A Non-Profit business structure requires transparency and stakeholder feedback via a board of directors comprised of healthcare payers, providers and financial institutions.
JERSEY CITY, N.J. (PRWEB) February 23, 2018
Veris Foundation, a Delaware Non-Profit entity that has filed for a 501(c)(3) exemption with the Internal Revenue Service, is set to launch a market-ready blockchain technology solution, that promises to lower system operating costs in the healthcare industry by up to an estimated $60 Billion, through issuing its own cryptocurrency and raising money through an ICO.
Veris Foundation’s platform is a blockchain that enables healthcare payers and providers to share information in a secure platform, while avoiding rising expenses associated with building duplicate systems pertaining to health records and payments for health services. The platform was designed to function differently than private companies in two ways. Firstly, most organizations are still speculative in regards to what tangible solutions are in place to back the cryptocurrency being issued. Secondly, the business structure of a Non-Profit entity requires stakeholder and organizational transparency. This lends itself to the end goal of utilizing a blockchain to make information sharing more secure and efficient in the healthcare industry to lower costs. This platform design allows Veris Foundation to act as a disinterested third party, which prevents bias, and ensures the system is built upon trust and transparency.
Founder and President, Chris Plance explains, “We feel strongly that the only effective way to solve the challenges in back-end administrative expense of the American healthcare system is that the characteristics of the organization itself must match the blockchain as best as possible. The most fitting current business entity for this is a Non Profit. A Non-profit business structure requires transparency and stakeholder feedback via a board of directors comprised of healthcare payers, providers and financial institutions.”
The impending ICO (initial coin offering) opens in late March, allowing anyone to purchases coins. Those who purchase coins will gain access to the Veris Foundation’s platform, where they can access the aforementioned benefits.
About Veris Foundation:
The Veris Foundation is a Delaware Non-Profit entity that has filed for a 501(c)(3) exemption with the Internal Revenue Service, and is focused on connecting payers with providers, reducing yearly healthcare expenses by up to $60 Billion, ultimately lowering healthcare costs for patients through blockchain technology.