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:
‘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:
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:
Trusted by 1,000+ leading companies to reduce fraud and improve consumer experiences. Contact us today to learn how you can frictionlessly secure your digital consumer journey — from onboarding to ongoing transactions.
Tap the button below to read our latest white-paper on the subject as industry leaders.
Contact us to learn how leading companies are using Prove Pre-Fill to modernize the account creation process by shaving off clicks and keystrokes that kill conversion.
Get in touch to find out how we can help you identify your customers at every stage of their journey and offer them seamless and secure experiences.
Let our expert team guide you through our identity verification and authentication solutions. Select a date and time that works for you.
Find out how we can help you deliver seamless and secure customer experiences that comply with PSD2/SCA. Select a date and time that works for you.
Download Aite-Novarica Group’s full report about Prove Pre-Fill, including a product overview, customer results, and how the product works.
Download the guide now to learn how you can improve security, cut down on fraud, and create the best possible customer experience.