This week, Tassat Group, a provider of private permissioned blockchain-based real-time settlement solutions, announced its strategic partnership with Veuu, an AI-powered healthcare fintech company, to improve the inefficiencies and opaqueness plaguing the healthcare claims and payment process.
Leveraging Tassat’s smart contract capabilities, this collaboration empowers Veuu with a solution to provide greater confidence in the traceability and immutability of insurance claims and instant payments for its healthcare customers. The initiative enables payers, providers, and banks to maintain full visibility into their claims payments processes and automate payment data with end-to-end traceability and audit functionality, resulting in maximized cash flow management and operational efficiency while bringing providers and payers closer together.
“Private blockchain delivers unique benefits for healthcare providers, allowing them to execute insurance claims with greater control, security, and efficiency of payment data,” said Tassat CEO Zain Saidin. “Veuu’s robust suite of digital tools and AI capabilities offers its customers enhanced revenue cycle management and improved working capital financing.”
The claims process is often an opaque financial barrier due to the costs of maintaining HIPAA compliance with patient data and the varying objectives of payment participants. Physicians spend tens of thousands of dollars per year on the technology and infrastructure required to maintain regulatory compliance, with the annual industry-wide cost north of $8.3 billion. With Veuu’s artificial intelligence engine, which provides a 360-degree risk assessment of claims allowing for instant payments, and Tassat’s Smart Contract technology addressing the audibility of the claims processes, this partnership enables payers and providers to better optimize their administrative resources and improve the quality of care.
“The ability to create a smart contract for a healthcare claim and remittance introduces automation, transparency, and auditability while removing fraud from the process of healthcare payments. Storing this protected data on a blockchain is the optimal use for this technology,” said Veuu founder and CEO Terence Mills. “Marrying this solution with a healthcare use case which allows providers to get paid instantly while also reducing cost for payers, solves one of the biggest problems in healthcare.”