Medicare receives $4.8M insurance claims per day. The Center for Medicare / Medicaid Services’ (CMS) Office of Financial Management estimates that each year:
- The Medicare program issues more than $28.8B in improper payments annually, that’s an error rate of 8.6%
- The Medicaid program issues more than $21.9B in improper payments annually, that’s an error rate of 8.1%
Most improper payments can only be detected by a human comparing an insurance claim to the medical documents. Claim review contractors currently receive 78% medical documentation in paper form or via fax.
Administrative tasks such as claims processing and underwriting benefit from a blockchain approach, since managed permissions make it easier for payers to assess the validity of a claim, manage pre-authorizations, and ensure that providers are meeting the criteria laid out in their value-based contracts.
The First Genesis BcPaaS™ utilization of smart contracts automate the claims processes and significantly decrease the time and resources needed to execute the accurate terms and conditions of Electronic Submission of Medical Documentation. The smart contracts are decentralized and cannot be changed, all parties can be confident that terms will be consistently executed.
The First Genesis BcPaaS™ solves the antiquated method of exchanging paper documents. Our team is a certified CMS Health Information Handler. The First Genesis BcPaaS™ is currently the only blockchain enabled Electronic Submission Medical Documentation platform in existence.
The First Genesis BcPaaS™ architecture is capable of producing more than:
60,000 proofs per minute 3,600,000 proofs per hour / 86,400,000 proofs per day
Without requiring the use of GPU farms or large clusters of Virtual Machines
or third-party proofing services!