Bank compliance professionals are in a prime position to uncover health care fraud if they are aware of the tell-tale signs and report the related suspicious activity to law enforcement, say fraud investigators. Health care fraud accounts for around 10% or $100 billion of the $1 trillion spent annually in the health care industry, according to the U.S. Government Accountability Office. These numbers are expected to rise. The Centers for Medicare and Medicaid Services currently estimate that total health care spending in the U.S. will exceed $4.14 trillion by 2016, or 19.6 percent of the gross domestic product. Fraud can...
Healthcare entitlement programs set to grow under legislation passed in March may have the unintended consequence of expanding related fraud and money laundering, say former U.S. investigators.
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