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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240617201686/en/