INSERTING and REPLACING Patient ID Leader Vouched Exceeds 20 Million People Verified
June 17 2024 - 10:10AM
Business Wire
As milestone is reached, new innovation
launches to improve accuracy by 25 percent
Insert after second paragraph: The milestone was reached as
Vouched launched its latest innovation, enhanced ID Capture &
Extraction, which increases identity accuracy by 25 percent.
Instead of evaluating the static photo of a person’s ID, Vouched
utilizes continuous video streaming technology that dimensionalizes
the ID, extracts vastly more data, and speeds verification. As a
result, completion rates improved by up to 13 percent and approval
rates increased by another five percent.
The updated release reads:
PATIENT ID LEADER VOUCHED EXCEEDS 20 MILLION
PEOPLE VERIFIED
As milestone is reached, new innovation
launches to improve accuracy by 25 percent
Vouched’s AI technology recently verified its 20 millionth ID,
representing a line of hospital ID bracelets that would stretch
from Boston to San Francisco. Vouched verifies identities at scale
for clinicians, hospitals and telemedicine organizations to protect
patient safety and privacy, improve customer service, and reduce
fraud and cybersecurity threats.
Amid growing concerns about the vulnerability of healthcare IT
systems to hackers, Vouched offers an advanced method for verifying
identities before organizations grant access to sensitive data.
Accurate identity verification is crucial for patient safety, as
patients with similar names can be misidentified and receive
incorrect treatment. Identity errors also account for one-third of
denied hospital claims, costing the average hospital $1.5 million
annually and the healthcare system more than $6 billion each year,
according to Patient ID Now, a coalition focused on patient
identification and matching.
The milestone was reached as Vouched launched its latest
innovation, enhanced ID Capture & Extraction, which increases
identity accuracy by 25 percent. Instead of evaluating the static
photo of a person’s ID, Vouched utilizes continuous video streaming
technology that dimensionalizes the ID, extracts vastly more data,
and speeds verification. As a result, completion rates improved by
up to 13 percent and approval rates increased by another five
percent.
Faster completion of the verification process and higher
approval rates mean greater revenue for Vouched customers.
“Vouched’s proprietary AI accelerates the difficult and
time-consuming processes of verifying patient identity for
lifesaving treatments, securely providing rigorous KYC for
financial services, and streamlining delivery of services to
underserved populations who are traditionally difficult to
identify, such as the unhoused, unbanked, and refugees,” said John
Baird, co-founder and CEO of Vouched. “We have conservatively saved
342 years of manual time by automating the verification of more
than 20 million people, while helping organizations protect
themselves against fraud and crime.”
Vouched's adaptive identity verification (IDV) solution enables
businesses to verify individuals anywhere, anytime and manage
expanding regulatory compliance requirements. Its real-time
decisioning offers industry-leading response rates, making it
mission-critical for secure and efficient identity
verification.
Using dozens of proprietary AI models and rigorous data checks,
Vouched can verify individuals and detect over 99% of known fraud
cases—one of the highest detection rates in the industry. Vouched’s
AI allows it to scale quickly as new forms of identification emerge
globally, and to extract and examine ID documents for fraud,
including liveness and other fraud checks.
Based in Seattle, Vouched is privately held and backed by
Madrona Venture Labs, Mark Vadon and Darrell Cavens, Ascend
Ventures, Flying Fish VC, BHG VC, SpringRock Ventures and SeaChange
Ventures. Learn more at Vouched.id and follow us on LinkedIn.
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version on businesswire.com: https://www.businesswire.com/news/home/20240617201686/en/
Jeff Davis, 314-402-7139 jeff.davis@vouched.id