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:

1. Better engagement
2. Cost savings
3. Better patient experiences
4. 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: 

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