What You Should Know:
– Today, Polygon Networks, a leading blockchain and scaling solution, announced a partnership with Tokenology and MSP Recovery to deliver LifeChain – a new healthcare claims platform.
– LifeChain will leverage blockchain technology to solve healthcare’s biggest problems, including fraud, inefficiency in payments and antiquated processes.
Tokenize Healthcare Claims On-Chain
LifeChain will be developed by MSP Recovery and Tokenology as a fully tokenized Medicare, Medicaid and commercial claims recovery system protected by biometric security. The platform is designed to solve significant problems the healthcare industry faces today, including fraud, inefficiency in payments, and antiquated processes, to provide real-time decentralized services that connect patients to providers and their own medical data like never before.
LifeChain will be integrated with MSP Recovery’s consumer application, LifeWallet, a tool designed to allow individuals access to their medical history and life-saving resources, while providing inter-connectivity with providers, who also gain important resources from the platform. LifeWallet is powered by MSP Recovery’s sophisticated data analytics, to enable informed decision-making and improved patient care to help save lives on a HIPPA compliant, highly secure platform.
LifeChain, the one of a kind healthcare blockchain system MSP Recovery and Tokenology are building on Polygon, is maximized by the network‘s Polygon’s leading performance as a carbon-neutral layer-2 Ethereum scaling powerhouse. The massive number of daily medical claims being tokenized is expected to surpass 50 million/day by 2024, requiring the kind of scale, security, and sustainability that only Polygon can deliver.
“As MSP Recovery has evolved, I have seen first-hand how the healthcare systems used by providers and insurers for data capturing are immensely flawed. As a result, we developed LifeWallet, a robust ecosystem, allowing for patient optimization of health records as well as important resources for providers, leading to more efficient registration and improved patient outcomes,“ says MSP Recovery Founder and CEO, John H. Ruiz. “Providers and payers are able to confirm proper treatment and payment for healthcare services while at the same time eliminating fraud through biometric and blockchain technology. We have partnered with Tokenology to integrate these systems while at the same time creating a crypto token called LifeCoin along with Polygon,” continues Ruiz, “These systems will allow LifeWallet to process claims, capitalizing from all claims it processes and not just those which were paid improperly.”