25 Seconds Can Save Hospitals $30 Million with Patient ID Systems

Did you know that the average hospital system has a 10% duplicate error rate and it costs about $100 to correct each error? If your healthcare facility has 500,000 registrations each year, that’s 50,000 errors and you spend about $5M correcting those errors.

Did you know that the average hospital loses $17M in billing errors every year, primarily due to patient identity errors? In the Ponemon Institute’s 2016 survey, hospitals stated that an average of 35%of all denied claims were a result of inaccurate patient identification. This represented an estimated value of over $17M per year per hospital.

Did you know that patient mis-identification also contributes to lost productivity for clinicians? The Ponemon Institute’s 2016 survey also stated that the average clinician wastes almost 30 minutes per shift due to patient mis-identification. This misidentification costs the average healthcare organization $900,000 per year in lost productivity.

Did you know that there are over 2 million incidences of medical identity fraud every year? With 5,627 hospitals in the US, that is 355 potential incidents of medical identity fraud in each hospital. The average cost of medical identity fraud is around $13,500 per incident, which calculates to around $4.8M per year per hospital.

With modern absolute patient ID techniques, there is no reason why medical identity theft still exists.

Did you know that spending 25 seconds with a biometric patient id system can save you almost $30M a year? 25 seconds is all it takes for a biometric patient id system to accurately identify a registered patient, preventing duplicate registrations and the need to correct them.

Patient ID systems play a critical role in helping providers reduce billing errors and collection problems associated with patient identity mistakes. Absolute patient id systems can save your healthcare organization millions of dollars, in just 25 seconds per patient. Without a patient ID system to eliminate patient identity errors, there remains a continued risk for increased misdiagnoses, ineffective treatment plans and payment fraud.

Privasent offers a unique combination of an encrypted smart card and a biometric patient ID system to produce a unique, absolute and interoperable identity.

Once enrolled in the system, it takes 25 seconds or less to positively identify a patient. If you would like to see for yourself how 25 seconds can save you millions of dollars, please request a demo.

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About the Author:

Debra Fryar is a blogger for Privasent and advocate for proper patient identification in a new age of healthcare tech.

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