percent annually. We are excited to consult Coral Finance on the platform built on top of the Credit Protocol. Our work together will enable the development of a robust system, while empowering Coral Health to accelerate their expansion plans and to focus on their core value proposition of optimizing health record storage and sharing. To learn more and engage directly with the Coral Health team, join their telegram chat!