The health sector also has a right to know their patients just like banks and other institutions are performing KYC ‘know your customer’ when a person applies for a bank statement or a loan. Hospitals demand credentials from patients so that they can prevent the medical data from being stolen, medical insurance fraud, and secure the identity of patients. After financial institutions, the medical sector is the second-largest that suffered from identity theft. The ratio of fraud rises to the surface in the health sector imposing hospitals and different businesses to adopt the automated process of KYP ‘know your patient’ compliance.
In this modern era, the rate of fraud and con tricks of fraudsters to conn people is increasing with each day that passes. The corporate and health sectors both suffered from inappropriate circumstances so they opted for the regulations of identity verification. Patient verification assists the health care sector in reducing and eradicating fraud from the root causes.
The medical records or data of patients are extremely confidential in hospitals. Pharmaceuticals and scientists use that medical information to innovate new medicines so that future generations could be benefited from it. Loss of data leads to monetary losses that are suffered by several businesses. The health care sector had to face multiple levels of fraud in identity verification so the sector adopted advanced measures like ‘know your patient’. But even the automated processes couldn’t stop the data theft. The main reason was that in the medical sector they might have criminals as their business partners. Nowadays, hospitals opt to verify patient identity systems to ‘know your patient’ to reduce identity theft in the sector.
Prevention Of Medical Identity Fraud
Compliance with ‘know your patient’ is crucial in the medical and business sector to prevent fraud and identity theft. Once the data of patients are being stolen, it’s definite that they have to deal with adverse consequences. If imposters change the blood samples of two people while committing fraud, the only person who will have to face adverse consequences will be the patient. One of the scams could be if an imposter uses a stolen identity card, the real person will have to face the consequences. Therefore, it is a dire need to follow your patient verification to prevent fraud.
Now let’s dive deeper into knowing your patient to prevent scams in the healthcare sector:
Social Security Number
Never give access to SSN (social security number) to anyone. Ask and check with the professional if the reason for giving access to SSN is inescapable.
Keep Track Of Credit/Debit Card
Companies assist their clients when they choose their services or products. Clients must keep their credit cards in check regularly to stay away from any fraud.
Opt For A Medical Identity Solution
Healthcare sectors now provide customers with patient identification and patient age verification to combine regulatory measures with ‘know your patient’ protocols.
Evaluation of Medical History
Review your medical records and check if there is something unusual or unrecognized about them. Regular checking of medical data is vital to ensure that fraudsters are not successful in breaching data. Following patient protocols is important to comply with regulations of ‘know your patient’.
Digital Patient Identity Verification
ID verification of pharmacies is of utmost importance as well. The patient identity verification process assists:
- Patient identification to provide digital solutions to them
- Verify patients through ‘know your patients’ daily
- Prevent medical scams by identifying patients
- Selling of medicine through a digital platform to the prescribed patients
- Identify patient’s NIC cards to fight insurance fraud
‘Know your patient’ is crucial in the medical sector to prevent health-related scams. The rising ratio of frauds made it necessary for the medical sector to take preventive measures by enhancing the safety measures. KYP provides the optimal solution for an intrusion-free workspace and a better experience for patients as well.
The KYP process made patient identification easy and helping society is of significant importance. However, the KYP process is user-friendly and proved beneficial for both the medical and corporate sectors.