Recently, the American healthcare service company Cardinal Health formed a partnership with Chronicled to use MediLedger Network’s new blockchain-powered solution for streamlining operations across the supply chain of pharmaceutical products. It will also allow pharmacies across the United States to get a frictionless and reliable experience. It has been found that the new blockchain solution will not only create better connectivity for the suppliers and customers of Cardinal Health but will also simplify the process of pharmaceutical chargebacks.
With this partnership, Cardinal Health and its industry partners will be able to use a shared decentralized infrastructure that will have real-time visibility. This will help the company in eliminating any kind of disputes that are likely to arise, and also improve the pricing accuracy of the products.
What is the Impact of Chargeback Errors?
There are a multiplicity of reasons which could cause chargeback or pricing errors. They usually result in tedious manual processing and having to put the effort all over again. Besides this, the trading partners have to continue back and forth communication to resolve the issues. It has been found that a revenue leakage of almost $4 billion at the end of the suppliers can be a result of chargeback issues. As a result, it becomes important to reduce these errors and streamline the entire process, which will be accomplished for Cardinal Health with the new blockchain solution.
Benefits of the Partnership
With MediLedger Network’s solution of Contract & Chargebacks, Cardinal Health will be able to provide the following to its suppliers and GPOs
· Customer identification data like HIN, 340B, and DEA.
· A single source for GPO membership
· Contract pricing data that is aligned with trading partners on the network.