Collaboration will maximize cash flow management and help healthcare providers cut down on the industry’s estimated $8.3bn of annual tech and infrastructure costs
Tassat Group, Inc., the leading provider of private permissioned blockchain-based real-time settlement solutions, today announced its strategic partnership with Veuu, an innovative AI-powered healthcare fintech company, to improve the inefficiencies and opaqueness plaguing the healthcare claims and payment process.
Leveraging Tassat’s Smart Contract capabilities, this collaboration empowers Veuu with a solution to provide greater confidence in the traceability and immutability of insurance claims and instant payments for its healthcare customers. The initiative enables payers, providers, and banks to maintain full visibility into their claims payments processes and automate payment data with end-to-end traceability and audit functionality, resulting in maximized cash flow management and operational efficiency, while bringing providers and payers closer together.
“Private blockchain delivers unique benefits for healthcare providers, allowing them to execute insurance claims with greater control, security, and efficiency of payment data,” said Zain Saidin, Chief Executive Officer of Tassat. “Veuu’s robust suite of digital tools and AI capabilities offers its customers enhanced revenue cycle management and improved working capital financing.”
The claims process is often an opaque financial barrier due to the costs of maintaining HIPAA compliance with patient data and the varying objectives of payment participants. Physicians spend tens of thousands of dollars per year on the technology and infrastructure required to maintain regulatory compliance, with the industry-wide cost totaling over $8.3 billion per year. With Veuu’s artificial intelligence engine, which provides a 360-degree risk assessment of claims allowing for instant payments, and Tassat’s Smart Contract technology improving the audibility of the claims processes, this partnership enables payers and providers to better optimize their administrative resources and improve the quality of care.
“The ability to create a Smart Contract for a healthcare claim and remittance introduces automation, transparency, and auditability while removing fraud from the process of healthcare payments. Storing this protected data on a blockchain is the optimal use for this technology,” said Terence Mills, Founder and Chief Executive Officer of Veuu. “Marrying this solution with a healthcare use case which allows providers to get paid instantly while also reducing cost for payers, solves one of the biggest problems in healthcare.”
This announcement comes on the heels of Tassat’s recent partnership with Glasstower Digital to provide corporate users with a revolutionary turnkey technology solution for immediate, secure, and cost-effective digital cross-border payments. With more product offerings and partnerships on the horizon, Tassat plans to continue developing its robust suite of use cases across new industries and verticals. TassatPay, the company’s flagship product, is the most trusted real-time finance platform with more than $2 trillion in executed transactions to date.
About Tassat Group
Founded in 2017, Tassat Group, Inc. delivers digital private blockchain-based solutions to enable institutional partners to transact in real-time with greater efficiency, speed, integrity, and transparency. Having completed more than $2 trillion in executed transactions to-date, Tassat’s digital infrastructure operates within regulatory perimeters in global markets to enhance instantaneous transaction and settlement capabilities across industries such as financial services, digital assets, healthcare, and construction. Tassat was honored with a 2021 Google Cloud Customer Award for innovation in financial services and was the US FinTech Award winner for Payments Tech in 2023. For more information, visit us at www.tassat.com, on X or LinkedIn.
About Veuu
Veuu, founded by Chief AI architect Terence Mills in 2020, is a Tampa-based FinTech for healthcare that uses artificial intelligence to mitigate risk and streamline the payment of insurance claims – allowing providers to be paid instantly and payers to reduce costs through an auditable, immutable, and transparent payments experience. Veuu is dedicated to driving efficiency and accuracy in healthcare payments throughout the healthcare revenue cycle by deploying innovative, advanced AI solutions that allows providers to focus on patients, improving the quality of care.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241121545279/en/
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Nneka Etoniru
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tassat@avenuez.com
