Small-business association health plan CarynHealth is partnering with blockchain developer HSBlox to automate and cut costs among members of its benefits network, online publication Bankless Times reports.
HSBlox's HSBSuite ledger technology will provide "an innovative, best-in-class approach to the administration of affordable coverage options,” HSBlox CEO Rahul Sharma told Bankless Times.
CarynHealth was formed by Association Health Plans of America in response to federal regulations allowing small businesses to group together for health benefits. The plan hopes to automate payments and administrative processes to improve quality and keep costs down through the HSBSuite technology.
"HSBlox's integrated set of applications will support us in leading the way to customized, affordable coverage for small business," Association Health Plans Chairman Fran Tarkenton told the publication. "In the past eight years, 35 percent of small businesses have had to drop health coverage for their employees — yet the No. 1-rated employee benefit is health coverage."
Association Health Plans said it expects its CarynHealth brand's "association in the box" platform, launching in Georgia and Arizona in the second quarter, to save up to 15 percent more than existing small-business health plans.
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