ID Experts Launches MIDAS

Criminals stealing children’s Medicaid numbers. Billing Medicare for “phantom clinics” that exist only on paper. A fraudster posing as a doctor. These horror stories are real and far too frequent. According to the FBI, healthcare fraud costs the United States at least $80 billion a year, and the Ponemon Institute’s 2013 Survey on Medical Identity Theft found that 1.84 million people are victims of medical identity theft.

With millions of Americans entering the healthcare insurance market under the Affordable Care Act, fraud and abuse are expected to escalate. The time to act against medical identity theft and healthcare fraud is now.

The MIDAS Solution

To be sure, the government and health insurers are cracking down on fraud and medical identity theft, using complicated computer algorithms and other methods to break the “pay-then-chase” cycle. While helpful, these tactics are insufficient. We need a grassroots approach that involves individual patients, the way the financial services industry works with success.

Customers receive alerts when questionable transactions using their financial information occur. Why shouldn’t patients receive similar alerts regarding their most personal data—their healthcare information?

With MIDAS—Medical Identity Alert System—ID Experts puts the power in the hands of patients to fight healthcare fraud and medical identity theft. MIDAS is the first “alert-driven” software for healthcare payers that engages members to monitor their healthcare transactions and take control of their medical identities.

MIDAS uses real-time text messages and emails to alert members directly when a healthcare transaction is submitted. Members can then validate the transaction or tag it as “suspicious,” enabling the MIDAS team to quickly follow up. If fraud or medical identity theft has occurred, MIDAS leverages ID Experts’ proven resolution process to diagnose the problem, resolve the issue, and mitigate any harm.

How Does MIDAS Help?

One of the frustrating aspects of medical identity theft and healthcare fraud is the lack of consumer knowledge. The Ponemon survey also found that 54 percent of patients don’t check their health records and Explanation of Benefits (EOBs) for errors, either because they don’t know how or it’s too confusing.

MIDAS solves both problems because it’s easy to use and employs plain language patients can understand. Removing these barriers enables patients to act as a first line of defense against healthcare fraud and medical identity theft.

Reducing Healthcare Costs for Payers

MIDAS’s early fraud detection solution empowers patients to respond quickly, reducing healthcare costs and reducing health risks for consumers. By streamlining the investigation of fraud and medical identity theft, MIDAS will help health insurance providers to better protect members, reduce fraud losses, and lower their costs.

As competition increases among insurers, MIDAS also provides a competitive advantage. It helps payers demonstrate a proactive attitude toward fighting healthcare fraud and protecting members against medical identity theft.

Perfect Timing

As the fight against healthcare fraud enters a new phase, ID Experts and MIDAS will be formidable champions for both payers and consumers alike. This first, and only, blending of patient, provider, and data breach response experts is a powerful tool against healthcare fraud. Payers and consumers need MIDAS. Much like consumers take control of their bank accounts, it is time for consumers to take control of their medical identities.