NASHVILLE, Tenn., Sept. 18, 2018 /PRNewswire/ -- Change Healthcare today announced the establishment of a new cloud-based network infrastructure to promote more efficient, transparent, and secure administrative and financial transactions. As the first stage of a collaborative initiative working with stakeholders across the healthcare ecosystem, the company will deploy this network on Amazon Web Services (AWS). The network will allow the use of blockchain-enabled technologies to govern transactions throughout the claims continuum. As a result, payers and providers will benefit from an immutable, auditable record that can be accessed at any time, as well as dramatically reduced administrative costs, and near-real-time claim adjudication.
"From our unique position at the center of the payer, provider, and consumer experiences, we see where existing healthcare processing issues can be addressed, and our business is built on delivering solutions to those problems," said Kris Joshi, EVP and President, Network Solutions, Change Healthcare. "AWS's flexibility, scalability, and reliability makes them an ideal partner to extend our connectivity to the cloud and offer next-generation technologies, such as blockchain, to facilitate and speed payer-provider information exchange. Moving forward, we will enlist the expertise and technologies of other players in the healthcare space to extend the availability, functionality, and value of this network."
Building the next-generation network on the cloud enables an ecosystem for healthcare transformation. In January, Change Healthcare announced availability of its Intelligent Healthcare Network™ with blockchain, featuring claims management transparency, marking the first enterprise-scale blockchain in healthcare. Through its blockchain, the Intelligent Healthcare Network can generate nearly 50 million milestone blockchain transactions per day at an average rate of 550 transactions per second. Working with AWS and other healthcare stakeholders, Change Healthcare will complement this network with a cloud-based offering using blockchain technologies, allowing payers and providers to accurately track, in real time, the status of claims submissions and remittances across the complete claim lifecycle.
The Change Healthcare Intelligent Healthcare Network reaches nearly all government and commercial payers (approximately 2,100 connections), more than 5,500 hospitals, 800,000 physicians, and 60,000 pharmacies. Today, it handles one of every five patient records in the U.S., and processes 12 billion healthcare transactions and $2.0 trillion in claims annually.
About Change Healthcare
Change Healthcare is inspiring a better healthcare system. Working alongside our customers and partners, we leverage our software and analytics, network solutions, and technology-enabled services to enable better patient care, choice, and outcomes at scale. As a key catalyst of a value-based healthcare system, we are accelerating the journey toward improved lives and healthier communities. Learn more at www.changehealthcare.com.
SOURCE Change Healthcare