Healthcare Fraud Prevention and The Affordable Care Act

  • Identity Verification

Beginning in October, under the Affordable Care Act, the healthcare exchange marketplace will be a place where Americans can apply for health insurance coverage, allowing them to pick and choose from multiple providers in their area with the submission of one application. This application requires out-of-wallet and in-depth questions about the applicant such as name, address, social security number, date of birth, income and household information.

The marketplace will help facilitate data exchanges between enrollees and providers. Consumer security and peace of mind will be maintained by a secured data hub, which will store everyones data. The problem with this data hub is the fact that it will contain millions of consumer identities and everything a fraudster would need to steal an identity.

Just a small leak of the information and fraudsters would have access to millions of consumer profiles to sell or use in fund transfers, tax refunds, credit purchases and more. The potential loss could be detrimental to businesses and organizations of any industry. The affect on consumers, especially seniors and lower-income individuals would also be significant.

Powerful steps taken toward combating health care fraud and identity theft need to be taken before the healthcare exchange marketplace is being used extensively. With the digital world in full swing, its becoming even more important to protect your business and customers with the best identity verification and fraud prevention solutions. As a business, go beyond compliance and provide a proactive approach to fighting fraud.

 

[Contributed by EVS Marketing]