Secret Solution to Saving $792 Billion from Insurance Fraud
III. Universe designed by MediBloc in Korea
- Smart Insurance Claim Application System
Cumbersome insurance claim will now be automatically done!
Patients do not have to go around looking for their evidence documents for insurance claims.
Every insurance company has its own unique requirements for insurance claims. In order to claim insurance payments, Patients have to submit insurance claim application, ID, account info, evidence of hospital admission and discharge, evidence of surgery, treatment invoice, receipt and more. Depending on the illness, document requirements and review process can be extremely complicated. There are many loopholes in this system that lead to frequent insurance fraud.
All these submissions of required documents do not guarantee instant retrieval of insurance claims. Insurance claim payments all differ depending on the insurance company and the insurance product. However, highly complicated and subjective insurance claim standards lead to unfair dismissal of claim requests. Each claim case is carefully reviewed again even after the claim request meets the criteria, and thus payments frequently end up being delayed. Senior citizens often face difficulties filing for insurance claims due to these complexities. The need for Smart Insurance Claim Application thus has been highlighted often in the media and among insurance industry participants.
Insurance fraud is creating a huge loss for insurance companies and also for honest insured people. According to Insurance Research Institution, recorded insurance fraud cases in Korea amounted to $4.5 billion. The loss from insurance fraud globally amounts to $792 billion. Insurance frauds occur because patients can potentially forge the evidence documents in the process of retrieving the documents from medical institutions and submitting the insurance claim applications. Blockchain can prevent this document forgery. Data produced through blockchain is 100% trustworthy and reliable as any changes to the original data must be recorded on blockchain network. Insurance fraud will substantially decrease when healthcare data are handled through blockchain technology.
MediBloc in Korea is an integrated healthcare information system based on blockchain technology.
Patients can automatically file for insurance claims based on their treatment records if they connect their insurance product onto MediBloc system. MediBloc in Korea resolves the complex and inconvenient insurance claim process through blockchain-based smart contract and at the same time prevent data forgeries that lead to fraud activities. Individuals and society will both benefit from these automations based on blockchain technology. Implementation of smart contract on insurance Terms and Use will enable faster and efficient process for insurance registration and claim payments.
MediBloc’s PHR Platform Makes Insurance Claim Filing Process Very Simple
If insurance products are fully implemented on smart contract, the review of claim case and claim payments can all be processed in real time. MediBloc in Korea will make patients’ insurance experience remarkably simple and save colossal spending on insurance fraud.
