Stop Revenue Cycle Identity Theft!

A new study from the Ponemon Institute, finds that 1.5 million Americans are victims of identity theft. This is an increase from last year. Also, the cost to resolve a medical identity fraud and theft went up, from $20,663-$20,160. Can you imagine if that happened to you?

So where are we as consumers and revenue cycle management executives venerable? The cracks in our revenue cycle lie in our data control. Over 70 percent of consumers felt it was important to have control over their records and 80 percent felt the healthcare organizations should ensure the privacy of these records. The onus is on the hospital business office to protect the consumer from fraudulent access to their data.

Half of the former victims chose not to report the incident at all. Why do you think that is? Is it an inside job? Perhaps, most often the patient didn’t want to make a claim because the information was either stolen by a family member or it was a complicit arrangement between the family or friends.

The risk of medical identity theft lies beyond consumer control. Most states are required to alert the victim via a notification of breach. Yet, only 5 percent of victims learned of their breached accounts via a data breach notification. This is a startling fact. New laws require protected health information breaches over 500 records are mandated to be published and reported to ensure the information gets out to the public domain.

Hospital revenue cycle executives need to have a real time system in place to catch identity theft and medical fraud before it happens. New automated systems, such as the one found in the iSolutions IQ platform identify threats and notify registration staff immediately of the potential of fraud. The only way to stop fraud from happening is to have systems in place to cut it off. Before you know it, the patient community grapevine will broadcast the news that your hospital or medical group is not ripe to perpetrate fraud and they will go elsewhere.

Thanks for reading my blog post. I’m passionate about improving revenue cycle performance. I’d like to help hospitals and physician groups stop medical identity fraud and improve revenue and cash production from the revenue cycle. Download my white paper to learn about the latest Hospital Revenue Cycle Risk Mitigation Strategies at http://isolutionsiq.com/white-paper/

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