It’s Time for Healthcare to Adopt Modern KYC (Know Your Customer) Data Practices

‘Know Your Customer’ is a critical part of today’s financial regulatory environment to verify its consumers' identity to prevent banks from being used by criminal elements for money laundering activities.

This concept is not well known in the healthcare industry, yet, given that until recently, less than 1% of care was performed virtually. However, moving forward, virtual visits could potentially account for $250B or about 20% of what Medicare, Medicaid, and commercial insurers spend on outpatient, office, and home health visits, according to a new report. Despite a temporary lull in reported healthcare fraud as a result of Covid-19 in the first half, there has actually been an alarming increase in healthcare data breaches. Once fraud reporting catches up in 2H 2020, along with the dramatic increase in digital health utilization, it will be very clear that healthcare organizations need to implement KYC technology services.