Baptist Health Partners With MediLedger to Ensure Correct Pricing via Contract Management
LOUISVILLE, Ky., July 18, 2023 (Newswire.com) - Baptist Health, Kentucky's largest health system, has announced a partnership with Chronicled's MediLedger to pioneer a new era of contract management within healthcare.
Baptist Health is the inaugural hospital system to utilize MediLedger's groundbreaking blockchain technology solution to ensure pharmaceuticals bought by the nine-hospital system are correctly priced.
"With more than 400 locations that purchase pharmaceuticals, and over 40,000 pharmaceuticals available for purchase on each of those accounts, Baptist Health was looking for a turnkey solution to smooth the lines of communication and ensure we receive the correct negotiated contracted prices for pharmaceutical products in a timely fashion," said Thomas Matanich, system director of pharmacy contract management for Baptist Health.
Matanich said the current process is cumbersome, opaque, and often resulted in lengthy claims reprocessing work, creating cash flow issues.
"The industry needed a real-time environment for all parties to partner and eliminate costs associated with claims rework," Matanich added, "Mediledger and blockchain technology will allow us to collaborate in real-time with the Premier group purchasing organization, manufacturers, and wholesalers to identify price discrepancies at the beginning of the purchasing process, addressing any potential pricing discrepancy before a purchase is made and subsequent claims rework required."
MediLedger's platform transforms the traditional approach to managing contracts, proactively identifying discrepancies and automating alignment between trading partners and customers. With MediLedger, contracts among group purchasing organizations, manufacturers, wholesalers, and health systems such as Baptist Health are synchronized, maintaining accurate pricing across all sites. This pricing transparency, coupled with the ability to publish rosters directly to all parties involved, ensures up-to-date and accurate information sharing, leading to more informed decision-making.
"Our partnership with MediLedger reflects our commitment to innovation and operational excellence," said Nilesh Desai, Baptist Health's Chief Pharmacy Officer. "Their blockchain solution will enable us to streamline processes, improve service delivery, and play an even more significant role in contract negotiations and pricing processes which, in turn, will have a positive impact on patient cost and care."
The decision to partner with MediLedger reinforces Baptist Health's commitment to enhanced transparency with resulting optimized revenue, improved cash flow, and increased influence and decision-making power within the industry.
"We are thrilled to collaborate with Baptist Health, a true trailblazer in the healthcare sector," added Vinod Lakhani, CEO of MediLedger. "Their dedication to innovation aligns with our vision at MediLedger and we are excited to support Baptist Health as they continue to shape the future of healthcare. Adding hospital systems to MediLedger network will expand the value of the network to all its participants. We are confident that Baptist Health's participation in the MediLedger network will help to accelerate the adoption of the MediLedger network in the life sciences sector. Together, we can help to make transactions more efficient and transparent for the life science industry."
About Baptist Health
Founded in 1924 in Louisville, Kentucky, Baptist Health is a full-spectrum health system dedicated to improving the health of the communities it serves. The Baptist Health family consists of nine hospitals, employed and independent physicians, and more than 450 points of care, including outpatient facilities, physician practices and services, urgent care clinics, outpatient diagnostic and surgery centers, home care, fitness centers, and occupational medicine and physical therapy clinics.
Baptist Health's eight owned hospitals include more than 2,300 licensed beds in Corbin, Elizabethtown, La Grange, Lexington, Louisville, Paducah, Richmond and New Albany, Indiana. Baptist Health also operates the 410-bed Baptist Health Deaconess Madisonville in Madisonville, Kentucky in a joint venture with Deaconess Health System based in Evansville, Indiana. Baptist Health employs more than 22,500 people in Kentucky and surrounding states.
Baptist Health is the first health system in the U.S. to have all of its hospitals recognized by the American Nursing Credentialing Center with either a Magnet® or Pathway to Excellence® designation for nursing excellence.
Baptist Health's employed provider network, Baptist Health Medical Group, has more than 1,650 providers offering care in 74 specialties, including more than 780 physicians and more than 870 advanced practice clinicians. Baptist Health's physician network also includes more than 2,000 independent physicians.
Learn more at BaptistHealth.com.
About MediLedger
MediLedger, administered by Chronicled, is an industry pioneer, offering blockchain-based solutions for the healthcare industry. Their decentralized network enables seamless, transparent communication among healthcare providers, enhancing patient safety, improving healthcare outcomes, and optimizing operations. Learn more here.
Baptist Health Media Contact:
Kit Fullenlove Barry
Director, Public Relations
Baptist Health
Louisville, Kentucky
502.253.5367
kfullenlove@bhsi.com
MediLedger Media Contact:
Juli Cooper
Head of Marketing
Chronicled
San Francisco, CA
juli.cooper@chronicled.com
Source: Chronicled
