A Bellaire, Texas-based company is leveraging blockchain technology to make secure healthcare transactions that it says will reduce the cost of health services.
CareX Blockchain Platform estimates patients could get discounts up to 40 percent off the "usual and customary" rate. Its system allows patients to make transactions with an encrypted wallet that also holds their medical records.
"There's at least one simple reason health care expenses have gone up so much — paperwork. Somebody has to be paid to do all the paperwork and make sure it results in money coming in," said CareX Blockchain Platform CEO Mike Bishop. "Doctors love the idea, because they are getting a solution to their medical records problem, they are paid immediately with something that has inherent value, and they can keep track of their billing and insurance claims using the analytics dashboard."
CareX Blockchain Platform will launch early next year, marketed as an alternative to purchasing insurance.
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