For any questions not addressed here, feel free to contact us at info@mediledger.com
The MediLedger Network is the leading life sciences industry network that runs solutions for data alignment, validation and transaction settlement between trading partners. The network actually utilizes transaction-related data like contracts, customers, and products that are shared through the network to enforce configurable business rules on transactions for each participant, enabling industry level automation and trust.
The MediLedger Network is powered by blockchain, which means it is decentralized so trading partners are doing business directly and rules are being enforced automatically, without any party sitting in the middle.
Chronicled is the technology company, based in San Francisco, CA, USA, that developed the MediLedger Network in collaboration with leading companies in the life sciences industry. Chronicled provides support to active participants, improvements to the network itself and develops the solutions run by participants on top of the network.
The Product Verification solution enables authorized trading partners (specifically licensed wholesalers and dispensers) to scan a barcode on prescription medicine, and get an verification response back in under 1 second that key information on the product matches manufacturer product data. The solution aims to help manufacturers comply with the saleable return requirements of the 2013 Drug Supply Chain Security Act being enforced by the FDA. Currently 95% of medication being re-sold in the US can be verified through the MediLedger Network.
For pharmaceutical manufacturers, the MediLedger Network provides a platform for industry level innovation and automation with your trading partners. Value comes in many forms whether an organization adopts an existing commercial solution or joins a working group to help shape new protocol and future industry solutions from the ground up.
The Product Verification solution delivers cost effective compliance with DSCSA, as well as improved industry collaboration around product transfers of ownership.
The Contracts & Chargebacks Solution delivers real value to both top and bottom line. Manufacturers who join the network with Contracts & Chargebacks see massive time savings by eliminating/improving manual processes like resolving chargeback errors, evaluating new customers, managing GPO membership and auditing customer master data.
Manufacturers also see a large reduction in revenue leakage from the elimination of unapproved deductions/unresolved chargeback settlements, incorrect chargeback approvals, credits/returns incorrectly rejected as duplicates and low dollar chargebacks under the threshold for review.
Other benefits include the elimination of unnecessary add/re-bills for improved customer service, more accurate/timely government pricing based on accurate chargeback data, reduced compliance risk from real-time adherence to the DEA database, immediate contract activation and (for generic manufacturers) increased sales from faster price changes in wholesaler systems.
The MediLedger Network has expanded the Contracts & Chargebacks solution from the pharmaceutical industry into the medical, surgical and healthcare product industry.
The Contracts & Chargebacks Solution delivers real value to both the top and bottom line for healthcare product manufacturers. Manufacturers who join the network with Contracts & Chargebacks see massive time savings by eliminating/improving manual processes like resolving chargeback errors, evaluating new customers, managing GPO membership and auditing customer master data.
Manufacturers also see a large reduction in revenue leakage from the elimination of unapproved deductions/unresolved chargeback settlements, incorrect chargeback approvals, credits/returns incorrectly rejected as duplicates and low dollar chargebacks under the threshold for review.
Other benefits include the elimination of unnecessary add/re-bills for improved customer service, immediate contract activation and increased sales from faster price changes in wholesaler systems.
For Distributors in the healthcare industry, efficiency and automation are crucial. The MediLedger Network offers a completely new category of automation with trading partners, by enforcing rules between companies in the same way internal systems are integrated.
The Product Verification solution delivers cost effective compliance with DSCSA, as well as improved industry collaboration around product transfers of ownership. Through blockchain technology, and quality execution the MediLedger Network offers some of the fastest response times in the industry on product verification.
The Contracts & Chargebacks Solution delivers real value to both top and bottom line. Distributors (wholesalers) who join the network with Contracts & Chargebacks see massive time savings by eliminating/improving manual processes like resolving chargeback errors, processing many different EDI contract updates from suppliers, resolving sales commission disputes, and issuing re-bills/add-bills to customer
Distributors also get real-time feedback on chargeback adjudication, enabling improved forecasting of cash flow and the elimination of write-offs.
For group purchasing organizations, customer service is paramount, and the MediLedger Network is the first true platform for a value chain to align on data relevant to customer service.
For the Contracts & Chargebacks Solution, pricing accuracy is the ultimate goal. GPOs who join the MediLedger Network can, through blockchain, actually deliver true pricing accuracy and alignment to customers in collaboration with wholesalers and manufacturers.
GPOs receive real-time contract eligibility updates from manufacturers. They can also align on pricing with wholesalers to ensure your customers are always getting the correct prices on their invoices. Lastly, GPOs can eliminate unknown members and other chargeback disputes that cause admin fee loss on chargeback/sales data reconciliations
Blockchain is a mechanism to enforce business rules automatically between participants.
Every participant in a blockchain network has a copy of the blockchain data and the rules being enforced on that data. No single party can change the data or the rules. This creates trust between trading partners that was never possible before now.
An example business rule enforced by the network might be:Manufacturer A requires that every chargeback submitted by wholesaler B has an active customer HIN that matches an eligible customer HIN on the contract
Contract and chargeback data is extremely sensitive, and is only meant to be shared between relevant trading partners. The MediLedger blockchain is unique in how it facilitates business rule enforcement while maintaining complete data privacy.
On the MediLedger Network, contract updates, chargebacks and other sensitive data are not published directly on the blockchain, instead business rules are enforced against cryptographic proofs (zero knowledge proofs) of the data, published on the blockchain instead of the data itself.
Every company in the network running a node has a copy of the blockchain to facilitate rule enforcement across the industry, but zero business intelligence is leaked through the blockchain. This is the true differentiator and strength of the MediLedger Network.
The MediLedger Network is a private permissioned blockchain-based network for the healthcare industry. As it is run by participants in the industry, there is no token or relationship with cryptocurrency at this time. We are excited to explore the potential of cryptocurrency and other decentralized financial applications in the facilitation of industry transactions between companies in the future.