Factom Announces Partnership with HealthNautica
We are excited to insert Factom’s technology into the healthcare industry as ... a way to ensure the integrity of medical records, while still maintaining patient privacy.
Factom, the first usable blockchain technology to provide an unalterable record-keeping system, today announced its partnership with medical records and services solutions provider, HealthNautica, to secure medical records and audit trails using the blockchain.
By using Factom’s immutable ledger to verify and time-stamp medical records and claims for HealthNautica’s clients, including hospitals and physicians, both parties hope to achieve efficiency in claims processing as well as ensure data within the medical records remains unchanged.
Factom’s technology first cryptographically encodes the private medical data, and a digital fingerprint of the data is used for time-stamping and verification processes. This practice protects patient confidentiality by ensuring the actual medical records are not revealed to third parties, including Factom, nor transferred from their original location, making the process fully HIPAA compliant.
“We are excited to insert Factom’s technology into the healthcare industry, as one of our goals while developing this software was to offer a way to ensure the integrity of medical records, while still maintaining patient privacy,” said Peter Kirby, president of Factom. “HealthNautica is a pioneer in digital health records, and we are thrilled to pave the way in the next generation of tamper-proof record keeping and audit trails with them.”
This partnership introduces one of the first real-world use cases of blockchain technology as a business solution in the healthcare industry. As files are often misplaced or altered due to disparate systems that do not speak to each other, businesses are seeking to adopt new ways to permanently document and safeguard client records in real time using the blockchain.
“The Factom technology is a perfect fit for enhancing the audit trails and the secure nature of the healthcare records that HealthNautica manages for its users,” said Shailesh Bhobe, president of HealthNautica.
The use of the blockchain to solve billing and claims process disputes, as well as ensure the validity of medical records, is the first step to addressing the many security challenges and inefficiencies in the healthcare industry. According to HealthNautica’s board member, Andrew Yashchuk, “The next step is educating insurance companies in using the blockchain for their record keeping, so that all parties involved are able to easily verify the accuracy of the claims and further increase efficiency in medical billing processes, while still protecting client confidentiality.”
Factom is the first usable blockchain technology to solve real-world business problems by providing an unalterable record-keeping system. By creating a data layer on top of the Bitcoin blockchain, Factom’s distributed ledger technology secures millions of real-time records in the blockchain with a single hash using cryptographic isolation. Businesses and governments alike can use Factom to document their information so that it cannot be modified, deleted or backdated. Factom’s technology decentralizes record keeping by ensuring that the integrity of stored data remains intact, providing complete transparency, while at the same time maintaining user privacy in an increasingly digital world.
HealthNautica is a medical records and services solutions provider. Their customizable, customer-driven, cloud-based software provides streamlined and improved communication between hospitals, physicians and patients. Their eORders product vastly improves the surgical and procedural scheduling processes, reduces delays, eliminates unwarranted cancellations, increases volumes and improves outcomes.