Healthcare Biometric Market Worth $2,848.3 Million by 2021
The global healthcare biometrics market is expected to reach $2,848.3 million (USD) by the year 2021 from $1,182.6 million (USD) in 2016 at a CAGR 19.2% within the forecasted period. According to a recent report, the rise of medical healthcare insurance fraud and medical identity theft increased the demand for biometric technology in the healthcare industry that fueled the market’s growth. The government initiative to support biometric implementation in the healthcare industry also played a vital role in driving the healthcare market.
Reason for Rising Demand
Medical identity theft, insurance fraud, and duplicate medical records cost millions of dollars every year to healthcare service providers. Almost 20% to 30% of healthcare spending goes to waste, yielding no benefits to the patients because of inaccurate patient IDs. The use of biometric technology in healthcare can help to eliminate this problem. This robust technology recognizes the patients using their fingerprints, finger vein, and iris. Since biometric patterns are unique for every individual on the planet and extremely difficult to spoof or forge, it makes biometrics a very popular choice in the industry for fraud prevention and eliminating data corruption.
Impact of Biometric Technology in Healthcare
Biometric technology identifies the patient accurately, eliminating any chance of patient misidentification, which plays a big role in improving medical outcomes. Also, a hospital that deploys a biometric identification system can conveniently identify patients in less than a second, which helps to improve customer satisfaction. As a result of improved medical outcomes and patient satisfaction levels, hospitals enjoy a surge in their ROI. Moreover, biometric patient identification eliminates any chances of duplicate medical records and fraud which saves them millions of dollars every year.
Biometric Technology Success Story
Terrebonne General Medical Center has adopted RightPatient® to create a unique photo biometric identifier that linked the patient to their medical records. This technology helped them to eliminate duplicate medical records, medical ID thefts, and patient fraud. Since its implementation, over 99% of patients have accepted Photo Biometric and enroll to protect their medical identities. This also ensures no one would be able to claim their identity to illegally obtain medical care.
Leading Product in Healthcare Biometrics Market
RightPatient® is the healthcare industry’s most versatile and scalable biometric patient identification and matching system, leveraging a powerful cloud-based intelligence engine to recognize patients by simply capturing their photo. This unique patient identification system allows healthcare providers to improve patient safety, revenue cycle, and data integrity by locking medical records with a photo and biometric signature. Interfaces already exist for various EHR systems, including Epic, Cerner®, McKesson, Meditech, CPSI, and more.
