With trillions of dollars, the healthcare budget for the U.S. is larger than the GDP of the vast majority of countries around the world. The sheer size is responsible for a massive amount of inefficiencies, which has led many public and private organizations to try and find solutions to improve the system. Hashed Health, a consortium leveraging blockchain and distributed ledger technologies, is looking to transform the U.S. healthcare system with a new round of funding of nearly $2 million.
Hashed Health wants to improve the healthcare system in the U.S. by addressing specific healthcare use cases through the development of work groups. According to the organization, it wants to empower its members by providing value-added services such as network product management, product development, regulatory guidance and technology support services for blockchain networks. With these solutions in place, organizations within the U.S. healthcare system will be equipped to address well-known issues in the industry that are responsible for inefficiencies, including revenue cycle management, payment reform, medical records, insurance and healthcare/pharmaceutical supply chain logistics.
“We are proud to partner with Martin Ventures, a leader in healthcare investments, and Fenbushi Capital, a leader in blockchain investments. With the initial round closed, we are continuing the exciting work of organizing the market around these game-changing projects,” said Hashed Health Founder and CEO John Bass.
Using blockchain will eliminate manual processes, such as reconciliation between multiple isolated ledgers, administrative processes, etc., while increasing the speed for transactions and settlements through immediate distribution. The transactions are carried with encryption to ensure the security of the data as well as lowering the cases of fraud by time-stamping entries and sharing a common, immutable ledger across the network.
Hashed Health said its technology will reliably and securely exchange data and transactions with product management, product development, regulatory guidance and technology support services for blockchain solutions and blockchain networks. Healthcare systems are then able to launch new industry level solutions more effectively and at lower cost while integrating and collaborating with existing solutions.
This is primarily achieved by educating members with many of the challenges they face in the healthcare industry such as navigating regulatory hurdles, developing technology, supporting technical standards, organizing multi-sector proof of concepts (POC’s), and providing blockchain / distributed ledger network support.
The chairman and founder of Martin Ventures, Charles Martin, which led the round of funding, said, “Blockchain and distributed ledger technologies hold tremendous promise in our attempts to place the consumer at the center of the healthcare ecosystem. The healthcare industry must be drastically reformed in order to address problems related to quality, cost and waste. Hashed Health is poised to drive innovation and collaboration to reach these goals.”
Edited by Alicia Young