SAN FRANCISCO, Aug. 3, 2021 /PRNewswire/ -- Chronicled and Cardinal Health today announced a partnership to leverage a new blockchain-powered solution on the MediLedger Network to streamline operations across the pharmaceutical supply chain and enable a reliable, frictionless experience for pharmacies across the country. The new blockchain solution will allow Cardinal Health to optimize the complex process of pharmaceutical chargebacks and create greater connectivity for its suppliers and customers.
Chronicled, the administrator of the MediLedger Network, provides Cardinal Health and industry partners a shared decentralized infrastructure with real-time visibility to eliminate disputes and improve pricing accuracy. The blockchain-powered solution will enforce the accuracy and integrity of chargebacks submitted across Cardinal Health's pharmaceutical supply chain.
"We are committed to developing and leveraging innovative solutions that create compelling, frictionless experiences for our customers and their patients," said Ray Bajaj, CTO of Cardinal Health and leader of our innovation engine, Fuse. "Being a part of the MediLedger Network and implementing blockchain technology is a crucial step forward in our digital transformation journey here at Cardinal Health."
Chargeback (pricing) errors can occur for many reasons, but the result is always manual processing, duplicate effort, and back-and-forth communication between trading partners to resolve them. Research studies have also shown an estimated $4 Billion in revenue leakage for suppliers that can be attributed to chargeback disputes. Suppliers, wholesalers and GPOs are constantly looking for ways to reduce errors and streamline this process.
The Contracts & Chargebacks solution on the MediLedger Network will help Cardinal Health provide its partner suppliers and GPOs, a single source of truth for GPO membership, customer identifier data (ex. HIN, DEA, 340B), and contract pricing data that always stays completely aligned between trading partners on the network. The network itself then uses this aligned reference data to enforce chargeback accuracy.
"Blockchain technology and increased collaboration across the industry is essential to driving efficiencies, reducing costly errors, and significantly improving the chargeback process," said Craig Cowman, EVP of Global Sourcing for Cardinal Health. "Greater connectivity with our supplier partners is always a focus of ours and we're excited to deploy this new solution to deliver higher quality results across our supply chain network."
Susanne Somerville, CEO of Chronicled said, "We are excited about the very real value being created within the contracting and chargebacks process. Cardinal Health's vision for the future of blockchain and collaboration in the Life Sciences and Healthcare industry is inspiring and we are proud to partner with them to make that vision a reality through the MediLedger Network."
Chronicled and Cardinal Health are now encouraging industry partners to also join the MediLedger Network to benefit from:
Pricing integrity and contract eligibility data
Automation of membership and customer evaluation processes
Elimination of most chargeback errors
Reduction in time spent resolving disputes
Reduction in revenue leakage
For suppliers and GPOs interested in learning more about joining the MediLedger Network contact [email protected].
About Cardinal Health Cardinal Health is a distributor of pharmaceuticals, a global manufacturer and distributor of medical and laboratory products, and a provider of performance and data solutions for health care facilities. With 50 years in business, operations in more than 40 countries and approximately 48,000 employees globally, Cardinal Health is essential to care. Information about Cardinal Health is available at www.cardinalhealth.com.
About Chronicled Chronicled, a San Francisco-based technology company, enables automation, trust, and automatic settlement for intra-company transactions in the Life Sciences and Healthcare industry. Through the industry leading blockchain-powered MediLedger Network, Chronicled offers trading partners a new way to manage revenue, automate manual processes, and eliminate revenue leakage, while ensuring pricing accuracy and efficiency for health care providers and dispensers. To learn more visit www.chronicled.com.