The expenses are staggering, centralizing around $1.1 billion in fraudulent activities facilitated through telemedicine, $29 million in COVID-19 healthcare fraud, $133 million linked to substance abuse treatment centers, commonly referred to as ‘sober homes,’ and $160 million tied to various other healthcare fraud and illicit opioid distribution schemes nationwide in the United States. 

These numbers emphasize the critical demand for compelling identity verification solutions like eIDV services. Insurance fraud in the healthcare sector is becoming more common than ever, raising the issue of identity forgery, which leads the institution to face multifaceted damages and financial losses. Thus, healthcare organizations and financial institutions can authenticate the actual individual who claims the insurance. 

This article will delve into the necessities and essentials of eIDV services through which they can preclude identity theft and protect insurance companies.

What is Electronic Verification of Identity?

Electronic verification of identity is the process of authenticating individuals with use of the publicly available data on digital platforms. The eIDV uses personal information and biometric features to verify identities. Verifying identities electronically can allow organizations to save the data at the backend and protect it from forthcoming threats. 

What is Electronic Identity Verification Solutions?

EIDV services are pivotal in benefiting organizations as they automate the authentication process and help them reduce manual verification expenses. It is quicker and more convenient for the insurance and healthcare sectors to comply with. 

Electronic Verification Services For Insurance Companies

The eIDV services are tailored to meet the specific needs of the insurance companies. From making the customer onboarding process easier to verifying the insured who is claiming the insurance, the electronic verification services have remarkably eluded fraudulent claims. These services are crucial requirements for insurance  companies as they:

• Can be operated remotely
• Provides a seamless customer experience 
• Are efficient while operating 
• Are convenient for the organization and the individual 
• Meet the requirements of regulatory KYC and AML compliance 
• Mitigates Financial Frauds 

How are Online eIDV Services Intervene?

Because of advancements in digitalization, online eIDV services are conveniently conducted in all industries, including the insurance sector. These services only enclose four primal steps that effectively verify identities. 

• The first is that the customer penetrates their document number into the eIDV service provider platforms.
• Then, there is a test of the face detection and liveness of the applicant
• Further, the records will be cross-checked against official government databases and other private informational sites
• After the whole exercise, the applicant will be identified, and the user verification will then be completed

Electronic ID Verification Services To Prevent Healthcare Frauds

With increasing healthcare fraud and dishonest insurance claims, electronic ID verification services are paramount to prevent the security of the healthcare industry. Many people in the United States falsify insurance claims to gain unnecessary benefits and avoid healthcare expenses. Hence, people disguise themselves as insured and gain the benefits. The eIDV services preclude healthcare fraud by conducting a thorough identity verification process for the patient who is claiming insurance. 

Electronic Identification Verification Advantages in Healthcare Sector 

Identity verification has advanced very fast and is 10 years ahead, all thanks to COVID-19, which contributed to a fast-forwarding development and propelled digital identity verification. The healthcare industry has determinate the benefits of the eIDV services and precluded insurance-related frauds and dishonest claims. Further, healthcare organizations now can digitally authenticate patients with electronic identification verification, this initiative has helped to use the insurance money properly. 

eIDV Provider Protecting Finances 

The eIDV providers are available online conveying digital services via their platforms, ensuring safe and robust compliance for the following: 

• Digital & Transportable ID
• Elevated security with government database verification
• Developers-friendly integration
• Entirely eliminate manual processes
• Swift onboarding within  seconds
• Globally compliant for KYC and AML
• Fully adaptable to location and language
• high pass rates with elevated customer happiness
• Document less verification through unique id numbers

Final Statement 

The imperative for vigorous electronic Identity Verification or eIDV services in mitigating healthcare fraud and safeguarding financial stability cannot be overstated. eIDV solutions help healthcare organizations and financial institutions to authenticate individuals, preventing identity theft and dishonest insurance claims. The streamlined process of electronic identity verification not only enhances security but also ensures regulatory compliance. 

On the other side, operational efficiency and a seamless customer experience make a significant impact in combating fraud. As industries across the board, from banking to healthcare, embrace digital verification services. Along with this, fraud prevention has evolved and strengthened trust and integrity in financial transactions. Thus, investing in robust eIDV services emerges as a proactive measure to protect finances, combat fraud, and uphold the integrity of the healthcare sector and beyond.