Is your current patient verification system total chaos? If so, then this success story is for you. Hear how this premier online health provider completely transformed what was previously a tedious process by partnering with Vouched.
Patient Verification Is Costly and Time-Consuming
It goes without saying that patient verification in healthcare is a needlessly cumbersome process for two key reasons.
First, it often involves manually checking multiple databases and records, which is inefficient and prone to errors. Second, fragmented systems and lack of interoperability between healthcare providers necessitate repetitive data entry, wasting valuable time and resources.
Ultimately, this results in wasted money and resources spent addressing preventable errors and other negative consequences, like patients leaving the onboarding process due to how confusing it is.
Patients Needed a Better Experience
Like many companies in the healthcare space, this provider — a telemedicine leader — faced mounting difficulties when it came to their patient verification process. They wanted to begin automating this process, but the solutions they looked at wouldn’t provide them the rigorous compliance they needed. They were also dealing with a high volume of expensive manual reviews. These pressing issues not only drained their resources, but also compromised patient care and satisfaction.
Challenges Abounded
Unfortunately, that wasn’t all the provider had to deal with. They had yet another set of challenges, all tying back to their inefficient patient verification processes.
High Abandonment Rates
During initial verification attempts, the provider saw a staggering abandonment rate of 60%, even from patients who were at low risk for prescription misuse. This high rate of abandonment meant that the provider had to spend valuable resources manually reviewing these incidents.
Thousands of Transactions
On top of that, the provider dealt with thousands of transactions every month. All of these transactions necessitated manual review, straining resources and significantly impeding scalability.
Finding Suitable Automation
Finally, the provider was also struggling to devise an automated patient identity solution that would ensure compliance while also preventing medication abuse by high-risk patients.
How Vouched Saved the Day
The provider needed a solution that would be able to deliver a comprehensive answer for all of these issues. They decided to partner with Vouched, leveraging Vouched’s AI-driven patient identity solution, VouchedRx. Deployed with enhanced sophistication and customization, the provider took advantage of the following features to upgrade their workflows.
Risk Assessment Integration
The provider incorporated an advanced risk assessment framework, analyzing both patient cohort risk and real-time risk signals. This approach escalated the verification processes as needed, and was tailored to the specific risk associated with each use case, whether prescription or treatment, as well as the individual user.
AI-Powered Patient Onboarding
They also strategically utilized AI to refine patient onboarding, dramatically decreasing friction for low-risk patients while simultaneously enhancing compliance adherence. Using AI to drive patient onboarding resulted in a much smoother experience, dramatically reducing abandonment rates.
Customized Verification Workflow
Finally, the provider worked with Vouched to develop multi-factor, dynamic verification workflows distinguishing between high-, moderate-, and low-risk patients. This customization extended to workflow optimization, security settings, and user experience (UX) configurability, delivering compliance without compromising efficiency.
The Incredible Outcomes
As a result of their collaboration with Vouched, this healthcare provider successfully deployed the features they needed to streamline their operations and saw excellent results soon after execution. They were able to overcome the major challenges they’d been dealing with previously, while also knowing that they partnered with a company with the capability to grow alongside their developing needs.
Here are just a few of the outstanding results the provider was able to see once they’d deployed VouchedRx, from increased revenue to decreased operating costs.
Increased Patient Conversion
The implementation of an automated patient identity verification process dramatically boosted patient conversion rates, which soared from 40% to an impressive 95%. This remarkable improvement, a 140% leap beyond the industry average, accelerated the verification process, substantially minimizing the reliance on manual reviews and drastically lowering operating costs. This also meant that medical professionals now had the ability to allocate more time to providing exceptional patient care.
Scalability and Revenue Growth
VouchedRx significantly enhanced the provider’s patient intake process, delivering scalability that led to a more than 37% increase in new patients. This growth resulted in a substantial revenue boost, with millions of dollars added annually, paving the way for business expansion.
Notably, the provider experienced a remarkable revenue lift, with conversion rates soaring to 95% — more than double the industry average of 40%. The reduction in ID verification costs, coupled with lower operational expenses, played a crucial role in facilitating this rapid scaling and broadening customer reach.
Quantifiable Business Impact
Lastly, all of these improvements brought the provider significant ROI, with millions in annual revenue growth. Reduced manual verification efforts also allowed healthcare professionals to focus more on patient care and bring an elevated standard of service.
Save Time and Money When You Choose VouchedRx
What could a partnership with Vouched look like for you? When you choose our fast and secure solution, VouchedRx, you can expect:
- End-to-End Security: Our robust security measures ensure that you stay HIPAA-compliant, protecting your patients’ sensitive data at all times.
- Fraud Prevention: You can confidently connect with and deliver services to your patients without fear of identity theft and prescription fraud.
- Patient Identity Verification & KYP: Our AI computer vision technology provides a faster and smoother patient onboarding experience. No more complex verification methods and tedious knowledge-based authentication — instead, you’ll get streamlined data checks, social security number validation, and automatic capture of IDs.
We know that every company has its own unique set of challenges and needs, which is why we don’t offer cookie-cutter solutions. Instead, we work hand-in-hand with each of our customers to make sure that we build a solution that addresses their specific roadblocks while also continuing to grow with their business.
Ready to take your patient identity verification system from headache-inducing to pain-free? Reach out to us today and schedule a demo of VouchedRx.