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Too good to be true? Common Questions and Misconceptions
about MediLedger Blockchain
Thursday, April 7th, 2022 at 12:00pm ET
The MediLedger Network is the industry network 2.0 for the life sciences and healthcare industry, that runs solutions for real-time alignment, rule enforcement and settlement of transactions directly between trading partners
The MediLedger Network was established in 2019 by leading companies in the life sciences and healthcare industry and is administered by Chronicled, a technology company that releases improvements for the network and develops solutions on top of it.
Through MediLedger, GPO rosters are validated against integrated customer identity data (HIN, DEA, 340B) to automate GPO membership management
Through MediLedger, Contract updates are shared in real-time between trading partners ensure alignment and increased pricing accuracy
Through MediLedger, chargebacks accuracy is enforced by blockchain, along with automation of credits, returns & other chargeback resubmissions
Through MediLedger, pharmaceutical products returned to the wholesaler, can be verified against manufacturer data on the blockchain in under one second
Through MediLedger, manufacturers and wholesalers can achieve full compliance with the saleable return requirements of the 2013 Drug Supply Chain Security Act
Live Solutions running on the MediLedger Network all begin in working groups, where industry stakeholders come together to establish protocols and business rules to govern transactions and interactions between trading partners
This is a new working group dedicated to the development of a sustainable industry solution to the problem of Medicaid duplicate discounts against 340B priced drugs.
Annual spend under the 340B program has grown by 700% in the last 10 years to $35 Billion, and the number of Contract Pharmacies participating in the 340B program has grown from 1,200 to 28,000 in the same time frame. This has led to an escalating issue of manufacturers paying out Medicaid rebate claims on drugs where a 340B discount was already applied, also known as a duplicate discount. Multiple pharmaceutical manufacturers have now put in place Medicaid claim requirements and/or 340B discount restrictions in an effort to solve the duplicate discounts problem. Healthcare providers are now facing a growing list of unique requirements from different drug manufacturers that seems unsustainable, and could increase administrative burden and decrease drug access to eligible patients.
The MediLedger Network combines blockchain technology and advanced cryptography to be the ultimate privacy-first platform for healthcare trading partner transactions
The MediLedger Network gives trading partners a unified view of transaction-related data among trading partners. (ex. Contracts, customers, pricing, products)
The MediLedger Network blockchain enforces the accuracy of trading partner transactions automatically, against data aligned through the network and established business rules
Participants maintain control over their private data, including which trading partners receive which updates through the secure network.
Data and transactions are shared through the MediLedger Network directly between trading partners, without any party sitting in the middle.
Our Vision is to create a platform for trading partners in the healthcare industry to collaborate and innovate on industry level processes to collectively increase efficiency and effectiveness of care
Collaborate development sparks an ecosystem where development and customers work together to create solutions beyond what we can imagine.
Companies come together to combine and build off of these protocol primitives to create products and solve problems between companies.
The Mediledger Network becomes a platform with protocol primitives (building blocks) established for any type of information or transactions shared between companies
