What is HealthTransaction Networksm?
HealthTransaction Networksm is is the first of its kind, electronic health care transaction network that effectively connects health care providers, insurers and consumers nationwide. This shared, on-line transaction network facilitates and processes routine transactions relating to the to the delivery of the health care services and products including doctor visits, hospitalization, pharmacy transactions, dental visits, eye care, etc. More about the benefits to subscribers.
What transactions are included?
Initial implementation of the Network will include:
- Instantaneous verification of insurance eligibility
- Instantaneous verification of provider referrals
- Automated completion of provider forms and applications
- Consumer out-of-pocket health care related expenditures
Future phases of implementation will include additional transactions and functions, including a revolutionary, nationwide, electronic claims processing system, an electronicprescription exchange system and electronic medical records.
How does the Network work?
Functioning similar to ATM/electronic banking networks in the banking industry, all transactions will be initiated at the time of care with a HealthTransaction card, which is issued by health insurers to their members. Similar to consumer bank cards, these innovative health cards will carry basic health benefits information necessary to authorize and facilitate the completion of routine transactions.
The transactions will be automated end to end, at the point of health care delivery, in a fast, safe and secure manner. The entire process of routing, switching, verifying, authorizing and settling funds relating to the transactions will be facilitated on-line electronically by HealthTransaction Networksm.
What is the impact on the U.S. Health System?
This new national network will transform the U.S. heakth care system like ATM networks transformed the banking industry 30 years ago.
HealthTransaction Networksm provides an outstanding solution to the inefficient, ineffective and fragented manual administrative and financial systems plaguing the health care industry today. This new transaction network system has an opportunity to significantly impact the overall health care costs in the U.S. and reverse the objectionable trend of double-digit annual growth in health spending and benefits costs in recent years.