CLA’s white paper looks at several ways to apply blockchain to financial transactions and information sharing in health care organizations.
CLA (CliftonLarsonAllen) released a white paper looking at blockchain’s application to the health care industry. Written by health care policy director Jennifer Boese, Blockchain: How it Works and Why it Will Disrupt Health Care dives into the underpinnings of the technology and offers key use cases, while also highlighting what is holding back a more rapid adoption of the technology.
“If we think through blockchain’s characteristics, it could be beneficial in any number of health care processes or transactions where security, immutability, or data integrity is needed. The options seem limitless,” said James Watson, managing principal and member of CLA’s Future Innovation Team.
The most common misunderstanding of blockchain is that it relates only to cryptocurrencies, like Bitcoin. As a member of the Wall Street Blockchain Alliance (WSBA), CLA actively participates and collaborates to educate the public and clients on the full breadth of capabilities of blockchain and cryptocurrency assets. And, while these cryptocurrencies are the most recognizable use of blockchain to date, there are applications far beyond this.
CLA’s white paper looks at several categories of these health care applications:
- Financial transactions or processes (revenue cycle functions, contracts, or supply chain)
- Information sharing (health information exchanges or sharing of clinical data for research)
- Consumer-focused uses (telehealth or purchasing health care services)
The white paper is a product of CLA’s Health Care Innovation and Insight (HI2) team.
“By staying at the forefront of innovation and disruptive changes like blockchain, we aim to create opportunities for health care organizations, businesses, and providers to understand, prepare for and succesfully transition into the future,” said Rob Schile, health care principal with CLA and HI2 leader.
About CLA
CLA exists to create opportunities for our clients, our people, and our communities through industry-focused wealth advisory, digital, audit, tax, consulting, and outsourcing services. With nearly 9,000 people, more than 130 U.S. locations, and a global vision, we promise to know you and help you. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor.