Since the last decade, a total of 2,550 health care data have been breached. This has impacted more than 175 million healthcare data, meaning more than 50% of the U.S population has been affected by this. The given statistics indicate that fraud in the healthcare sector is pretty common hence the rise for medication identifiers arises.
It is important to understand that medical records hold a very high value on the dark web. A medical record on the dark can be sold for up to $1,000. This is more valuable than the credit data on the dark web. This is because medical data contain more important information than any other form of an electronic database. Let us talk about the importance of medication identifiers to fight fraudulent activities in the healthcare industry.
Patient Identifier Emergence
Just like the customer verification process has secured the financial service and banking industry, medication identifier has secured the health care sector through patient identification. This procedure is known as a patient identifier. Considering the degree to which the medical sector is exposed to fraud, this is quite necessary. Not only does it verify the patient’s identity, but it also verifies the patient’s age and ensures that the patient is not exposed to something harmful that can be threatening their health.
These identification measures are done due to the regulatory requirements by HIPAA, the healthcare watchdogs that overlook the data security and necessary security measures.
How Does Medication Identification Work
A medication identifier is used to verify the identity of the customer to ensure that they are not fraudsters trying to get their hands on the medication without the required prescriptions. With the advancement in digital technology, the process of medication identifiers has been digitized as well. The AI-technology used in identity verification can verify the identity of the identity and age of the patient within seconds.
All the patient has to do is send a picture of their ID card with their selfie. The AI-powered know-your-patient solution will analyze the authenticity of the identity document and match it against the selfie to ensure that the patient is really who he claims to be. This process reduces healthcare finance on manual labor along with ensuring that no fraudulent activity is occurring and no patient confidentiality is being breached.
Listed below are some of the use cases of the
● Online Prescription of Medicines
There are regulations that require pharmacies to verify the age of the customer so that no underage child is getting access to the harmful drug. Sometimes, criminals use children for their criminal activities like drug trafficking as the minor charge is less strict. This is why pharmacies are required to ensure that children are not exposed to illegal stuff. With the pharmacies going online, there isn’t much way to verify that the minor is not manipulating the system. This is where the medication identifier comes in handy. It verifies the age of the patient before allowing them any medicines.
● Patient Onboarding
Onboarding a patient is still a long process, which is a problem as emergencies do not wait for the process of identity verification. The need for swift patient identification rose to ensure that all valid patients are admitted and no time is wasted in the process. The digital solution can verify the patient’s identity within seconds without endangering anyone’s life.
● Insurance Fraud
Medical insurances are really important as they help to reduce the cost of the services. Medical service is known to be really costly and not many citizens cannot afford them. This insurance helps the citizens to pay for them. A criminal can steal insurance and use it to get treated in your place. You will be charged with the bill while they will be getting treatment. In order to stop this, hospitals are required to ensure the identity of their patients and make sure that no identity theft is being occurred.