CuraBlox Utilizes Distributed Ledger Technology and Smart Contracts to Ease Administrative Burden and Accelerate Value-Based Payment Models
HSBlox, a technology company that is bringing innovation and transparent economics to the healthcare ecosystem, announced the launch of its CuraBlox™ solution. Leveraging blockchain (distributed ledger technology or DLT), CuraBlox enables healthcare organizations to receive bundled payments from contracted Insurers or Employers and orchestrates episode workflows, including movement of funds and data to/from post-acute care team providers.
Traditional approaches are time-consuming and require the use of spreadsheets, manual reconciliations, phone calls, and a lack of timely information. CuraBlox offers integrated workflow, smart contract automation, and real-time data delivery—enabling transparency, coordination, and scaling. Using DLT smart contracts, episodes are initiated and authorized in real-time and care team notifications are broadcast on a permissioned basis. Smart contracts enforce business rules, enabling automation of processes, data sharing, and transaction processing.
“Real-time data sharing and value-based payment models are vital to improving care and containing cost,” said Rahul Sharma, chief executive officer of HSBlox. “CuraBlox makes payment disbursement, reconciliation, and reporting of metrics easy to track and efficient, enabling the scaling of bundled payments programs.”
The CuraBlox solution incorporates the HSBlox Smart Contract Library—where episode definitions are stored. Episode definitions can be viewed, edited, saved, and approved—providing ease of scaling for contract administration. Operational features of the solution include onboarding and payment of participating care team providers, episode-eligible patient identification, administration of incentive payments and/or withholds, incorporation of care guidelines, and closure of episodes.
According to a study by McKesson and ORC International, payers and hospitals expect that bundled payments will account for 17 percent of medical payments by 2021—but only half of payers and 40 percent of providers report readiness to implement bundles.
“Bundles are a fast-growing payment model for health plans and CuraBlox is an ideal solution to support this growth,” added Sharma. “HSBlox is attacking known complexities with its distributed ledger technology platform, the innovative workflow of the CuraBlox application, and its Smart Contract Library.”
HSBlox will demonstrate CuraBlox, RevBlox and Digital Sample Management solutions at #HIMSS19 February 12-15 in Innovation Labs in Orlando. They will also present the CuraBlox solution February 13th at 2:15 PM in the Innovation Live Pavilion, Hall F at the Orange County Convention Center.