A new blockchain initiative in the US medical insurance industry is underway in Texas, as Quantum Medical Transport (DRWN: OTC.PK) formed a joint venture with medical billing firm River Oaks Billing Associates. The announcement, on Wednesday, stated that Quantum intends to implement medical billing payments into its blockchain platform for secure processing of insurance claims and patient billing,
The two companies have agreed to share all revenue generated by the partnership, with River Oaks responsible for marketing the medical billing blockchain service as compliant with HIPPA (Health Insurance Portability and Accountability Act standards), according to a statement.
Both Quantum and River Oaks have agreed to jointly enter the HEIDIS (Healthcare Effectiveness Data and Information Set) medical records and storage business, which they believe is changing how insurance companies retrieve, analyze and store data in a secure Blockchain cloud.
Created by the National Committee for Quality Assurance, the HEIDS framework has been used widely in the managed care industry to measure the performance and level of fraud in insurance claims billing.
“We plan to rival many of the giants in this industry by becoming the frontrunner in a fully HIPPA compliant medical blockchain technology,” said Ricky Bernard, CEO in a statement.
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