The health sector, like all the other enterprises, is undergoing digitization. However, the sector is subdivided into different sectors based on the interdisciplinary team of certified trainers to satisfy people’s health needs. But, the last few years have just been important for health care providers since, on the one hand, numerous developments and services arose as a result of the coronavirus, while on the other hand, the number of crimes such as data breaches and identity theft increased dramatically. The industry is now subject to regulatory requirements as evident from Shufti Pro news. Regulatory authorities such as HIPAA, NHS, and others have implemented know your patient requirements with the goal of identifying patients and ensuring that only legitimate entities join in, which is the only way to reduce the increasing number of crimes.
Healthcare Sector – Forces Driving Transformation
The healthcare sector is undergoing constant transformation due to the covid-19 and the pressing need for online services. The medicare sector has become compartmentalized, so there is plenty of room for innovation and the perfect time for new companies to enter. Furthermore, this industry has historically been averse to change; yet, it must now cope with and accept new development opportunities that are emerging quickly. There is a need to create a modular health environment in which patients can choose from a variety of care services or tailored services that could be accessed from anywhere anytime.
The growing influence of consumerism: Patients now have more data at their fingertips and are better equipped to research solutions that meet their needs and budgets. As a result, the healthcare business must improve transparency in its processes and develop new ways to communicate with clients.
Transition to value-based care: This is the main driving force, and it is most likely to take place right away. Alternative payment methods are being promoted by medicare centers and healthcare providers. As a result, this industry will be able to raise its profits and use them to improve infrastructure.
Widespread use of technology: With the advent of virtual patient monitoring and online healthcare services, patients can communicate with doctors remotely in the same way they did before.
Deploying Patient Verification Service to Prevent Fraud in Healthcare
Knowing your customer is a critical practice that banks implement to protect financial transactions and onboard legitimate customers. Similarly, ID verification for pharmacies has become a need of the moment. Making the patient onboarding process smooth and protected from medicare fraud is necessary. Know your patient solutions ensure that health facilities and service providers’ databases are safe from cyberattacks and that confidential patient data is always kept secure.
Before onboarding patients, medicare service providers must identify patients to guarantee that only legitimate patients are recruited, as the possible risk associated with consumers can negatively affect the digital operation. Thus, healthcare enterprises must collect personally identifiable information from patients, such as identity card numbers, health identification numbers, and other details, to ensure effective identity and patient age verification. Complementary or secondary documents, such as bills and insurance certificates, must also be obtained to verify patient identity more appropriately and reduce the risk of fraudulent activities.
Ongoing Monitoring and AML Screening
When the patient joins the team, the story doesn’t end there. The risk of being duped is always present as criminals become more adept. As a result, medicare centers must perform patient identity checks to assess risk. To do so, technical advancements have given accurate monitoring and AML screening options. Patients can all be easily classified based on the risk they pose by incorporating such systems. This is important for insurance companies because it can help them limit the number of bogus claims. Health centers can use continuous monitoring and AML screening technologies to examine patients’ backgrounds in financial crime databases and international watchlists for improved risk assessments. Many firms have just started accepting global investments like Shufti Pro funding, recently done by Updata partners.
Enhanced Due Diligence (EDD)
Healthcare facilities can evaluate if they need basic due diligence or enhanced due diligence by using patient risk assessment processes. Online service providers must follow proper client due diligence procedures to determine whether or not enhanced due diligence is required. Due diligence is a continual procedure because clients can move from low-risk to high-risk categories over time, thus it must be done regularly.
Healthcare and telehealth security are becoming a global problem, and this industry requires digital identity verification systems to detect and minimize medical identity theft and many other related crimes. Know your patient verification is widely regarded as the most effective method of guaranteeing that only genuine patients are admitted to the organization. KYP is a regulatory requirement that the health care business must follow. however, If medicare centers fail to use ID verification methods or are non-compliant, they may face hefty fines and financial losses.