HOUSTON, Nov. 21, 2017 /PRNewswire/ -- Not everyone has been waiting for Congress to improve the chaotic and expensive situation in American healthcare.
A new company based in Texas sees the promise of a solution in the blockchain.
By using the blockchain to make secure healthcare transactions, the CareX Blockchain Platform will reduce the cost for services like doctor visits or trips to the emergency room.
"There's at least one simple reason health care expenses have gone up so much--paperwork," said CareX Blockchain Platform CEO Mike Bishop. "Somebody has to be paid to do all the paperwork and make sure it results in money coming in."
CareX estimates patients could get discounts as big as 40 percent off the "Usual and Customary" rate.
"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," said Bishop.
CareX integrates healthcare systems by enabling patients to make transactions with an encrypted wallet that holds their medical records.
By accepting the CareX Platform, providers will receive analytics software to help track their billing nightmare--which incidentally is how CareX came to be born.
"That was our first business, healthcare revenue cycle solutions," explains CareX founder Venkat Garikapati. "We learned a lot trying to help doctors keep track of their health insurance claims and we came to the conclusion that transparency was the solution."
CareX will be launching early next year, just in time for Obamacare premiums to jump an average of 37 percent. It will be a viable alternative to purchasing expensive insurance.
"The current situation is a real mess and Americans are increasingly tired of how expensive it is," said CareX CTO Andy Tunisi, who has spent many years in hospitals as an IT professional. "It's not really anybody's fault, but it's time for an alternative. We think that alternative is CareX."
Learn more about CareX Blockchain Platform by signing up for a whitepaper at https://carex.tech/
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