Healthcare companies are using blockchain technology to dramatically improve the complex process of chargebacks
chargebacks represent the single largest deduction from gross sales for most pharmaceutical and healthcare product companiesMediLedger’s protocol aims to eliminate friction by connecting the disparate parties on a common blockchain-based network, which will then automate the contract reconciliation and chargeback processes. The design phase is currently underway, with a plan to begin testing the protocol later this year.
Justin Bowers, VP of Contract Administration and Financial Services at McKesson, also commented on the power of blockchain technology to combat difficult supply chain management. According to Chronicled’s CTO, Maurizio Greco, MediLedger uses blockchain technology to achieve three things. First, it stores synchronized public data, ensuring that everyone is using the same"source of truth." Second, it holds an immutable record of transactions that have taken place, but in a confidential way that safeguards valuable business intelligence. Finally, it utilizes smart contracts to enforce business rules and execute transactions to ensure the integrity of the system.
While MediLedger’s open protocols are available to anyone in the industry who wants to participate in the system, users’ data is kept safe behind a firewall. According to Chronicled, information is only shared with the trading partners a user specifically chooses. There is no central repository of all data, as the blockchain serves the purpose to cryptographically connect records.
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