More than 2 million Americans were victims of medical identity theft in 2014, a 22 percent increase from the previous year, contributing to a gradual upward trend over the past five years, according to a study published by the Medicare Identity Fraud Alliance.
The need to combat fraud and protect medical information will serve as a catalyst for significant growth in healthcare biometrics industry, a market projected to reach $5 billion globally by the year 2020.
As the healthcare industry regroups following the Anthem hack that exposed personal information of 80 million members, new biometrics technology is initiating a push to help secure medical information.
Over the past several years, IT experts have been frantically directing their attention towards healthcare, clamoring for the industry to improve cybersecurity. Last week's Anthem hack has brought many of those concerns to life. While many have pointed to the immediate financial impact of the hack, consequences surrounding medical fraud could leave a lasting impression.
As insurers look for ways to fight healthcare fraud and identity theft, one insurance company is turning to automated alert system to offer real time identity theft monitoring and fraud resolution for its beneficiaries. That's why Moda Health is incorporating an alert system developed by ID Experts into its plans as a way to help members identify false claims.
Greater use of electronic health records, black market demand for protected health information and a fragmented healthcare system contribute to rising rates of medical identity theft, Fortune reported.
Reducing exposure to medical identity theft has become a priority for insurers as rising numbers of customers fall victim to this crime. For advice on curbing identity theft and the healt hcare fraud that often follows, FierceHealthPayer: Anti-Fraud turned to two experts for advice.
More than half of medical identity theft is "friendly fraud," where an uninsured person uses a friend or relative's insurance identification card to access healthcare services, according to United Credit Service, Inc.
Against a backdrop of incentives for healthcare fraud, business researchers at Aberdeen Group explain how organizations use data integration, automation and analytics to battle the crime.
"There is one solution to fighting Medicare fraud that most lawmakers can agree on," the National Journal reported last week. "Remove seniors' Social Security numbers from their...