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$6B processed via Blockchain Medical Billing Platform: China’s Zhejiang Province

China's Digital Currency Yuan Launch is a

  • The Zhejiang Provincial Department of Finance , announced at a block chain event on Nov.18 that , as of Oct. 28 , the platform had 480 Medical institutions across the province.
  • The platform was able to minimize the duration of insurance procedures from 12 days to three hours , according to the report.
  • Alipay is a digital payment branch of the Chinese E-Commerce giant Alibaba.

Chinese publication QNSB reported on Nov.18 that China’s Zhejiang province has processed nearly $6 billion using Ant Financial’s blockchain technology via a blockchain medical billing platform.

Making doctor’s appointment, getting prescriptions as well as paying , recording and storing medical bills online are some of the significant features provided by these block-chain enabled platform.

The Zhejiang Provincial Department of Finance , announced at a block chain event on Nov.18 that , as of Oct. 28 , the platform had 480 medical institutions across the province.

The platform , based on Ant Blockchain , a technology developed by Alibaba subsidiary Antfinancial, processes around  41.7 billion Chinese Yuan ($5.9 Billion) as of October.

Platform increases  insurance payout effeciency

The platform was introduced to increase the efficiency  of the medical industry by reducing the time required for issuance and verification of medical documents.

As a result , the insurance payouts has sped up by 96 times. The platform was able to minimize the duration of insurance procedures from 12 days to three hours , according to the report.

The platform was successfully piloted in the Zhijiang’s Taizhou city in 2018 , in partnership with 11 local hospitals , with a reported impact of reducing per patient visit time from 170 minutes to 75 minutes, according to the Jinse Finance Report.

Platform facilitators

Alipay, which reportedly provided the province with its Alipay payment service , collaborated with local authorities to complete the pilot , along with its affiliate firm Ant Financial , which was responsible for providing its blockchain technology ,according to a report by Asia Crypto Today.

Alipay is a digital payment branch of the Chinese E-Commerce giant Alibaba.

Ant Blochchain Open Alliance , enterprise blockchian platform of Ant Financial , which begin its tests in the mid-November, intends to support and encourage small and medium-sized businesses by allowing them to cut cost and expand their limits.

The post $6B processed via Blockchain Medical Billing Platform: China’s Zhejiang Province appeared first on TheCoinRepublic.



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$6B processed via Blockchain Medical Billing Platform: China’s Zhejiang Province

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