Stopping the Big Business of Insurance Fraud
Insurance fraud numbers are wrecking havoc with public and private coffers. Medicare officials estimate that between 10 percent and 15 percent of the program’s $600 billion annual budget is lost to fraud and thievery. The Justice Department reports that it has recovered more than $5.6 billion in fraud this year, including $2.9 billion in healthcare fraud. Of the $15 billion in total fraud recovered since 2009, $8.4 billion was in healthcare.
According to HHS, every dollar that the U.S. government invests in combating Medicare and Medicaid fraud saves $1.55. By improving the screening mechanisms and identity checks during registration, fraudulent providers and suppliers will be prevented from enrolling. Reversing the traditional “pay-and-chase” approach to program integrity is the main goal of the National Fraud Prevention Program, which was formed a year ago.
Please contact us for more information about minimizing fraud and data loss, or to speak to a specialist about the best ways to ensure secure access to your web portals.