Avaneer Health on Thursday introduced new backing from a number of blue-chip healthcare organizations, who’re committing $50 million in seed funding to the well being network.
WHY IT MATTERS
The new funding comes from founding network individuals together with Aetna, Anthem, Cleveland Clinic, Health Care Service Corporation, PNC Financial and Sentara Healthcare, in accordance with Avaneer Health.
The network, based by these individuals and others this previous 12 months, is constructed utilizing blockchain expertise and makes use of HL7’s FHIR specification to broaden knowledge entry throughout healthcare organizations, with a give attention to with payer-to-payer knowledge change, eligibility and prior authorization.
Avaneer Health’s structure is designed to allow safe and streamlined transactions for its individuals. Having grown this previous 12 months, the network plans to make use of the brand new seed cash to put money into expertise and expertise and construct out nationwide, officers say.
THE LARGER TREND
Ongoing interoperability hurdles – and the care disruptions and value inefficiencies that include them – are a longstanding problem for payers and suppliers alike
Avaneer Health factors to CMS knowledge exhibiting U.S. healthcare spending up 4.6% in 2019 – $11,582 per particular person for a complete of $3.8 trillion, anticipated to extend to $6 trillion by 2025. It additionally factors to the CAQH 2020 Index Report, which finds that fixing inefficiencies in knowledge change may save tens of billions.
Blockchain has been seen as a possible game-changer for safe knowledge change, however continues to be in its early levels throughout most of healthcare.
One of the well being techniques that has been doing work with blockchain and distributed ledger expertise is Norfolk, Virginia-based Sentara Healthcare, which has labored with Cigna and IBM on some interoperability use circumstances and has partnered with tutorial establishments to evaluate its potential for id and entry administration.
Tim Skeen, Sentara’s CIO, additionally serves as co-chair of Avaneer Health’s board of administrators.
“Together, we’re changing the paradigm of healthcare data flows with a secure network empowered by blockchain, FHIR and other leading technologies,” mentioned Skeen in an announcement asserting the brand new funding for Avaneer.
“To achieve truly frictionless and seamless care, healthcare needs greater transparency and ease of navigation for all parties involved, particularly as we move toward greater adoption of value-based care,” he added.
ON THE RECORD
“Addressing administrative costs and creating a positive consumer experience requires connectivity and the type of data fluidity we have come to expect in other industries,” mentioned Stuart Hanson, founding CEO of Avaneer Health, in an announcement.
“We are very excited to jumpstart our network to enable healthcare organizations to work together with a foundation of trust to solve the ‘last mile’ problem in healthcare,” he mentioned. ‘This group of well-known business backers provides Avaneer Health the preliminary capital, scale and information base from launch, and positions us for added progress and business enterprise investments in 2022.”
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