KYP Assists Healthcare Providers to Improve patient Data Security Standards

Data breaching issues are on the rise these days. Every year billions of customers lose their data globally due to cyber attacks. If we talk about the healthcare industry, it is one of the largest expanding industries in the world. WHO revealed that the worldwide spending on the healthcare industry patient data security is expected to reach 10.59 trillion dollars by 2022. The Healthcare industry is more prone to data breaches. According to MedCity News, the data breaching in healthcare affected more than 26 million patients in 2020.

Medical identity thefts are increasing day by day like financial frauds. patient data security is the responsibility of healthcare providers. It can be done by performing robust KYP compliance of patients, medicine suppliers, and other allied industries related to healthcare. Pharma serialization software helps in supply chain management in pharma industry. The technological revolution also transformed the healthcare industry by introducing no-cut surgeries and telehealth services. Let’s have a look at how telehealth services facilitate patients to use online medical services.

A bit about Telehealth Services

Telehealth services facilitate patients by providing them remote healthcare services from healthcare providers. The physician guides and prescribes the patient through electronic means such as live video calls. Telehealth services facilitated patients a lot during the pandemic when there was a shortage of medical staff as they were busy treating thousands of coronavirus-affected patients. Telehealth services also reduce the risk of data breaching and prove to be a cost-effective approach as it saves travel expenses and saves time. Although telehealth services prove beneficial for online prescriptions, still, there are also some chances of ID theft due to substandard KYP compliance.

How does KYP Compliance help in patient Data Security?

The purpose of knowing your patient compliance is to verify the identity of the patients according to the patient identification policy of the health centre. Digital ID verification solutions help health providers to meet KYP compliance. It uses government-issued cards to confirm the identity of the patients. KYP compliance is critical to prevent patient’s data from cybercriminals and for the security of the hospitals as well. 

To authenticate the identity, first of all, the patients have to upload an ID document with a selfie. The OCR scanner fetches the important data and sends it to the system for further verification. The automated system verifies the selfie with the photo on the identity document and sends the result to the back office. During this process, the system also verifies the age of the user that helps the pharmaceuticals and online drug dealers to deliver prescription-only drugs by checking the age of the patient. KYP compliance proves to be a helping hand for the healthcare system to improve the data security of the patients. Let’s see why KYP compliance is inevitable for the healthcare industry.

Importance of KYP Compliance for Healthcare Industry

The data of patients are used by researchers and healthcare providers to improve the health system by making better regulations. It is the prime responsibility of care providers to use patient’s data delicately to avoid data breaches. KYP compliance not only helps patients and healthcare centres to improve data security but also helps researchers to avoid the personal data of the patients from online thefts. 

It also assists hospitals to meet the (Health Insurance Portability and Accountability Act) HIPPA to avoid penalties. HIPAA is a federal regulator for the healthcare industry that helps healthcare providers to do best practices for patient data security. In this way, KYP compliance helps the industry secure patient’s data from cybercriminals and meet security regulations.

Wrapping It Up

Patient data security is one of the challenges faced by the healthcare industry. KYP compliance helps healthcare providers to reduce medical identity fraud and facilitates online drug stores to sell prescription-only drugs only to authorized patients to avoid misuse of the drugs. It also assists hospitals to establish a good relationship with patients to deliver better services. Know your patient also helps to enhance KYC compliance for on-premises and digital medical services.