In the present age where online frauds are common, data breaching issues are increasing with every passing day. Every year, billions of ID thefts are committed by fraudsters. In different industries such as e-commerce sites, financial institutes, and other corporate sectors. Online identity thefts also happen in the healthcare sector. On a larger scale as the healthcare industry is developing day by day. New ways of treatment are discovered and the development in medicine helps to increase the average lifespan of humans.
Besides spending a large amount to improve healthcare facilities, healthcare specialists did not take sufficient steps to secure patients’ data. Healthcare providers deal with big data which consists of patients’ personal information. It is the responsibility of healthcare providers to take precautionary. Measures to make patients’ data secure as the healthcare industry is on top of facing data breaching thefts. They have to make sure that the data of their patients is secure. Know your patient helps healthcare providers to make the data of the patient secure. Let’s see how know your patient protects patient identity information.
What is Know Your Patient?
Stealing patients’ data is quite easy for fraudsters as compared to other industries. According to MedCity News, there were 24.1 million data breach cases. In 2020 in the healthcare industry that becomes 91.2% of all breaching records. Know your patient assists healthcare providers to take stringent measures to keep the data of their patients safe. Knowing your patient is a process of verifying the identity of the patients. To make their data secure under the patient identification laws. The AI-powered system extracts the necessary information and cross-checks it with the ID document. Finally, the AI-powered system matches the face of the patient and gives the results. KYP compliance is inevitable for businesses to deter data breaching issues.
How KYP Compliance Assists Healthcare Providers?
For this reason, the data of patients are used by healthcare specialists for research purposes. To make necessary changes in the healthcare system to deliver better services. While using the data of patients, cybercriminals steal the data of the patients. And use it for illegal means such as fake insurance claims and online prescriptions. Later, know your patient compliance not only assists hospitals and other healthcare providers. To meet Health Insurance Portability and Accountability Act (HIPAA) regulations. Further, but also helps them to improve their services such as careful selling of prescription-only drugs, etc. It confirms the identity of the patient within seconds with GDPR standard data security to ensure data security. KYP facilitates various healthcare sectors. Let’s have a look at the use cases of KYP compliance.
At the same time Know your patient facilitates online drug stores to sell prescription-only drugs after verifying the age of the customer. Because, It also helps healthcare providers to prescribe medicines to patients according to their age. So, KYP compliance assists online pharmacies to meet health regulations to avoid non-compliance penalties by performing patient age verification.
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Hence Know your patient compliance also facilitates hospitals to secure patient data from fraudsters. It helps to protect patient information that is also a regulatory. Requirement according to the laws of the UK and US.
Wrapping It Up
The data of patients is very important as it consists of all personal details. That are enough for fraudsters to commit online crimes using the patient’s account. Therefore, knowing your patient helps healthcare providers combat medical identity thefts and insurance frauds that cost billions every year. KYP compliance facilitates healthcare providers to meet health information security standards to avoid hefty fines. The ongoing KYP helps online stores to verify the identity of their customers within seconds. To reduce the drop-off rate and enhance customer experience. The face recognition technology makes KYP compliance a stringent process. However That is not easy to break that adds up the integrity of the healthcare providers.