Medical credentialing is a labor-intensive, time-consuming, and costly process for medical practices, hospitals and the doctors themselves.
Context & Challenges
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.
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inaccuracies, with 12-18% of provider directories incorrectly listing a provider as participating in a plan or being out of date.
STRATO Mercata for medical credentialing cuts time, costs, and the convoluted nature of the current system, while keeping security and privacy at its core.
STRATO Mercata allows 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.
— Faster, lower cost credentialing processes
— Reduced back-office burden and reconciliation time
— Simple integration into existing ERP and EHR systems
— Clearer, more secure identity management for care providers
— Reliable, validated credential information and automated updates
— Flexibility in credential types (e.g. state-to-state) from smart contracts