MSP Recovery, a $32.6 billion publicly-traded U.S. company leading the healthcare reimbursement recovery industry, has partnered with Tokenology to launch a healthcare claims tokenization platform that will help eliminate fraud and benefit patients, care providers and insurers alike.
LifeChain will run on Polygon, leveraging the carbon-neutral network’s low transaction fees, high throughput and a suite of scaling solutions. This one of a kind healthcare blockchain will need to handle a massive amount of medical claims and daily tokenizations are expected to reach 50 million by 2024.
LifeChain is a fully tokenized Medicare, Medicaid and commercial claims recovery system protected by biometric security. The platform is designed to solve significant problems the healthcare industry faces today, including fraud, inefficiency in payments, and antiquated processes, to provide real-time decentralized services that connect patients to providers and their own medical data like never before.
MSP Recovery in partnership with Tokenology are looking to tackle the $68 billion in annual U.S. healthcare fraud by providing an immutable blockchain-based solution. The market for healthcare billing in the U.S. is $7.2 trillion a year and MSP Recovery already has over $360 billion in historical claims under review for potential corrections and recoveries.
“I have seen first-hand how the healthcare systems used by providers and insurers for data capturing are immensely flawed,” says MSP Recovery Founder and CEO, John H. Ruiz. “As a result, we developed LifeWallet, a robust ecosystem unlike any other, allowing for patient optimization of health records as well as invaluable resources for providers, leading to more efficient registration and improved patient outcomes.”
LifeWallet is MSP Recovery’s consumer-facing application that allows individuals access to their medical history and life-saving resources, while at the same time delivering invaluable resources from the platform to providers. Payers and providers can also use the application to confirm proper treatment and payment for healthcare services. LifeWallet is powered by MSP Recovery’s sophisticated data analytics to enable informed decision-making and improved patient care to help save lives on a HIPPA-compliant, highly-secure platform.
“This partnership will enable us to leverage the full capabilities of blockchain to deliver a healthcare product that will revolutionize the experience for patients and providers,” said Tokenology Co-Founder, John Weiser. “The goal of LifeChain is to improve the lives of as many people as possible while empowering them to take control of their own medical data and payments.”
Through LifeChain, medical providers can expect to increase their revenues by at least 30% a year through a combination of increased efficiencies and higher recoveries. Insurers can experience a drop in fraud by as much as 90%, helping alleviate a significant burden on the U.S. healthcare system.
“Truly impactful and wide-reaching projects such as these are a testament to the evolution of enterprising new solutions that developers like Tokenology are building using Polygon technology,” said Sandeep Nailwal, co-founder of Polygon. “We are proud to provide the infrastructure, security, and reliability needed for a project with such scalability demands and equally as big ambition.”
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