Chris Plance, Founder and President of the 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 and shake up the Healthcare Industry. The Veris Foundation 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. Plance is at the helm of this innovative platform, combining decades of IT, and Technology Consulting experience in the Health Care Industry with a passion for Bitcoin, blockchain technology, and entrepreneurial spirit and success.
Plance, who grew up on a cattle farm outside of Pittsburgh, is no stranger to successfully founding his own organizations, and started his career in technology in the late 90s working for a small tech firm in tandem with completing his undergraduate degree in Computer Engineering at the University of Pittsburgh. After graduation, he founded a technology consulting firm DATUS, which grew to yearly revenues of over $2M in 2008. In 2012, Plance transitioned DATUS to employee ownership in order to take a role as Director of Strategic Planning for Lifespace Communities. Lifespace is one of the largest non-profit providers of senior living in the nation. Plance is now in a management consulting role while working on his Executive MBA at Rutgers University (expected graduation: May 2018), and of course, the Veris Foundation.
Simultaneously obtaining an Executive MBA while starting an innovative non-profit addressing complex issues in one of the world’s most high-powered and regulated industries and holding down a full-time job is remarkable in its own right, but he also manages to be a full time husband and dad, while getting a full night’s sleep every night!
Plance was first introduced to Bitcoin in 2011 when a friend, Dan Mross (Bitcoin producer, entrepreneur, and a founding board member of Mek Entertainment) gave him a Casascius coin as a birthday present. He had challenged Mross on the feasibility of currency not backed by governments and central banks – a common dilemma for those new to Bitcoin. In 2016, with the rise of the market again after the Gt MOX crash, Plance become most interested in Ethereum. This was Bitcoin with smart contracts, and what initially caused his deep dive into the technology of blockchain and contributed to the eventual creation of Veris Foundation. In addition, Eric Lawlor, head advisor to the Veris Foundation, is currently the Executive Vice President at Ohio Valley Hospital – where Plance is also involved and engaged as counsel. While working on a project, Plance and Lawlor began discussing why the claims and payment process within the healthcare system is so complicated. The hurdles to payment were visibly increasing just during the timeline of their project. During this time (late 2016), Plance was spending a lot of time diving deeply into the blockchain, convinced Lawlor to invest in some cryptocurrency, and the Veris Foundation was a natural extension of the problems they were facing daily.
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.