Thank you to our friends over at the Coalition Against Insurance Fraud for allowing our Founder/CEO Mizan Rahman the opportunity to write this article on how iris biometrics are helping to shift the battle against fraud in healthcare to prevention rather than chasing.
Considering the fact that current healthcare spending in the U.S. is growing at approximately 1.5 times the GDP growth rate and will soon constitute 20% of the overall economy, coupled with the fact that healthcare fraud and waste is estimated to cost somewhere between $70 to $255 billion per year, concrete solutions are needed.
The article examines the detrimental effect that fraud and waste has on the healthcare industry and how a shift to more preventative strategies before services are rendered and claims are submitted is a way to attack the core problem.
The use of iris biometrics for patient identification is already paying dividends in the healthcare industry and conservative estimates say that it can help cut down on fraud, quantified by these statistics:
- Cost of fraud per patient visit: $78;
- Percentage of patient ID fraud: 5 percent; and
- Cost of patient ID fraud per visit: $3.90.
Thank you again to our friends at the Coalition Against Insurance Fraud for the opportunity to write about the impact that iris biometrics is having in the ongoing fight to prevent fraud and waste in healthcare.