Secure healthcare insurance industry with KYC

Securing healthcare insurance industry with KYC solutions is a way to verify the identity of the person requesting coverage and prevent fraud. It is an important step in ensuring that only legitimate and eligible individuals have access to healthcare benefits. 

KYC typically involves collecting and verifying personal information, such as a person’s name, address, date of birth, and government-issued identification. This information is then checked against databases and other sources to confirm its accuracy and legitimacy. 

To implement KYC in the healthcare insurance industry, insurance companies can require individuals to provide proof of identity when applying for coverage. This can include a driver’s license, passport, or other government-issued ID. The insurance company can then verify this information by checking it against databases and other sources. 

In addition to verifying identity, KYC can also be used to detect and prevent fraudulent activities. For example, if an individual attempts to apply for coverage under a false identity, the insurance company can use KYC to identify the discrepancy and deny the application. 

Implementing efficient KYC medical institutions can secure healthcare insurance issues and prevent fraud in this sector. 

Key issues in the healthcare resolved with KYP 

Healthcare frauds cost billions of dollars every year. According to a report published in BusinessWire, the global healthcare fraud analytic market may reach 5.69 billion USD by 2027. 

As the world is becoming more rapidly digital, market growth is attributed to the increasing fraud in healthcare, especially health insurance and pharmacy-related claims. Implementing KYP (Know you Patient) procedures checks this rapid digitalization and fraudulent activities. Healthcare providers are now diligent in implementing processes in their organizations to prevent medical fraud. 

KYP is a powerful tool that is shifting the healthcare sector’s mode of operation to a more transparent and easy-to-use platform. It has become a vital tool to help governments around the world prevent and stop criminal activities such as: 

– Preventing prescription and insurance fraud; 

– Verifying the patients’ KYC and making sure that they meet the legal age limit before prescribing medicines to patients; 

– Protects and ensures that all sensitive medical information is only used by the actual patients 

When it comes to healthcare, data breaches are on the rise and are predicted to continue to increase in the coming years. These breaches can severely impact patients, healthcare organizations and healthcare insurance industry. This can lead to decreased trust, damaged reputation and financial loss.  

There are many reasons why healthcare data breaches are on the rise. One of the most common reasons is a lack of security protocols and procedures. Many healthcare organizations still use outdated technology, making them more vulnerable to attacks. It’s important to implement robust security protocols and procedures. Using updated technology and software can help reduce the risk of a breach. 

Using the latest AI-powered biometric solutions, QOOBISS increase the comfort during patient onboarding process and fight with medical identity fraud. You can contact us to set an online meeting with our team and discover the best solution for your business.