“SignHear technology affords healthcare with a game changing strategy to fight fraud, shifting the industry’s current defensive approach to the offensive”
Scottsdale, AZ (PRWEB) December 12, 2011
Alaris, a startup company which is a joint venture between Rolls-Royce and Arizona State University, aims to tackle the healthcare insurance fraud that is estimated to cost the US tax payer over $200 billion a year. This partnership was formed to commercialize a Rolls-Royce developed signature verification technology called SignHear in several markets including healthcare, retail banking and child care security.
SignHear dynamic signature verification by Alaris is a biometric technology that verifies identity by analyzing the unique sound patterns created by an individual’s written signature. These sounds are captured and analyzed by a patented algorithm that generates an acoustic signature template unique to each user. The technology was originally developed by Rolls-Royce to run quality tests on jet engine blades. By firing a sound impulse into a blade and analyzing the resulting wave patterns, engineers were able to determine if any structural faults or anomalies were present.
With healthcare insurance fraud estimated at as much as $220 billion per annum (based on FBI estimates), finding a preventative method of verification is an absolute necessity recognized throughout the healthcare industry. Currently, felonious claim submissions perpetrated by criminal rings and corrupt providers account for the majority of healthcare fraud costs. The industry currently relies on an ineffective post-service and reimbursement analysis of billing anomalies to identify potential claims fraud.
“SignHear technology affords healthcare with a game changing strategy to fight fraud, shifting the industry’s current defensive approach to the offensive” said Jeremy Kelstrom, CEO of Alaris.
Utilizing SignHear acoustic signature pads at the point of healthcare service prevents fraud before services are rendered and bills are paid. To date, other biometric methods of authentication have been rejected due to user invasiveness. As signature capture in healthcare is the traditional form of both clinical procedure and financial obligation acknowledgement, signature authentication technology is universally accepted by both patients and providers.
Applications for this technology are widespread. For example, SignHear technology by Alaris is now an integral part of select Boys & Girls Clubs facilities in Scottsdale, AZ. Parents of children attending both after school functions and summer camps can now sign their children out of care using SignHear. Parents and staff enjoy additional peace of mind as the SignHear system can identify precisely which children are present in the facility at any given time. Additionally, the system tracks the hours of volunteer staff, ensuring they receive credit and recognition for donated hours worked.
Alaris has been supported in its development by Arizona Technology Enterprises, the exclusive intellectual property management and technology transfer organization for Arizona State University, and the ASU Venture Catalyst.
For more information email: Meagan.garrett(at)asu(dot)edu
Phone: (US) +480 884 1814
About Alaris (http://www.alaris-us.com/about-us)
Alaris, Inc. is a joint venture between Rolls-Royce and Arizona State University. This partnership was formed to commercialize a Rolls-Royce developed signature verification technology called SignHear in several markets including healthcare, retail banking and child care security.
About Arizona Technology Enterprises (http://www.azte.com)
Arizona Technology Enterprises (AzTE) is the exclusive intellectual property management and technology transfer organization for Arizona State University. It works with faculty, investors and industry partners to speed the flow of innovation from research laboratory to the marketplace. AzTE was established in 2003 as an Arizona Limited Liability company with the ASU Foundation as its sole member. For more information: http://www.azte.com/
About Venture Catalyst at ASU (http://www.asuventurecatalyst.org)
Venture Catalyst is Arizona State University’s entrepreneurial initiative to help faculty, students and ASU-linked companies launch new startups or accelerate existing ventures. Launched in October 2010 with the help of a $1 million grant from Arizona Gov. Jan Brewer, Venture Catalyst offers investor connections, intellectual property consulting, educational workshops, and one-on-one mentoring opportunities with established entrepreneurs and seasoned business executives. The Edson Student Entrepreneurship Initiative, the student startup accelerator based in SkySong, is part of the Venture Catalyst.