Infogrpahic created by Insurance Quotes shown below highlights the financial impact of healthcare fraud
Staying healthy in America is growing increasngly expensive with 300 million Americans spending around $2 trillion on healthcare each year, a whopping 131% increase over the past decade. With the rise of digital age in healthcare with EMRs that allow a patient’s medical and billing records readily accessible has sparked an explosion in healthcare fraud. So, what is healthcare fraud costing you? Try over $80 billion lost to healthcare fraud each year with a projected $1 trillion to be stolen from Medicare alone over the next 10 years.
The most common type of healthcare fraud stems from medical billing due to people failing to thoroughly review their medical bills. An estimated 16 percent of consumers nationally don’t understand bill descriptions of procedures they received, according to a 2010 national survey by Intuit, a financial software company. An estimated 40 percent of the claims between providers (such as hospitals and doctors) and payers (such as insurance companies) have mistakes.
The infogrpahic created by Insurance Quotes shown below highlights the sheer scale of healthcare fraud, the sophistication of the criminals involved, what you can do to reduce healthcare fraud, and how the government is cracking down on healthcare fraud. What can the healthcare industry do to curb prevalence of medical billing errors?
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