International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

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Blockchain Technology in Healthcare Payments: Minimizing Fraud, Errors, and Delays in Billing

Author(s) Manoj Kumar
Country USA
Abstract The decentralized platform will be paid for in a safe, efficient, and transparent manner, making fraud impossible. It reduces billing errors, enhances the integrity of data, and automates some of the most complex billing processes. In this light, it will offer providers and patients a time-saving, highly trustworthy system. In conventional systems of healthcare, this can mean complex procedures for billing, multi-tiered intermediaries, and opaque mechanisms of tracking, all of which contribute to delays, mistakes, or fraud. Blockchains address these through a secure ledger for recording transactions in real time, hence increasing transparency and accuracy of billing and insurance claim processing. This technology allows for secure and efficient data sharing among providers, insurers, and patients, with only authorized entities having access to such sensitive information. By embedding smart contracts in Blockchain, payment terms can be automated and compulsorily enforced, hence fast-tracking claim approvals and reimbursements that reduce disputes and administrative problems. The Blockchain in health care payment systems is expected to create a trusting relationship and transparency among stakeholders, reduce transaction times, and save costs substantially to improve patient experiences and financial efficiencies across the industry. This article examines various practical applications of Blockchain technology in healthcare payments, an analysis of its effect on transparency, security, and processes to minimize fraud, errors, and delays.
Keywords Blockchain, healthcare payments, fraud prevention, transparency in billing, insurance claims, smart contracts, reimbursement process, automation of the payment, decentralized ledger, and optimization of health care finances.
Published In Volume 3, Issue 6, November-December 2021
Published On 2021-12-22
DOI https://doi.org/10.36948/ijfmr.2021.v03i06.11991
Short DOI https://doi.org/g8shdr
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