Blockchain 2.0 application layer play Factom has formed a partnership with medical records and services solutions provider, HealthNautica, to secure medical records and audit trails using the blockchain.
Factom and HealthNautica hope to use Factom’s immutable ledger to verify and time-stamp medical records and claims for HealthNautica’s clients, including hospitals and physicians, to achieve efficiency in claims processing as well as ensure data within the medical records remains unchanged.
According to Factom, its technology first cryptographically encodes the private medical data, and a digital fingerprint of the data is used for time-stamping and verification processes. This practice is designed to protect patient confidentiality by ensuring the actual medical records are not revealed to third parties, including Factom, nor transferred from their original location, making the process HIPAA compliant.
Factom’s President Peter Kirby noted:
We are excited to insert Factom’s technology into the healthcare industry, as one of our goals while developing this software was to offer a way to ensure the integrity of medical records, while still maintaining patient privacy. HealthNautica is a pioneer in digital health records, and we are thrilled to pave the way in the next generation of tamper-proof record keeping and audit trails with them.
If it works, the partnership is introducing one of the first real-world use cases of blockchain technology as a business solution in the healthcare industry.
The Factom technology is a perfect fit for enhancing the audit trails and the secure nature of the healthcare records that HealthNautica manages for its users
– said Shailesh Bhobe, president of HealthNautica.
The use of the blockchain to solve billing and claims process disputes, as well as ensure the validity of medical records, is the first step to addressing the many security challenges and inefficiencies in the healthcare industry. According to HealthNautica’s board member, Andrew Yashchuk:
The next step is educating insurance companies in using the blockchain for their record keeping, so that all parties involved are able to easily verify the accuracy of the claims and further increase efficiency in medical billing processes, while still protecting client confidentiality.
Factom is in the midst of a “software sale” or crowfunding round on the Koinify platform that will end at on 15 May. Thus far, Factom has sold nearly 4 million of its Factoid tokens at a phased price schedule that has adjust from 2000 Factoid per Bitcoin to 1700 Factoid per Bitcoin. The Factoid count will continue to fall by 100 every 7 days until the sale ends.