Global Care Administrators plans to launch a new transaction system, Global Care Pay, that uses blockchain technology to authenticate patients, authorize procedures, file claims and reimburse providers in real time.
Former PayPal Chief Technology Officer Scott Guilfoyle, who now serves as president for Global Care Administrators, said the payment system is the "holy grail for revenue." Global Care Pay has the potential to eliminate some of hundreds of millions of dollars spent on administrative tasks.
Global Care Administrators is raising capital to continue to build out the payment system.
Along with the payment system, Global Care Administrators also released Global Care Analytics on July 23. The analytics tool is designed to give healthcare leaders millions of data sets on claims, cost and clinical data.