Magazine article Newsweek

Introducing Blockchain Impact Award Winner SimplyVital Health; the Healthcare Industry Is Ripe for a Blockchain-Inspired Transformation, and SimplyVital Health Is Leading the Charge

Magazine article Newsweek

Introducing Blockchain Impact Award Winner SimplyVital Health; the Healthcare Industry Is Ripe for a Blockchain-Inspired Transformation, and SimplyVital Health Is Leading the Charge

Article excerpt

Byline: galia benartzi

Diagnostic and treatment procedures are exorbitantly expensive. Claims processes are shrouded in mystery. Critical patient data is fragmented and inaccessible. The health care industry is ripe for blockchain-inspired transformation, and SimplyVital Health is leading the charge.

The company--which would be part of a system where patients pay for outcomes rather than for procedures and doctor visits--will allow its customers to securely access all their medical records via their phone.

To promote such value-based care, co-founder and CEO Kat Kuzmeskas, co-founder and Chief Technology Officer Lucas Hendren and their team have created a network of tools for a new digital health care ecosystem. Their products will let patients, hospitals, doctors, insurers and pharmaceutical companies share medical information quickly and efficiently. And because the records will be stored on a blockchain, the data will be reliable and immutable.

Health Nexus, one of the few open-source, public blockchain protocols compatible with federal privacy laws, is the software that connects health care players within the network. It lets developers build applications on the blockchain without having to worry about compliance issues. The company's program uses blockchain as an audit trail to improve the end-to-end process of insurance reimbursement, including claims processing and payment distribution. In the product's first four months, it has led to an average savings of $6,600 per patient for health care providers. …

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