Your First Line of Defense
Insurance Fraud
Medicaid and Medicare continue to suffer from the majority of fraud not only in monetary disbursements but of stolen medical identifications as well.
The top five states with the largest Medicaid budgets in 2014 were New York ($53 billion), California ($38 billion), Texas ($27 billion), Florida ($21.2 billion) and Ohio ($15.4 billion). If you use the commonly accepted rate of 20% for fraudulent claims you realize that these five states alone, will exceed 30 billion dollars in false claims.
Our nation has budgeted in excess of half a trillion dollars for 2014 Medicaid services. The potential amount of fraudulent Medicaid claims is expected to top 115 billion dollars! Medicare is not immune and has indicated fraudulent claims will likely exceed 60 billion dollars. Include the private insurance sector and total fraudulent medical claims may surpass 200 billion dollars! Guess who is expected to pay the difference?
