Just over the last few years, 2,550 data breaches cases have been reported in the healthcare sector which effected millions of records making it a considerably serious issue. In the healthcare sector data breach cases have been rampant over the past few years. In April 2019, 46 healthcare data breaches were reported which was a 48% increase from March and 67% higher than the monthly number of breaches over the past 5years.
The healthcare sector is evolving by providing curative and palliative care to the patients. The huge revenue of the healthcare industry has also attracted a lot of scammers and fraudsters. Cybercriminals can steal the private information of any patient from insurance and use to avail medical treatments or buy drugs. Such fake identities can pose a huge threat to the healthcare industry, especially hitting insurance companies by fake claims. So to deal with such forgery identity verification to fulfill KYC requirements is a necessary thing to adhere to. KYC solutions help the doctors to identify their patients and assist hospital management to store large data without making it fall in the wrong hands. Digital KYC simplifies the lives of doctors, hospital staff and even patients by providing seamless identity verification procedures. Unlike manual identity verification, digital KYC performs by in less time and at a fraction of cost.
KYC turns KYP for Healthcare Sector:
Know Your Customer KYC plays a vital role in the regulatory environment for verification of their clients to prevent a business from falling prey to criminals. Given the degree to which medical institutions are being victimized by fraudsters and ensuring patients are who they say they are for specific medications and procedures, now is the time for the healthcare industry to adopt to Know Your Patient (KYP) process.
There’s an increasing number of ways online identity verification solutions use to improve the quality and efficiency of patient service. It ensures that hospitals provide sensitive information only to the authentic patient— not to an imposter. Following are some benefits of using digital identity verification solution to perform KYP in the healthcare sector:
- Streamline Patient’s Verification:
Verifying new patients manually is cumbersome of a procedure. It is a bit frustrating for the patients as well to wait long to get verified but KYP is mandatory. Digital KYC can streamline the whole process and boost efficiency drastically by cutting down the chances of errors and omissions expected in the manual verification process and reducing the time spent on rejected insurance claims. The patient’s information authenticate by using digital document verification in a matter of moments.
- Hospital Reputation Management
Identity verification is vital for hospitals to hinder the loss of important data and to earn billions. According to a report, hospitals account for 30% of all large data breaches. Data falling in the wrong hands can tarnish the hospital’s reputation. If a patient’s medical information gets manipulate it will cause trouble for both patients and hospitals. Facial Recognition deploys at the hospital entrance to restrict the entrance of any person having a criminal record keeping the hospital data and patients secure.
- Mitigate Insurance Company Fraud
If a patient’s privacy compromise insurance companies have to deal with fraudulent claims and ultimately suffer from financial fallout. An identity can use private information to get prescription drugs by doctors. Or file fake claims with insurance companies or some other medical benefits.
So performing digital KYC for the patients is vital for so many reasons.
Digital KYC service is highly impacting the healthcare sector in many amazing ways. From keeping fraudsters at bay to securing big data at hospitals it is evolving healthcare in all possible ways. This technology provides many solutions in this sector.