Revolutionizing Healthcare: How MediLedger Transforms Health Systems' Contract Management

Juli Cooper
November 16, 2023
Blog Articles
January 31, 2024
January 31, 2024

Revolutionizing Healthcare: How MediLedger Transforms Health Systems' Contract Management

The healthcare landscape is continuously evolving, with health systems striving for better contract management, particularly in pricing accuracy and rebill management. MediLedger stands out as a transformative solution, utilizing blockchain technology to revolutionize these aspects of healthcare operations.

The Pre-MediLedger Scenario at a Large Midwestern Health System

Our collaboration with an early adopter, a large Midwestern health system, highlights the typical challenges faced by health systems.. Before MediLedger, this health system encountered several critical issues:

  • Inconsistent Pricing: Approximately 15% of the products purchased had  inconsistent pricing across different sites.
  • High Rebill Rates: A rebill rate of 0.25% resulted in over $1 million in excess costs annually that had to be manually reconciled.
  • Overpayment and Inefficient Decisions: The health system frequently made higher price purchases on pharmaceutical products due to inconsistent pricing across health system sites. This was caused by a lack of real time pharmaceutical contract pricing visibility across sites. 
  • Resource-Intensive Pricing Resolutions: Addressing pricing discrepancies was a time-consuming and expensive process that required substantial staff time that would have been better allocated on higher value work.

Transformative Impact of MediLedger

The integration of MediLedger into the operations of this large Midwestern health system is projected to result in significant financial and operational improvements. First, it will establish an environment of enhanced visibility and accountability across health system sites. This shift will be crucial in creating a transparent and reliable framework for pricing and contract management, ensuring that all sites have visibility and are aligned on accurate pharmaceutical contract pricing.

Another significant change will be the rapid and accurate resolution of pricing discrepancies. With MediLedger, the health system will be able to significantly reduce the time required to address and rectify pricing inaccuracies. This efficiency will not only streamline operations but also contribute to a substantial reduction in resource expenditure that was previously dedicated to these tasks.

Furthermore, MediLedger will ensure consistent pricing across all sites within the health system. This consistency is a critical factor in maintaining pricing accuracy, thereby avoiding the pitfalls of overpayment and inefficient purchasing processes. By ensuring that pricing is accurate and uniform across different sites, MediLedger will play a pivotal role in optimizing the financial operations of the health system.

The Implementation of MediLedger Will Lead to Substantial Improvements and Savings:

  • Roster Integration and Contract Communication: This will lead to health system site alignment on customer eligibility, with a projected ROI of $2 million.
  • Access to Real-Time Pricing: Reduced manual tasks and proactive  pricing discrepancy identification will enable rapid audits and improved revenue with a projected total ROI of $3 million.
  • Seamless Price Comparison: This will allow for timely data access and minimal manual work to reconcile pricing data across sites. Projected results include substantial staff time savings and increased revenue by eliminating overpayments on pharmaceutical products.

Key Features of the MediLedger Platform

MediLedger's platform is designed for real-time collaboration, enhancing communication between hospital systems, GPOs, manufacturers, and wholesalers. Our emphasis on enhanced pricing accuracy ensures consistent pricing across all sites, and the visibility provided empowers health systems to make informed decisions.

Step into the Future with MediLedger

Our collaboration with this large Midwestern health system is a testament to the transformative impact of MediLedger. This case exemplifies how our solution can streamline operations and achieve significant financial savings. We invite you to experience this transformation and join us in advancing the healthcare industry. Schedule a product demo today and align with the future of contract management.

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