Cardinal Health Leverages Blockchain to Streamline Pharmaceutical Supply Chain

What You Ought to Know:

–  Cardinal Health and Chronicled introduced a partnership to leverage a brand new blockchain-powered answer on the MediLedger Network to streamline operations throughout the pharmaceutical provide chain and allow a dependable, frictionless expertise for pharmacies throughout the nation. The new blockchain answer will permit Cardinal Well being to optimize the complicated technique of pharmaceutical chargebacks and create higher connectivity for its suppliers and clients. 

– Chronicled, the administrator of the MediLedger Community, supplies Cardinal Well being and business companions a shared decentralized infrastructure with real-time visibility to eradicate disputes and enhance pricing accuracy. The blockchain-powered answer will implement the accuracy and integrity of chargebacks submitted throughout Cardinal Well being’s pharmaceutical provide chain.  

Affect of Chargeback (Pricing) Errors

Chargeback (pricing) errors can happen for a lot of causes, however the result’s all the time handbook processing, duplicate effort, and back-and-forth communication between buying and selling companions to resolve them. Analysis research have additionally proven an estimated $4 Billion in income leakage for suppliers that may be attributed to chargeback disputes. Suppliers, wholesalers, and GPOs are continually searching for methods to scale back errors and streamline this course of. 

Partnership Advantages

The Contracts & Chargebacks answer on the MediLedger Community will assist Cardinal Well being present its associate suppliers and GPOs, a single supply of reality for GPO membership, buyer identifier information (ex. HIN, DEA, 340B), and contract pricing information that all the time stays fully aligned between buying and selling companions on the community. The community itself then makes use of this aligned reference information to implement chargeback accuracy. 

“Blockchain know-how and elevated collaboration throughout the business is important to driving efficiencies, decreasing expensive errors, and considerably enhancing the chargeback course of,” mentioned Craig Cowman, EVP of World Sourcing for Cardinal Well being.” Larger connectivity with our provider companions is all the time a spotlight of ours and we’re excited to deploy this new answer to ship greater high quality outcomes throughout our provide chain community.”