Coral Health has recognized a significant disruption opportunity in global healthcare systems. Its vision will create efficiency gains in interactions between key actors in the healthcare domain, driving productive data sharing, greater profitability, and improved public health outcomes.
It is well known that in traditional healthcare delivery models, providers, laboratories, payers (i.e. insurance companies) and drug companies all store patient data in disparate formats and there is no standardization of record keeping. This has led to data breaches and the disarray we see today in health records exchange. Poor data sharing infrastructure has also been impeding the progress of drug discovery and public health research. Efforts to address this problem have largely focused on forcing the entire ecosystem to adopt a new, shared standard. These attempts have been unsuccessful because they’ve been quickly rebuffed by regulation, lobbying and patient apathy.
Coral Health’s key differentiator in its expansion plan is that it targets small and readily addressable components of the health data domain, rather than attempting to create an immediate panacea. For example, it will cater to payers’ incentives for quicker claims processing by allowing them to use smart contracts to automatically make prior authorization decisions. In this incremental fashion, Coral Health will create efficiencies in small but multiple parts of the current health data landscape, steadily moving towards its broader objective.