BurstIQ’s Blockchain Data Integration Saves $90 Million for Utah Healthcare System
We profiled BurstIQ in this space two months ago, and the company continues to make demonstrable progress in leveraging the power of the blockchain to empower individuals to own, manage and ultimately monetize their own critical healthcare data. Earlier this month, the company announced the first ever healthcare data record integration to be stored and managed on blockchain. Together with strategic partner Empiric Health, BurstIQ has enabled Intermountain Healthcare, the largest healthcare provider in the Intermountain West region, to already realize more than $90 million in savings using the Empiric technology (formerly known as ProComp) to identify operational efficiencies across the Intermountain Healthcare system.
Map image: US Geological Survey
BurstIQ’s proprietary blockchain-based big data platform enables Empiric to securely manage customers’ data at scale and perform advanced analytics using the platform’s machine learning and collaborative intelligence capabilities. This first ever implementation of blockchain for healthcare record storage and management makes BurstIQ’s proprietary blockchain platform the industry’s leading HIPAA-compliant secure data platform.
Empiric Health will use the BurstIQ platform to securely manage clinical and operational data and to perform advanced analytics using the platform’s machine learning capabilities. “The BurstIQ blockchain platform enables us to take our analytics capabilities to a deeper level – and to do it at scale,” says Rick Adam, CEO of Empiric Health.
Frank Ricotta, CEO of BurstIQ, sees the partnership as a critical piece of the company’s long-term vision. “Our goal is to help providers, health systems, companies, researchers and consumers get the most out of their data, and our partnership with Empiric Health fits perfectly with this goal. Their methodology has a proven track record of reducing costs and improving clinical outcomes for large health systems, and we’re helping them take it to the next level. It’s a natural fit.”
Additional strategic partnerships
BurstIQ continues to align itself with key strategic partners to help expand its reach. In September 2017, it entered into an agreement with iCan Benefit Group, to offer affordable insurance and lifestyle benefit solutions on the BurstIQ platform. “iCan has consistently been rated as one of the top insurance sales firms in the country. They were pioneers in the use of bundled benefits and we are thrilled to be collaborating with them to transform health access,” said Mr. Ricotta. “This is a perfect example of how blockchain is changing the industry.”
Once implemented, BurstIQ and iCan expect that participants in the ecosystem will be able to use BurstIQ tokens (BiQs) to purchase personalized products and services, including health, life, auto, pet and property insurance. In addition, lifestyle benefits such as telemedicine plans, discount pharmacy benefits, roadside assistance, and identity theft protection will be offered through this unique arrangement with personalized plans and bundles available for individuals, families, and small businesses.
“This can be a game changer. I’ve been in the insurance business for over 30 years and for the first time, I can see how we disrupt the market and engage with our customers the way we’ve always wanted,” says Steve Tucker, CEO of iCan. “The BurstIQ platform will enable us to offer truly personalized benefits to our customers. HealthWalletTM can be a one-stop-shop for customers to pay their bill, receive offers tailored precisely to their needs, understand their benefits, and most importantly, live a healthy life.”
In our previous profile, we highlighted that BurstIQ will launch its benefits marketplace in conjunction with the release of its HealthWallet, slated for early 2018. BiQs will be redeemable using the HealthWallet for a range of services tailored to individual’s unique needs based on his or her personal LifeGraphTM, a genomic, proteomic, medical, demographic, socioeconomic and social profile. Individuals will receive an initial allotment for creating an account and can earn additional BiQs by engaging with interested parties that may wish to access and use their health data or provide a service.
Most recently, BurstIQ announced an agreement with Unified Signal, a developer of cloud-based enterprise level software-as-a-service (SaaS) solutions for the mobile and wireless industry, to co-develop the first crypto-wallet for mainstream distribution on wireless devices that will also offer a blockchain-based health data management layer. The layer will work seamlessly with the crypto-wallet to enable consumers to control, protect, and manage their most sensitive personal information. The result will be a native app that will be available for Unified Signal’s network of wireless mobile virtual network operator (MVNO) brands and wireless carrier partners.
“Our partnership enables cryptocurrencies to become universally acceptable at the point of sale. This has never been possible before,” said Mr. Ricotta. “Teaming with Unified Signal is an important step in deploying the B2C side of our platform.”
“This health data layer changes everything, as the platform will now act as a centralized hub for securing our customers’ personal information, from financial data to healthcare data,” said Paris Holt, CEO of Unified Signal. “The applications of our platform will become virtually limitless and allow us to expand into other industry sectors outside of telecom and financial.”
Mr. Ricotta concluded, “As the first commercial launch of the technology for mainstream consumers, this is a huge milestone for not just the blockchain industry as a whole, but for consumers who want to control and protect their personal data. It gives people a glimpse into what blockchain can do for them, and that’s really exciting.”
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