IRIS Health Services CEO Anil Nair, a keynote speaker at the Federation of Afro-Asian Insurance and Reinsurance Companies (FAIR) Medical Insurance and Healthcare Congress in the Maldives, mentioned the business has been capable to save its clientele a lot more than US$10mn in healthcare fraud in the UAE, Oman and other Middle Eastern markets by integrating emerging technologies like AI, blockchain and deep machine understanding into its operations. For the Middle East, this is especially considerable provided the region’s higher healthcare spends and embrace of AI and comparable technologies, he mentioned.
The UAE healthcare industry alone is anticipated to develop to practically US$20bn by 2020, according to Alpen Capital. Oman is also probably to witness considerable healthcare market development. Simple, net-primarily based technological safeguards can be very easily implemented by regulators, insurance coverage businesses, people and healthcare providers to combat fraud, waste and abuse (FWA) in the healthcare method, Nair mentioned.
Estimates recommend in between US$250bn and US$480bn is lost to healthcare fraud globally each year in the United States alone, fraud losses typical US$60bn annually according to conservative estimates. The Middle East reportedly loses a lot more than US$1bn annually to wellness insurance coverage fraud.
“The true cost of healthcare fraud, waste and abuse is much higher,” Nair mentioned. “FWA creates financial, health and mortality losses for consumers, employers, insurers, governments and societies. It increases premiums, poses a physical risk by subjecting patients to unnecessary treatments and medications, takes away funds that could be better used in communities – those are just some of the consequences.”
Health insurance coverage FWA mostly happens at the patient or provider level. Individuals utilizing somebody else’s identification or filing false claims, providers unbundling procedures or billing for incomplete treatment options are all examples of fraud strategies.
“Fraud is diverse and constantly evolving, so our solutions must be too,” Nair mentioned. “Our approach balances technological and human resources to deliver smart, real-time analysis and actionable insight and distinguish legitimate anomalies from suspicious behaviour. “Future technologies like AI are the frontline of our anti-FWA systems with best-in-class human expertise as a second line of defence. Given the vast amount of medical data involved and the sensitivity and timeliness required, you must have both,” he added.
IRIS’ existing in-industry technologies consist of net-primarily based, actual-time eligibility verification so healthcare service providers can stay away from treating ineligible or uninsured members. Its coding engines also employ millions of guidelines to examine, assess and flag suspicious transactions and patterns in vast amounts of information in seconds.
IRIS, Nair added, gives its proprietary eligibility verification totally free to all its clientele and network providers in Oman and the UAE as element of the company’s contribution to the neighborhood and sector.
Information Source: Muscat Daily