Healthcare services company Cardinal Health is partnering Chronicled to use its new blockchain-powered solution on the MediLedger Network to streamline operations across the pharmaceutical supply chain and enable a reliable, frictionless experience for pharmacies across the country.
Chronicled's MediLedger is a blockchain-powered network for the life sciences and healthcare industry. The new blockchain solution will allow Cardinal Health to optimize the complex process of pharmaceutical chargebacks and create greater connectivity for its suppliers and customers.
Chronicled, which is the administrator of the MediLedger Network, will provide Cardinal Health and industry partners a shared decentralized infrastructure with real-time unified view of transaction-related data to eliminate disputes and improve pricing accuracy. The solution provides real-time alignment, rule enforcement and settlement of transactions directly between trading partners.
The blockchain-powered solution will enforce the accuracy and integrity of chargebacks submitted across Cardinal Health's pharmaceutical supply chain. Suppliers, wholesalers and group purchasing organizations (GPOs) are constantly looking for ways to reduce errors and streamline this process.
Chargeback (pricing) errors can occur for many reasons. However, the process to resolve chargeback issues involved manual processing, duplicate effort, and back-and-forth communication between trading partners until now. It is estimated that $4 billion in revenue leakage for suppliers can be attributed to chargeback disputes, according to research.
Chronicled and Cardinal Health are now encouraging pharmaceutical industry partners to also join the MediLedger Network. The use of blockchain will enable the pharmaceutical supply chain to eliminate most chargeback errors as well as reduce time spent resolving disputes and reduce revenue leakage.
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