Change Healthcare, a health IT company majority-owned by McKesson, has bought intellectual property and other assets from PokitDok, a startup focused on bringing blockchain to the healthcare world.
The financial details of the transaction were not disclosed.
Through the acquisition, Change aims to boost its Intelligent Healthcare Network, which relies on blockchain technology to connect hospitals, providers and payers. Using the network, healthcare organizations can process claims and other clinical, administrative and financial transactions.
Change will integrate PokitDok’s APIs into the Intelligent Healthcare Network. Thus, the network will be able to offer new capabilities for digital health, telemedicine and other areas.
In a statement, Change Healthcare vice president of APIs and marketplaces Gautam Shah said:
PokitDok’s capabilities accelerate the launch of Change Healthcare’s API and services marketplace, which is designed to address the needs of organizations ranging from innovative healthcare startups to established healthcare entities and large-scale IT companies. The combination of assets, technical talent and market presence will enable our customers and partners with the tools, community and expertise to leverage data and technology to create innovative solutions for all parts of the healthcare ecosystem: payers, providers and consumers.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
Based in Nashville, Tennessee, Change Healthcare was formed in 2017 by combining substantially all of Change Healthcare Holdings’ businesses and the majority of McKesson Technology Services. McKesson owns 70 percent of the company.
As for PokitDok, the startup offers a cloud-based API platform that helps streamline healthcare transactions. Its solutions run on DokChain, its blockchain technology. The company has offerings for identity management, benefits management, payment risk, patient access and claims management. It was founded in 2011 and is headquartered in San Mateo, California.
In 2016, PokitDok secured a strategic investment from McKesson Ventures, the corporate venture arm of pharmaceutical distributor and health IT vendor McKesson.
Photo: maxsattana, Getty Images
