UnitedHealth Group Inc (NYSE:UNH) To Unleash Its First Blockchain Foray

UnitedHealth Group to unleash its first blockchain foray

The stock of UnitedHealth Group Inc (NYSE:UNH) closed at $222.88 gaining 2.63% in yesterday’s trading session. This US healthcare giant has moved ahead to collaborate with several industry players and essentially it seeks to keep records up to date.

The new joint scheme provides that that the Optum subsidiary of the conglomerate will be working closely with a number of other industry players and that will of course be in a quest to address US doctor directories. A person familiar with the matter has moved ahead to disclose that almost 50% bears incorrect information and the government has also made that particular confirmation.

The joint statement indicates that the Industry estimates pointing to a figure of about 2.1 billion in the form of the incurred expenditure and of course that is annually across the diverse health care sector .Data is being generated and much more will be availed in time to come.

The pilot will be seeking to establish exactly how the sharing of data across the healthcare organizations on the block chain technology could help towards the improvement of access to care, streamlining of administration and above all the improvement of the accuracy of data. Basically the recent move marks a major leap forward in blockchain exposure for US healthcare and on the same to it is crucial to outline that the UnitedHealth at this point in time comes in the sixth place in the country in terms of the rankings.

The data mismatch many at times results in major delays in line with the Health claims. In this particular regard it is in relation to the data delivered by the various claimants as well as the actual records.

A proper adaptation of the Blockchain’s immutable ledger is a great move since it is fundamentally what it takes to do away with the associated inconsistencies. Mike Jacobs, who happens to be the Optum senior distinguished engineer, has spoken in relation to the matter outlining that there is a possibility it turns out to be among the first ones in terms of  the nationwide healthcare blaockchain alliances.

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Published by Steve Hackney

Steve Hackney is a corporate finance professional with over 14 years of experience in cash management and investing. He earned a Bachelor of Science in Finance from Florida State University and holds a Certified Treasury Professional certification. Steve lives in Orlando, Florida with his family.