Last week, blockchain health certification platform ProCredEx announced that it had raised $ 3.5 million in seed funding in a round led by Spectrum Health Ventures. ProCredEx offers a blockchain-compatible market to allow certification organizations to share, exchange and monetize credential verification data.
Other investors in the round include Martin Ventures, The Hardenbergh Group, Florida Funders and several strategic healthcare executives. In addition, ProCredEx said it has partnered with R3 to build its certification market on the corporate blockchain Corda.
Health care accreditation is an essential step for integrating new practitioners and other professionals. Currently, each organization, such as a hospital, an insurer, a laboratory, must independently verify the qualifications, experience, and other details of a doctor or nurse. Due to the heavy reliance on paper and manual labor, the process takes months and hospitals lose revenue while spending time and money checking details.
By leveraging blockchain, this process could be simplified to save time and money. The immutable nature of the blockchain gives accreditation companies and other healthcare providers a reliable source of information, and they can reduce manual communication to verify details.
Launched two years ago, ProCredEx was launched by Hashed Health and Tenon Consulting Solutions. It connects to any organization’s existing identification infrastructure, allowing them to share verified data and generate revenue.
“ProCredEx provides these people (accreditation professionals) with a secure tool to immediately acquire this information from accredited exchange members and resell the data they have worked on to verify themselves with other organizations that need of that information, “said Matt Cox, chief financial officer of Spectrum. Health.
“Accreditation stands out as an ideal solution because the use of technology allows us to resolve trust issues related to verification of information, while enabling an innovative and simplifying business model,” said John Bass , CEO of Hashed Health.
ProCredEx is a large-scale initiative that has attracted the interest of various organizations. Last year, National Government Services, Spectrum Health, WellCare, Accenture and The Hardenbergh Group announced that they were using ProCredEx for health care certification.
Meanwhile, Aetna, Humana and UnitedHealth Group are part of the Synaptic Health Alliance, which is working on a blockchain-based supplier directory.
The United Arab Emirates Ministry of Health and Prevention (MoHAP) has launched a blockchain platform to record and share assessment information from health professionals.
In the United States, MD-Staff has launched an accreditation solution called Checksome, which verifies data from organizations such as the National Practitioner Data Bank, the Office of the Inspector General, and System for Award Management (SAM).
