Solve.Care Working to Disrupt the Insurance Industry
At the 2019 Insurance Summit, the Solve.Care team exhorted the power of blockchain to shake up the insurance industry during a well-received presentation. Here, we bring you a small taste of what they shared.
Hello everyone! Hope you’ve all enjoyed the conference so far.
My name is Julia Rokun, and I’m the Business development Manager at Solve.Care. I’m here today with my colleague Ali Rizvan, who is the Product Manager at our company.
I’d like to start our presentation with a short introduction about our background, who we are and how we are going to change and redefine healthcare and benefits administration and coordination around the world.
Solve.Care is a health-tech company that was launched more than 2 years ago with a clear mission:
· to simplify access to care
· reduce administrative burden
· simplify and speed up payments to healthcare providers
· improve healthcare outcomes
Our CEO Pradeep Goel and our other executive leadership worked for decades in the healthcare industry, in various roles. And they were always asking themselves, “How can we make healthcare better for everyone?”
It’s the same question we set ourselves when we started Solve.Care. It’s not a simple question, but we were undaunted. We created the answer — a platform for coordination and administration, built on blockchain.
The general concept of the platform is designed around building sponsored, patient-centric Care Administration Networks that connect and coordinate all parties.
To give us more details around this concept, as well as the nature of the key components Care.Wallet and Care.Cards and the use cases we’ve launched, here’s Ali Rizvan.
Ali talks about how Care Administration Networks create connections
In this graphic, we want to show you how the member — and whoever is in their family circle — is the center of your Care Administration Networks. All of the parties are connected, both to each other and to the patient.
As a Network sponsor, you determine the roles, participation, and access rules. You administer your Care Administration Network, including, but not limited to, managing participation, services, customer service, and payment of services.
The key component of the platform is Care.Wallet (for Family or for Physician), which provides access to Care Networks and delivers personalized Care.Cards to stakeholders. In this way, all information is synced, keeping everyone in your Network aware and able to meet the needs of the member and to do so using the most efficient methods.
For more on how Care.Wallet transforms healthcare, watch this video.
Ali shares the core values of the Solve.Care Platform
When building your Care Network, our focus is always on ensuring highly personalized and simple user experience with 4 key values.
First, timely access to care. We look to improve not only access to care, but to shorten the time it takes to get it and ensure that patients are seen as soon as possible.
And that leads to our second value: Better outcomes. Timely access and treatment inherently leads to improved care outcomes and fewer complications, especially for those members with chronic diseases.
All of which take us directly to Lower costs of care. Healthier patients require fewer medical resources and, thus, lower costs for healthcare overall. For example, effectively managing chronic medical conditions. With your Network, we can promote and reward preventive care and head off exacerbation of conditions, instead of responding to emergencies from preventable complications, an issue which costs insurance companies billions and leads to the unnecessary death of tens of thousands every year.
Our fourth value is eliminating fraud and waste. Our platform promotes transparency. All charges and payments are clear and easily understandable for all parties. There’s reduced duplication, because members share and sync information with all parties. And the immutable ledger means no place to hide fraud or abuse.
We believe that the Solve.Care platform is the new paradigm for coordinating care and administering benefits and payments, putting members and families in control of their health journey and outcomes.
That’s why we exist.
The Insurance Summit was held June 3–7 in Kansas City, Missouri. The event was hosted by the National Association of Insurance Commissioners (NAIC) and the National Insurance Producer Registry (NIPR).
The Insurance Summit brought together thousands of innovators and regulators from around the United States to explore the future of insurance regulation and discuss the latest technology. The event was content rich with over 100 sessions and 8 tracks, one of which being healthcare.