OAKLAND, Calif. & SACRAMENTO, Calif. & LAS VEGAS & HARTFORD, Conn. - May 13, 2019 - PRLog -- Discovery as a Service (DaaS) and Blockchain technology company Arcuity ai, Inc™. (www.arcuityai.com) have announced they are working with Integra Ledger and have developed ArcuityVizion™, a blockchain-based technology to enhance efficiency and security in record retrieval and sharing of documents in litigated and non-litigated workers' compensation cases.
Designed to provide an inherent benefit to claim-resolution teams, it ensures equal, secure, immediate, and low-cost access to documents by all legitimate workers' compensation stakeholders, while guaranteeing the integrity, authenticity, and chain of custody of the document stream. It should be particularly attractive to insurers, third-party administrators, self-insured employers, and healthcare providers who are confronted with the task of managing high volumes of document acquisition and delivery.
Record retrieval has historically been a time-intensive, manual process with significant duplication of work and costs by law firms and copy services throughout the legal industry. Those excess costs get passed on to insurers and the longer a claim takes to close, the more expensive it becomes. Using Integra's Blockchain Smart Document™ technology, ArcuityVizion™ will streamline the retrieval and sharing of records guaranteed identical to the custodian of record.
ArcuityVizion™ will help eliminate fraud and significantly improve the speed of resolution of claims. Blockchain technology is uniquely well-suited for the record retrieval (DaaS) process because of its ability to create a permanent chain of custody and authenticate documents in use by multiple parties, which is critical to trust and verification in the process of legal document retrieval and distribution.
Arcuity ai, Inc., a member of the Global Legal Blockchain Consortium, an industry group composed of many large law firms and some of the largest insurers in the US, is in the process of inviting member firms, insurers, TPA's and employers to participate in Arcuity Vizion™, a new, blockchain-enabled platform to improve efficiencies throughout the record retrieval market. ArcuityVizion™ is the first large-scale DaaS application of blockchain technology in the legal industry.
Joe Salvati, CEO of Arcuity ai, Inc. commented, "When you consider the waste and inefficiency around record retrieval in litigated cases in California Workers Compensation, merely sharing records doesn't begin to address the issues. ArcuityVizion™ uses blockchain where it is most impactful – to authenticate immutable records where all users of a record are guaranteed to be working off an identical copy obtained from the custodian of record. Changing so much as the position of a single comma in a 10,000-page document invalidates it and alerts users to potential fraud and abuse. Further, our system eliminates bad actors in the copy service industry."
Recently, a case in Orange County, California showed copy services 'farming' for locations and fraudulently billing insurers. Joe Salvati continued, "The damage in the USA PhotoCopy case was astronomical. More than $300 million was stolen in 4 years. Our platform authenticates users on blockchain with their name, date, time, IP address and even what browser was used. Only orders authenticated on our system are submitted for billing. Payers are assured that bills for copies are legitimate, the source genuine. We eliminate costly and time-consuming fights over lien fees and penalties. It's a paradigm shift for the industry."
Steve Golin, President of Arcuity ai, Inc., says: "This blockchain platform has been designed to reduce friction in the worker's compensation claims process and provide trust and transparency as part of a trusted network between everyone involved in the processing of a workers' comp claim. We are very proud to bring this monumental change to workers compensation for the benefit of the ecosystem and most importantly, the injured worker."
David Fisher, CEO of Integra, concurred, "The team at Arcuity ai, Inc. applies blockchain technology in a unique and sophisticated manner such that no user interaction is necessary. Their impact on reducing friction in the legal document retrieval and copy services market will generate savings in time and money across the industry, benefitting both payers and injured workers."
About Integra, Inc.
Founded in 2016, Integra (www.integraledger.com) is the developer of the Integra Ledger blockchain, which is an enterprise blockchain designed to improve data integrity, security, interoperability, and productivity in the world's legal industry. Integra is the founder of the Global Legal Blockchain Consortium, which with over 230 participating organizations is one of the largest blockchain consortia in the world and the largest in the legal industry.
Contact
Arcuity ai, Inc.
Joe Salvati - www.arcuityai.com
***@arcuityai.com
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