– Intermountain Health is using blockchain technology and artificial intelligence to identify waste and lower costs at its health system, which includes 22 hospitals.

Intermountain initially used a combination of BurstIQ’s blockchain platform with Empiric Health’s AI-based analytics product to reduce costs in its surgical area, which saved the health system tens of millions of dollars during a two-year period, explained a Forbes article.

Intermountain is now expanding the solution to other areas of its health system, the article related.

The BurstIQ platform provides a way for healthcare organizations to securely management, store, and analyze big data. It also enables many IT systems to run on top of it, said BurstIQ CEO Frank Ricotta.

“Blockchain is a trust overlay over the Internet that allows parties to transfer representations of value, like health data, safely and securely,” Ricotta told Forbes.

The BurstIQ platform enables granular data ownership, data sovereignty and privacy, and data accessibility by patients, health systems, insurers, government agencies, biopharma, digital health providers, and medical researchers.

The blockchain platform interfaces with Intermountain’s legacy systems and provides and HL7 standard interface for the health system’s electronic health records and accounting systems.

Its partner, Empiric uses machine learning and natural language processing to process and analyze data that identifies differences in patient care. This enables clinicians to make more informed decisions about future treatments and medications, the article noted.

“We are encouraged by the progress our clients are making to reduce costs and improve patients’ outcomes. Every hospital can benefit from this technology. We look forward to working with innovators throughout the U.S. to make this a reality,” Justin Schaper, Empiric’s chief technology officer, told Forbes.

The increasing use of blockchain to collect, secure, and analyze medical data, as well as to reduce operational costs and maintain data privacy, is expected to fuel growth in the global healthcare blockchain market.

A report by Global Market Insights forecasts that the market will growth at a compound annual growth rate of 65 percent, topping $1.6 billion by 2025.

The report noted that blockchain technology is enabled with different application programming interfaces to ensure data privacy and accuracy in health information exchange data. Blockchain also assists with access to distribution of data and distributed computing power to verify transactions and operational work.



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Intermountain Employs Blockchain, AI To Identify Waste, Lower Costs
Intermountain Employs Blockchain, AI To Identify Waste, Lower Costs
Intermountain Employs Blockchain, AI To Identify Waste, Lower Costs
Intermountain Employs Blockchain, AI To Identify Waste, Lower Costs

Intermountain Employs Blockchain, AI To Identify Waste, Lower Costs

Intermountain Employs Blockchain, AI To Identify Waste, Lower Costs