This interview is part of our new Blockchain In Healthcare series, where we interview the world's leading thought leaders on the front lines of the intersections between blockchain and healthcare.
In this interview we speak with Tyler Wince, VP of Research and Development at Myndshft, to understand how his company is using blockchain to transform the healthcare business, and what the future of the industry holds.
1. What’s the story behind Myndshft? Why and how did you begin?
TW: Myndshft began as a response to the negative impact that the lack of coordination and transparency in the healthcare revenue cycle has on patient care and experience. Millions of patients experience adverse side effects in their care due to delays, miscommunication, and hidden requirements by both providers and payers. We decided to address this issue by utilizing blockchain technology to provide fast, transparent, and direct transactions between providers and insurers at the point of care, enabling physicians to focus on caring for the patient, insurers to focus on ensuring the best services are provided, and the patient to focus on getting well.
2. Please describe your use case and how Myndshft uses blockchain:
TW: Myndshft utilizes blockchain to provide transparency and auditability to healthcare revenue cycle. We use Smart Contracts to automate insurance eligibility, patient financial responsibility, and prior authorization transactions between a provider and a payer (two parties in the healthcare ecosystem with competitive motivations around payments). Using blockchain enables the ecosystem to drive accountability, transparency around rules, and an immutable record of all transaction outputs, allowing data to be owned by the original party and not share patient data in perpetuity just to validate insurance information or request authorization for services.
3. Could you share a specific customer/user that benefits from what you offer? What has your service done for them?
TW: We integrate with existing systems (EHRs, LIMS, etc) to automatically pull data out of the system of record at the exact moment it is required. This enables our customers to maintain their current clinical workflow and simply provide feedback on eligibility, patient costs, and authorizations at the point of care instead of days to weeks later. Our customers typically see about a 20% decrease in denied claims, 25% higher patient conversion for optional services, and >90% faster time to care, leading to overall higher patient satisfaction.
4. What other blockchain healthcare use cases are you excited about?
TW: Beyond provider and payers transactions, we are excited about blockchain’s potential to impact the supply chain of pharmaceuticals and ensure that patients are receiving high quality and verifiable drugs.
5. Where will Myndshft be in five years?
TW: In five years, Myndshft will be the leading transaction platform for healthcare transactions, providing millions of Americans with faster and more effective care by providing their providers and insurers the ability to process inter-party transactions at the point of care without friction or delay.