Applying the THEKEY's Smart Medical Insurance Payment Solution in China: Further Reflections
SINGAPORE, May 24, 2018 (Newswire.com) - Catherine Li (CEO) and Dasheng Zhou (CBO) of THEKEY previously published an article entitled “Practice and Reflections on Smart Medical Insurance Payment Solution of THEKEY” in the China Labor and Social Security Newspaper. The Newspaper, established in 1985, is the most authoritative social insurance publication in China, and has an average annual circulation of 200 thousand copies. It is under the supervision of Ministry of Human Resources & Social Security. We hereby present the translated contents below with further additions.
The below article deals with one of THEKEY’s first-generation products. The second generation product will have blockchain technology incorporated into it which brings further benefits and efficiencies. For instance, results generated from this are both undeniable and unalterable. The MVP for the second generation product is scheduled to be released on May 28, 2018.
In recent years, improving the quality of medical service has become the consensus of relevant government departments as well as the medical institutions. Nevertheless, taking an ordinary visit to the hospital would still be a headache for the patients, especially considering the long waiting and tedious processes of registration and then making the relevant payments.
The emergence of a Mobile Health Solution can benefit the patients who dispense the medical bills on their own, but it still cannot meet the demands of the majority group — patients with medical insurance. In November 2016, China’s Ministry of Human Resources & Social Security released the “Internet + Human Resources & Social Security (Shortened to HRSS) 2020 Action Scheme” to set up a unified smart medical insurance pay platform to offer people more diversified and convenient services.
From June to October 2017, in order to enhance the intelligent monitoring platforms for medical insurance, China’s Social Insurance Society hosted a National Social Insurance Big Data Application and Innovation Competition. In this contest, the overall solution for mobile health based on a Smart Medical Insurance Payments Solution (which was developed by THEKEY), was announced as the Champion. This article will analyze the challenges, solutions and trends facing the Smart Medical Insurance Payment Solution from the perspectives of application scenarios and industry practices.
Identity Verification Solutions will ensure the Security of Social Insurance Systems, Information & Funds
A key prerequisite of the Smart Medical Insurance Payment Solution (henceforth referred to as the Solution) is to identify the legal identity of the insured. In China, the insured used to complete the identity verification with a social security card. Meanwhile, the Solution will lead to the separation of the individual user and the card, and therefore, a comprehensive identity verification solution under the internet environment is critical.
Unique biometric data is the base of the Solution. It conducts the identity verification of the users by cross-checking the data from the ID card and social security card through their fingerprints, face and other biometric data. Meanwhile, it can also identify the social security status and welfare condition of the insured to ensure the eligibility of certain payments made via the Solution.
The Solution involves the usage of significant amount of Social Security Funds as well as personal identity information. Therefore, a solid and integral security solution for the Solution is of uppermost priority.
To ensure the security of the Social Insurance Funds there will be real-time online verification of the authenticity, rationality and legality of the payments made through the Solution. Claim processing automation (CPA), intergovernmental data cross-checking and GPS location technology will be conducted. In terms of information security, it utilizes technologies in the area of data masking, key information encryption, data anti-tampering and anti-leakage, etc.
In fact, the Solution involves medical insurance agencies, hospitals, pharmacies, third-party payment platforms and mobile health companies with intersecting businesses such as medical insurance payments, commercial insurance payments, identity verification and anti-fraud measures. Accordingly, the management platform of the Solution should cover the management of financial reconciliation, commercial payment, application service provider access, and medical institutions management, etc.
Alleviating the Burden of the Hospital Services and enhancing the Service Efficiency of the Departments of Human Resources & Social Security
With the support of the Solution, the quality of medical services can be greatly improved. In June 2016, 17 hospitals in Shenzhen test piloted the Solution, and the insured over there could complete registration and payment through Alipay or Wechat which was linked to their social security card. Previously, the insured had to queue several times, and now it only takes a few simple steps on their mobile phones to complete the medical insurance payment.
In addition, previously, during a hospital’s rush hours, working staff at registration and cashier booths face a heavy burden which results in the entire hospital experiencing a very low working efficiency. However, since the launch of the Solution, patients can easily make the registration and payment by themselves. This greatly increases the operational efficiency of hospitals, and the reduction of operation costs.
The Solution not only can be used for registration, payment and medicine receiving but also can be applied for online medicine purchases. At present, with the support of the Solution, more and more innovative application scenarios have emerged, such as “Medical Treatment First, Payment Afterwards; Instant Settlement of Commercial Insurance, Outpatient Loan and Inpatient Loan” and so on.
Processes and Procedures should be Standardized to Empower the Development of the Healthcare Industry
The Solution is crucial for the interests of people and the security of medical insurance funds. Thus, it is necessary to set up the industry standards, business processes and service specifications that comply with the requirement of departments of HRSS for the management of the Solution.
Security has always been the top priority, so it is urgent to build a feasible security mechanism, and the security construction needs constant innovation to deal with new security risks maximally.
The improvement and development of Smart Medical Insurance Pay Technology is undoubtedly a strong driving force for the Mobile Health Industry. Furthermore, the Smart Medical Insurance Payment Solution of THEKEY is not only improving medical treatment and medicine procurement efficiency, it also brings other opportunities in the fields of commercial insurance, finance, credit, internet and so on.
About The Key:
THEKEY's second-generation product is a blockchain-based identity verification technology (IDV) being developed to create secure digital identities for the future. Built on a decentralized ecosystem, THEKEY uses blockchain-based dynamic multidimensional identification (BDMI) to store big data. Headed by Catherine Li, voted the most Outstanding Woman Entrepreneur in China, the technology handles Personally Identifiable Information (PII) which has been exclusively authorized by government authorities.
For more information about THEKEY, please visit the following links:
Media Contact: Jit
Email: jit@thekey.vip
Telegram: https://t.me/THEKEYOFFICIAL
News and Updates: https://t.me/THEKEYVIP
Source: THEKEY