“The times they are a-changin’… but fear not: for behold, I bring you good tidings of great joy!”
Yes, a combination of quotes from Bob Dylan and the angel Gabriel. Both are apropos. Our world is changing quickly, but there is no reason to get your panties in a wad. We are in the midst of an astounding productivity miracle.
Sure, the confluence of digital currency, artificial intelligence, and social media is cause for concern. Klaus Schwab and Dr. Evil-type villains might use such technologies for sinister purposes. But, Dear Reader, a tremendous amount of societal good is coming your way. The good far outweighs the bad. We are on the precipice of a stunning economic revolution, the likes of which surpass any period in history, bringing not only great wealth creation but all the lifestyle benefits associated with technological advancement. This progress will enhance liberty because it bypasses traditional delivery systems so dependent on the whims of government, stacked with its inherent inefficiencies, waste, and corruption.
Introducing SOLUM GLOBAL, INC., an emerging growth company that uses digital currency, strategic thinking, and technology — greatly aided by artificial intelligence — to create stunning efficiencies in the health care industry.
Here is what excites me, but first, Dear Reader, I know what you are thinking: Digital currency? Has Mr. Rob Is Right gone mad? Have I ever been wrong about anything?
The world has changed. Perhaps you have not heard of the GENIUS Act passed last summer. It has unleashed a safe, secure, and lawfully protected environment for “stablecoins” — digital coins purchased for one dollar and redeemable for one dollar. Solum also allows its users to redeem their currency in dollars or gold. The Act provides a robust regulatory environment protecting the public from fraud and abuse. Being able to use digital currency with stable monetary value outside the traditional banking system offers billions in savings for the health care industry. Markets move faster with more efficiency and flexibility.
Here is how it works.
The health care industry is screaming for reform. It begins with revolutionary technology designed to eliminate waste and fraud, driving efficiencies in an industry burdened by high costs and nonsensical bureaucracy. Solum’s entire operation runs on the blockchain. Perhaps this is the first time done at this scale, but by doing so, its systems are secure and highly efficient.
For medical providers to be paid by health insurance companies, they must properly submit a billing code and an explanation of services rendered. There are approximately 250,000 different billing codes covering diagnostics, procedures, supplies, equipment, medications, and more. Each state regulates health insurers within its borders, creating a patchwork of differing laws and regulations. Then there is the federal overlay — mandates under ERISA, the Affordable Care Act (Obamacare), Medicare, Medicaid, and others. To call this a gargantuan, jumbled-up mess is an insult to gargantuan, jumbled-up messes.
Health insurance companies employ over one million employees to process claims. That figure does not include the administrative staff employed by your family doctor or local hospital to also prepare and submit those same claims. The result? Claims are entered incorrectly, fraud proliferates, inefficiencies abound, providers often wait 90 days or more to be paid — if they are paid at all — and patients are frequently left with bills they do not owe.
Suppose there was a system that eliminated this mess. Imagine doctors treating a patient, then making a few simple keystrokes, and being paid instantly. Imagine insurers saving massive sums by using a system that automatically processes claims, eliminates human error, and approaches 100 percent accuracy. That technology is here, and Solum is completing its development.
Two years ago, this platform would not have been possible. Thanks to advances in AI, Solum’s engineers have built it. The system employs smart contracts on the blockchain that perform the work of thousands of claims processors. Despite the labyrinth of billing codes and constantly changing regulations, it operates accurately and at extraordinary speed.
Because of the GENIUS Act, Solum uses stablecoins, creating additional efficiencies for both medical providers and insurers. Insurers purchase stablecoins at $1 per coin, fully redeemable at that same value. Providers are paid in stablecoin and may use or redeem them as they wish, increasing circulation. Funds used to purchase the coins are escrowed by Solum and reserved solely for redemption. Unlike traditional banking — where institutions must balance deposit liquidity against lending risk, sometimes disastrously as in the case of Silicon Valley Bank — the GENIUS Act requires that cash backing stablecoins remain fully reserved and not subject to lending risk.
Solum has multiple revenue sources. It handles claims processing for a percentage fee. An insurer currently spending 8 to 10 percent of total expenditures on administrative processing could potentially save 6 to 8 percent of its total company expenses. That is game changing significant. Solum has several other attractive revenue streams.
When I evaluate companies, I always ask: What if the assumptions are overstated? What if some revenue sources fail to materialize? Will the company still be profitable? Will its long-term value justify its current capital raise? Given the diversity of Solum’s revenue streams, I believe it passes this test.
As an early adopter of this strategy, Solum has the potential to expand into other industries. Amazon began by selling books. Now it sells nearly everything.
Solum exemplifies the societal benefits made possible by intelligent design and artificial intelligence, fostered by monetary innovation under the GENIUS Act. Consider the possibilities. If the federal government used a similar blockchain-based smart contract system for its spending, the federal workforce could be dramatically reduced and potentially trillions of dollars saved annually.
Incredible wealth will be created by deploying this technological platform across industries. There is nothing to fear. Capitalism is a process of creative destruction, replacing old inefficiencies with better systems. Enhanced productivity generates new capital, which flows to its most efficient uses, raising living standards and expanding economic opportunity for all. I am in utter awe. Yes, the times are a-changin…. and it should bring us all great joy!
