3 Must-Know Digital Identity Trends for Healthcare Companies
Prove’s VP of Healthcare & Insurance Mike Bechtel spoke at the 2022 hlth conference in Las Vegas. During his talk, he introduced the concept of “KYP,” a twist on the financial term “KYC” and discussed the 3 must-know identity trends companies in the healthcare space should follow to stay competitive.
What’s the difference between KYC and KYP?
‘Know Your Customer’ (KYC) is a critical part of today’s financial regulatory environment to verify the identity of its consumers to prevent banks from being used by criminal elements for money laundering activities. This usually incorporates policies and procedures to cover four elements:
- Customer acceptance policies
- Customer identification procedures
- Monitoring of transactions
- Risk management
‘Know Your Patient’ (KYP), on the other hand, is all about verifying all the information necessary to provide patients with the highest level of care possible while still providing a seamless and easy digital experience. Because providing healthcare online (aka digital healthcare or telehealth) is a relatively new concept (driven in large part by the COVID-19 pandemic), many healthcare companies and providers are just now learning about the benefits of providing premier KYP experiences.
There are a handful of use cases across the various channels when healthcare consumers engage with their healthcare providers, health plans, and other healthcare organizations. In his presentation, Mike identifies four major benefits of implementing better KYP into healthcare systems:
- Better engagement
- Cost savings
- Better patient experiences
- Better outcomes
He also identified the three must-know digital identity trends for healthcare companies in 2023. To learn what you should do to improve patient experience and boost revenue, check out the full talk:
Keep reading
Read the article: Why Prove Matters When Identity Data Leaks Become Critical Infrastructure FailuresAs large-scale data breaches expose billions of identity records, traditional identity verification and KYC models fail under automated fraud, making cryptographically anchored, persistent digital identity critical infrastructure.
Read the article: How Prove’s Global Fraud Policy Stops Phone-Based Fraud Others MissLearn how Prove’s Global Fraud Policy (GFP) uses an adaptive, always-on engine to detect modern phone-based threats like recycled number fraud and eSIM abuse. Discover how organizations can secure account openings and recoveries without increasing user friction.
Read the article: Prove Supports Safer Internet Day: Championing a Safer, More Trustworthy Digital WorldProve proudly supports the goals and initiatives behind Safer Internet Day, a worldwide effort that brings together individuals, organizations, educators, governments, and businesses to promote the safe and positive use of digital technology for all, especially young people and vulnerable users.
