Tampa-based health care payments startup Veuu has partnered with New York blockchain platform Tassat in a groundbreaking pilot initiative. The collaboration aims to merge Veuu’s artificial intelligence (AI)-driven payments system with Tassat’s blockchain-based smart contracts, potentially transforming the way transactions occur in the health care sector.
Addressing Payment Challenges in Health Care
Veuu’s payments platform, developed in 2020 by CEO Terrence Mills, addresses the inefficiencies in payment cycles between insurance providers and health care practitioners. These delays, often caused by complexities in claims coding and risk adjustment, have long been a bottleneck in the industry. The company’s solution leverages AI to streamline these processes, providing greater predictability and efficiency.
By integrating Tassat’s blockchain technology, the pilot seeks to enhance real-time settlement, offering full data transparency and traceability. Mills emphasized that combining blockchain with a health care use case could allow providers to receive instant payments while simultaneously lowering costs for payers. This integration is expected to tackle one of the sector’s most persistent challenges, providing benefits for both providers and payers.
Tassat Ventures into Health Care
For Tassat, a company that has primarily operated in the traditional banking space, this marks its first foray into the health care industry. Tassat’s blockchain expertise has been focused on integrating legacy payment systems with digital assets, enabling faster and more secure transactions.
CEO Zain Saidin described this partnership as an experimental venture that could showcase the versatility of Tassat’s technology. He indicated that the collaboration represents an exploration of new applications, stating that while the potential of the partnership is significant, its exact direction remains uncertain.
A Promising but Early-Stage Initiative
Both Veuu and Tassat are investing in the pilot program to assess how AI and blockchain technologies can work together in addressing health care payment inefficiencies. Saidin, a seasoned technologist with over three decades of experience and multiple patents to his name, acknowledged the nascent stage of the collaboration. He noted that the differing specializations of the two companies make this an exploratory effort to identify the most effective use cases for their combined technologies.
Mills, who founded Veuu as a spin-off from AI.io, highlighted the platform’s potential to modernize health care payment systems. He sees the integration with blockchain as a way to demonstrate how advanced technology can solve pressing industry problems, ultimately benefiting stakeholders across the ecosystem.
Expanding the Use of Blockchain in Diverse Industries
While Tassat’s roots lie in traditional banking, the company has long sought opportunities to diversify the applications of its blockchain technology. Saidin expressed optimism about the pilot’s potential to showcase how blockchain can be adapted to non-traditional sectors, including health care.
The initiative also underscores the growing interest in leveraging blockchain to provide transparency, traceability, and efficiency in complex industries. If successful, this partnership could set a precedent for further adoption of blockchain in health care and beyond.
Paving the Way for Industry Transformation
This collaboration between Veuu and Tassat highlights the potential of technology to address longstanding issues in health care payments. By combining AI and blockchain, the two companies aim to create a solution that not only simplifies payment processes but also reduces costs and enhances transparency.
As the partnership progresses, the success of this pilot could open new doors for blockchain applications in health care and other industries, setting the stage for a more connected and efficient future.