Blockchain constructed Avaneer Health community will get $50M boost from Aetna, Cleveland Sanatorium, others

On Thursday, Avaneer Health announced unique backing from several blue-chip healthcare organizations, who’re committing $50 million in seed funding to the neatly being community.

WHY IT MATTERS


The unique funding comes from founding community participants at the side of Aetna, Anthem, Cleveland Sanatorium, Health Care Service Company, PNC Monetary and Sentara Healthcare, fixed with Avaneer Health.

The community, founded by those participants and others this previous year, is constructed the reveal of blockchain abilities and uses HL7’s FHIR specification to expand recordsdata get entry to across healthcare organizations, with a highlight on with payer-to-payer recordsdata alternate, eligibility and prior authorization.

Avaneer Health’s architecture is designed to enable stable and streamlined transactions for its participants. Having grown this previous year, the community plans to make reveal of the unique seed money to spend money on abilities and abilities and assemble out nationwide, officers suppose.

THE LARGER TREND


Ongoing interoperability hurdles – and the care disruptions and value inefficiencies that contain them – are a longstanding topic for payers and suppliers alike.

Avaneer Health components to CMS recordsdata exhibiting U.S. healthcare spending up 4.6% in 2019 – $11,582 per individual – for a total of $3.8 trillion. That figure is expected to secure larger to $6 trillion by 2025. It also components to the CAQH 2020 Index File, which finds that fixing inefficiencies in recordsdata alternate could maybe well save tens of billions.

Blockchain has been considered as a skill game-changer for stable recordsdata alternate, but is aloof in its early stages across most of healthcare. 

Notion to be one of many neatly being systems that has been doing work with blockchain and dispensed ledger abilities is Norfolk, Virginia-primarily based fully Sentara Healthcare, which has worked with Cigna and IBM on some interoperability reveal conditions and has partnered with instructional institutions to evaluate its skill for id and get entry to management.

Tim Skeen, Sentara’s CIO, also serves as co-chair of Avaneer Health’s board of directors.

“Collectively, we’re changing the paradigm of healthcare recordsdata flows with a stable community empowered by blockchain, FHIR and other leading technologies,” mentioned Skeen in a commentary announcing the unique funding for Avaneer. 

“To spoil genuinely frictionless and seamless care, healthcare wants larger transparency and ease of navigation for all parties alive to, particularly as we switch in the direction of larger adoption of designate-primarily based fully care,” he added.

ON THE RECORD


“Addressing administrative charges and rising a undeniable individual abilities requires connectivity and the form of recordsdata fluidity we delight in now come to verify in other industries,” mentioned Stuart Hanson, founding CEO of Avaneer Health, in a commentary.

“We’re very infected to jumpstart our community to enable healthcare organizations to work along with a foundation of belief to resolve the ‘final mile’ topic in healthcare,” he mentioned. “This community of neatly-known industrial backers offers Avaneer Health the initial capital, scale and recordsdata nefarious from delivery, and positions us for extra advise and industrial venture investments in 2022.”

Twitter: @MikeMiliardHITN


E mail the author: [email protected]


Healthcare IT Files is a HIMSS publication.

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