Before a clinician joins a medical or pharmacy staff, the institution or company in question must first verify their credentials, a lengthy process resulting in lost salary for physicians waiting to work and lost revenue for employers.
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Not only are credentialing and licensing processes long and costly, they are also inefficient as 52.2% of directories contain inaccuracies, with 12-18% of provider directories incorrectly listing a provider as participating in a plan or being out of date.
Blockchain technology can both providers and payers to be credentialed swiftly and efficiently, saving months of lost time and money. The single source of truth aspect ensures that all parties have access to the same data in real time, allowing updates to reach multiple parties at once rather than moving slowly down the funnel as it does now. Meanwhile, the peer-to-peer network inherently simplifies and automates the process of verification, as data is transparent and can be confirmed by peers. Learn more from our industry expert.