How does KYP Compliance Help Healthcare Providers Protect Patient Data?

Identity thefts are not limited to the financial or e-commerce industry but fraudsters also target the health industry. The healthcare sector is rapidly developing around the globe of which 10% of global GDP was consumed in 2015 according to WHO. The industries related to healthcare such as insurance companies and medicine suppliers increase the efficiency of the healthcare sector providing Protect Patient Data various facilities to the customers.

The data of patient verification is used by pharmaceuticals and care providers for research purposes to make better regulations for the healthcare industry. It is not easy for researchers to protect the patient’s record as the data breaching issue is always there. The healthcare industry is also a hot spot for cybercriminals to commit online identity theft. About 30% of big data breaches recorded in the last 10 years affected millions of customers. There is a dire need to have a  proper system that verifies the patients and combats medical identity theft. Know your patient compliance helps to fight such frauds. Let’s have a bit to know about KYP.

Know Your Patient

KYP helps to confirm the identity of the patients to prevent data breaching issues considering the patient identification policies of the hospitals. Due to the COVID-19 breakout, medical ID frauds are on the rise last year. According to a report, the law enforcement specialists fined 300 individuals involved in fraudulent activities costing $6 billion. KYP is almost the same as KYC but the difference is only in the industry. It is the prime responsibility of all hospitals to run KYP before patient onboarding. The purpose of KYP compliance is to prevent ID frauds, careful selling of prescription-only drugs, better patient care, and deliver better healthcare to maintain patient data for future use. Let’s have a look at how KYP verification works.

Working of KYP

To confirm the identity, first of all, the patient takes a live selfie and uploads an identity document. Secondly, the automated system fetches the required information through OCR technology and matches it with the ID document. Thirdly, biometric authentication is conducted in a live environment to perform face verification, and the age of the patient is also confirmed in this step. Know your patient compliance eliminates the risk of data breaching with GDPR standard data security and verifies the patients within seconds.

How does KYP Assists Healthcare Sector? 

KYP compliance helps healthcare providers by protecting patient information which is one of the regulatory requirements under laws of the US and UK. It also facilitates them to restrict the illegal selling of prescription-only medicines. The automated KYP system helps to verify the age of the patients that helps pharmaceuticals for responsible selling of age-restricted drugs to avoid penalties. KYP compliance also helps hospitals to confirm the patient ID online before providing remote services. It also assists healthcare providers to keep at bay from fraudsters using face recognition technology. 

Ongoing KYP

KYP compliance performs ongoing biometric authentication to keep a check on the activities of the patients and drug purchasers.  The pharmacies perform further confirmation through a selfie for future use. In this way. The patients purchase the medicines easily just by taking a live selfie that reduces. The drop-off rate and facilitates both patients and sellers.

Conclusion

The emergence of coronavirus around the world helps cyber criminals to use innovative ways to commit identity thefts. The id verification for pharmaceutical facilitates businesses to run robust KYP compliance to secure the data of the patients to avoid loss. It also helps them to confirm the identity of the patients remotely that improves the patient’s experience. The ongoing authentication helps to enhance KYP for on-premises services. Facial biometric authentication makes KYP compliance one of the stringent solutions to deter medical ID frauds. Know your patient also helps healthcare providers Protect Patient Data to meet regulatory requirements to avoid penalties.

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