A recent Ponemon Institute study of medical theft estimates that the number of medical identity theft victims in 2013 at 1.83 million, of which, 36 percent incurred on average $18,660 in out-of-pocket costs. Based on that information, the Institute estimates total out-of-pocket costs incurred by medical identity theft victims in the United States at $12.3 billion. However, the out-of-pocket expense is just one outcome associated with electronic data theft. Among additional costs: Victims of medical identity theft often lose confidence in their healthcare provider. They may also spend untold hours attempting to restore their identity by disputing changes to their credit score, and transactions made under their name. They might experience the inability to establish new credit or pay down existing debt due to higher interest rates triggered by the drop in their credit score.
