A group of leading healthcare companies provided $50 million in seed funding, Avana Health, the data exchange and blockchain startup announced Thursday.

CVS Health subsidiaries Aetna, Anthem, Cleveland Clinic, Health Care Service Corp., Sentara Healthcare and PNC Financial Services have all contributed to the joint venture and are Avaneer Health’s first network participants. These funders represent 80 million insured lives and 14 million annual patient visits.

According to the company, Avaneer Health, which was founded in 2020, will use the funding to prepare to roll out its network nationwide as a form of secure internet for healthcare.

Avaneer Health network participants will have access to content described by the company streamline Healthcare Process administrative and transactions.this will be beneficial get care, boosting consumer loyalty, reducing physician burnout and reducing operational and technology costs, company executives said in a news release.

“Together, we are changing the paradigm of healthcare data flow through a secure network powered by blockchain, rapid healthcare interoperability resources and other leading technologies,” said Tim Skeen, co-chair of Avaneer Health’s board of directors, in a press release. Skeen is Sentara Senior Vice President and Chief Information Officer of Healthcare

Managing complexity leads to an estimated $372 billion in annual healthcare costs, according to the 2020 Council on Affordable Quality Healthcare Index report. The report says automating common administrative tasks could save $16.3 billion annually.national health spending reached $4.1 trillion 2020, the Centers for Medicare and Medicaid Services’ Office of the Actuary reported last month.

“Addressing administrative costs and creating a positive consumer experience requires the connectivity and data mobility we’ve come to expect in other industries,” Avaneer Health founder and CEO Stuart Hanson said in a press release.