Aetna and other Blue-Chip healthcare seeds fund to Blockchain network

Health and Wellness Informatics News

Blue-chip health care like Atena, Cleveland, and others to fund Avaneer Health Network. The network tends to use FHIR and distributed Ledger technology.

Avaneer Health care, built on Blockchain, will receive a fund of $50 M. Aetna, Anthem, PNC Financial, and Sentara Healthcare, Cleveland will take part in the funding.

The architecture of the network is on the blockchain. It makes use of HL7’s FIHR for the expansion of data transfer. Also, it will specialize in focusing on payer-to-payer data exchange. However, it will work to feature eligibility and prior authorization.

The network will serve the secure and seamless transaction. With the fund money, the network is set to invest in talent, technology, and expansion.

The network grew in leaps and bounds over the years. It is evolving. However, it keeps on updating and overcoming all the barriers. It gets affected by care disruption. But, it also bounces packs with all cost inefficiencies.

Avaneer Health brought up US spending 4.6% in 2019. The CMS data points out that $11,582 per person. However, it accounts for a total of $3.8 trillion. It will also increase to $6 trillion in 2025. The US is all set to prepare its health care.

As per the CAQH 2020 Index Report, the inefficient transfer of data leads to a loss of 7 to 10 billion. Blockchain will provide a solution to this issue. However, it can build a highly efficient network for secure data transfer. Health care recently incorporated it into their system. So, it is a long way to go.

Virginia-based Sentara Healthcare has been using the blockchain for the longest time. It incorporated with Cigna and IBM on interoperability use cases. Also, it has partnered with academic institutions. It aimed to build better identity and access management.

Tim Skeen informed the new fund for Avaneer stating, “Together, we’re changing the paradigm of healthcare data flows with a secure network empowered by blockchain, FHIR, and other leading technologies.”

The network aims to build seamless healthcare. It will need transparency and navigation. However, it involves the adoption of enhanced technology for value-based care. Data fluidity will also help health care create an atmosphere.

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