SAN FRANCISCO, Aug. 3, 2021 /PRNewswire/ — Chronicled and Cardinal Well being as we speak introduced a partnership to leverage a brand new blockchain-powered answer on the MediLedger Community to streamline operations throughout the pharmaceutical provide chain and allow a dependable, frictionless expertise for pharmacies throughout the nation. The brand new blockchain answer will permit Cardinal Well being to optimize the complicated means of pharmaceutical chargebacks and create higher connectivity for its suppliers and prospects.
Chronicled, the administrator of the MediLedger Community, gives Cardinal Well being and trade companions a shared decentralized infrastructure with real-time visibility to get rid of disputes and enhance pricing accuracy. The blockchain-powered answer will implement the accuracy and integrity of chargebacks submitted throughout Cardinal Well being’s pharmaceutical provide chain.
“We’re dedicated to growing and leveraging progressive options that create compelling, frictionless experiences for our prospects and their sufferers,” stated Ray Bajaj, CTO of Cardinal Well being and chief of our innovation engine, Fuse. “Being part of the MediLedger Community and implementing blockchain expertise is a vital step ahead in our digital transformation journey right here at Cardinal Well being.”
Chargeback (pricing) errors can happen for a lot of causes, however the result’s at all times handbook processing, duplicate effort, and back-and-forth communication between buying and selling companions to resolve them. Analysis research have additionally proven an estimated $4 Billion in income leakage for suppliers that may be attributed to chargeback disputes. Suppliers, wholesalers and GPOs are always on the lookout for methods to scale back errors and streamline this course of.
The Contracts & Chargebacks answer on the MediLedger Community will assist Cardinal Well being present its accomplice suppliers and GPOs, a single supply of fact for GPO membership, buyer identifier knowledge (ex. HIN, DEA, 340B), and contract pricing knowledge that at all times stays fully aligned between buying and selling companions on the community. The community itself then makes use of this aligned reference knowledge to implement chargeback accuracy.
“Blockchain expertise and elevated collaboration throughout the trade is crucial to driving efficiencies, lowering pricey errors, and considerably bettering the chargeback course of,” stated Craig Cowman, EVP of International Sourcing for Cardinal Well being. “Better connectivity with our provider companions is at all times a spotlight of ours and we’re excited to deploy this new answer to ship increased high quality outcomes throughout our provide chain community.”
Susanne Somerville, CEO of Chronicled stated, “We’re excited in regards to the very actual worth being created inside the contracting and chargebacks course of. Cardinal Well being’s imaginative and prescient for the way forward for blockchain and collaboration within the Life Sciences and Healthcare trade is inspiring and we’re proud to accomplice with them to make that imaginative and prescient a actuality by means of the MediLedger Community.”
Chronicled and Cardinal Well being are actually encouraging trade companions to additionally be a part of the MediLedger Community to learn from:
Pricing integrity and contract eligibility knowledge
Automation of membership and buyer analysis processes
Elimination of most chargeback errors
Discount in time spent resolving disputes
Discount in income leakage
For suppliers and GPOs excited by studying extra about becoming a member of the MediLedger Community contact [email protected].
About Cardinal Well being Cardinal Well being is a distributor of prescription drugs, a worldwide producer and distributor of medical and laboratory merchandise, and a supplier of efficiency and knowledge options for well being care services. With 50 years in enterprise, operations in additional than 40 international locations and roughly 48,000 staff globally, Cardinal Well being is crucial to care. Details about Cardinal Well being is out there at www.cardinalhealth.com.
About Chronicled Chronicled, a San Francisco-based expertise firm, allows automation, belief, and automated settlement for intra-company transactions within the Life Sciences and Healthcare trade. By the trade main blockchain-powered MediLedger Community, Chronicled gives buying and selling companions a brand new approach to handle income, automate handbook processes, and get rid of income leakage, whereas making certain pricing accuracy and effectivity for well being care suppliers and dispensers. To study extra go to www.chronicled.com.