Knowing Your Patient: Helping Healthcare Organizations Prevent Insurance Fraud

The following is a guest article by Bala Kumar, Chief Product Officer at Jumio
The list of responsibilities for a CISO in healthcare is constantly growing. Today’s threat landscape requires them to plan for ransomware and malware attacks, protect against traditional vulnerabilities in legacy equipment, and mitigate the risk of internal threats. 
With those competing priorities, fraud prevention does not always make its way to the top of the list of considerations, even when it should. According to the National Health Care Anti-Fraud Association, fraud costs the U.S. healthcare industry more than $50 billion each year. 
When a patient’s identity is compromised, thieves can use this stolen data to file phony claims with insurance providers. Not only does this harm the patient, but the healthcare organizations themselves are then left to sort through the fraudulent claims and incur legal expenses. 
Just as financial institutions have adopted the Know Your Customer (KYC) process to verify the identity of their clients and help prevent financial crime, healthcare organizations can implement Know Your Patient (KYP) processes to address the ongoing threat of insurance fraud. 
Here is a breakdown of how KYP works and what makes it useful for healthcare providers in combating insurance fraud. 
What Exactly is KYP? 
Let’s start with KYC, which is a vital part of today’s regulatory environment that helps financial institutions verify client identities and prevent them from...

Source: EMR and HIPAA - June 2, 2023 Category: Information Technology Authors: Guest Author Tags: Ambulatory C-Suite Leadership Health IT Company Healthcare IT Hospital - Health System IT Infrastructure and Dev Ops LTPAC Security and Privacy Bala Kumar CISO Healthcare Fraud Identity Fraud Jumio Know Your Customer Know Your Source Type: blogs