China’s Zhejiang province has processed nearly $6 billion blockchain medical billing using Ant Financial’s blockchain technology.
On Nov. 18, QNSB reported the news on the blockchain medical billing platform.
A pilot was conducted successfully last year allowing citizens to:
To make doctor’s appointments
Get prescriptions as well as pay
Record and store their medical bills online
The pilot testing was conducted in Zhejiang’s Taizhou city in 2018 in partnership with 11 local comprehensive hospitals. The pilot reportedly reduced the per-patient visit time from 170 minutes to 75 minutes.
Insurance Payout Accelerated By 96 Times
The Zhejiang Provincial Department of Finance highlighted that the platform had 480 medical institutions across the province as of Oct. 28. The platform processed nearly 41.7 billion Chinese yuan ($5.9 billion) as of October.
The issuance and verification of medical documents reportedly sped up the insurance payouts by 96 times. According to the report, the platform cut down the insurance claims procedures from 12 days to three hours so far.
The technology of Ant’s Blockchain is developed by Alibaba, a subsidiary of Ant Financial.
Source: QNSB | Cointelegraph | Image: OpenLedger