One of the most antiquated processes in American healthcare is credentialing. It’s essentially been done the same way for decades and it’s extremely inefficient and costly.
This has to be done every two years and takes anywhere from a few weeks to six months. Even worse, each facility has its own way of doing it, collecting the same exact information and not sharing this information with each other in any meaningful way.
If this process could be expedited, American healthcare would improve in three major ways.
The industry saves billions of dollars
With postponed physician start dates comes lost facility revenue. Lots of it, too.
Currently, a physician earns a facility an average of $2,378,727 a year. If credentialing takes a worst-case scenario of six months, that’s $1,189,363 in lost revenue. Even if credentialing only takes a few weeks, they still lose around $150,000.
That’s only one physician for one facility. Imagine the overall savings faster credentialing can bring the entire healthcare industry, which already wastes half of the $361 billion a year it spends on healthcare administration. We’re talking several billion dollars in savings that can be used to significantly lower healthcare costs for patients.
Doctors see patients sooner
Physicians didn’t get into medicine to become bureaucrats. The reason most doctors enter the field is to help people. Slow credentialing prevents that, adding administrative stress on someone who could be out saving lives. It’s a lose-lose for everyone. It also puts them in limbo for weeks or even months, making them unsure what they should or shouldn’t do. Do they buy that house? Should they wait on that car? Should they move to the city the job’s located in now or wait until the process is finalized? It can be very unsettling.
On top of that, physicians can lose a lot of income during the credentialing process. If they earn the average physician annual income of $299,000, waiting a few weeks to get credentialed would cost around $25,000 in lost income, and waiting six months would cost around $150,000 in lost income. Unless they’re able to work elsewhere during this time, they’re looking at losing as much money as the average American makes in a year—something many physicians can’t afford because of med school debt averaging $192,000.
Intiva Health is the first truly integrated career platform for healthcare professionals. It redefines the medical credentialing process by making it faster, more efficient and more secure.
Elevator pitch
Intiva Health provides healthcare professionals with a single place to manage their credentials,continuing education, new job opportunities, secure messaging needs and more. It is built on the Hashgraph digital ledger platform, which means it is faster, more secure, and more error proof than blockchain.
Founders’ story
Intiva Health was founded in 2006 as a staffing agency for surgical services and emergency rooms. Today the Austin, Texas, company it has reinvented itself as a digital health startup featuring a next generation blockchain technology that cuts the time it takes for the medical credentialing process from months to seconds, improves HIPPA compliance,and makes document tampering or theft almost impossible.
Marketing/promotion strategy
Intiva Health focuses its marketing and PR efforts on licensed medical professionals (LMPs), practice managers, and the facilities where they work including medical groups, hospitals and professional associations.The company launched a new brand awareness campaign in March 2018 that includedthe introduction of the Intiva Token, a new cryptocurrency that LMPs can use to purchase continuing education classes, cyber insurance and other services.
Intiva is also partnering with the National Osteoporosis Foundation to test the advantages of using the Intiva Token for charitable donations.
Market opportunity
The Intiva Health Platform automates the burdensome tasks of credential and licensure management, continuing education, and discovering job opportunities for healthcare professionals. Intiva Health’s new ReadyDoc™credential verification solution, built on top of the Hashgraph distributed ledger technology, disrupts the existing broken, slow, and error-prone healthcare credentialing system, which today can take weeks or months to verify credentials, and is subject to tampering.
Intiva believes that ReadyDoc can replace the current processes of credentialing and primary source verification by storing documents and credentials in a Hashgraph-based distributed ledger. Providers and facilities can obtain information that is pre-verified, securely stored, and readily available, creating an ongoing, self-auditing verification of provider work history and clinical reputation.
ReadyDoc will act fluidly between health systems and facilities across the U.S., allowing organizations to instantly verify work history and clinical reputations. In the event of an emergency like the Houston hurricane, facilities will be able staff up by vetting the credentials of qualified providers instantly. ReadyDoc eliminates redundancy and the need for third party verification organizations, letting medical professionals get to work sooner.
Who are your competitors?
We believe that Intiva Health is the first integrative platform to manage healthcare career information from one seamless dashboard. It is certainly the first to use the Hashgraph digital ledger technology and offer a cryptocurrency utility token. However, Doximity also offers a career management application for medical professionals.
How your company differentiates itself from the competition and what differentiates Intiva Health?
Intiva Health can replace the current processes of credentialing and primary source verification by storing documents and credentials in a Hashgraph-based distributed ledger. Providers and facilities can obtain information that is pre-verified, securely stored, and readily available, creating an ongoing,self-auditing verification of provider work history and clinical reputation.
