Recognition of medical banking, or the convergence of banking and health IT, is gaining ground. Yet, of the many ideas evolving from this unique and growing cross-industry area, none may have more impact than using banking identity and access management systems for healthcare. By using “digital keys” offered by banks, the patient could gain a solution for securely accessing his or her electronic health records and much more. I want to share four compelling reasons for why I think banks can offer digital keys for healthcare:
1. Innovations in Banking and Health IT Are Ripe for Collaboration
Cost and convenience is driving new forms of efficiency in payment processing and this is driving banks further into the health IT arena. For example, medical banking innovations have helped one healthcare system move 4 million “explanation of benefits” (EOBs) from paper to digital processing, providing a conservative annual savings of $2 per form, or $8 million. Both providers and consumers have less paper to manage when following the digital approach.
2. Banks Have Addressed Identity Theft; Healthcare Desperately Needs a Solution for Medical Identity Theft
In 2006, the World Privacy Forum declared medical identity theft as the fastest-growing form of identity theft. Move ahead to 2010 when, according to the Ponemon Institute , more than 1.4 million people were victimized by medical identity theft, and the average cost to resolve their cases totaled about $20,000. Over half reported having to pay for medical coverage they did not receive to restore their health coverage. In fact, nearly one third indicated their health premiums increased after they were victimized.