Following up on my last post, I wanted to share this recent CBS 60 Minutes article and video on Medicare fraud in south Florida. It’s a tremendous example of how easy it is to steal money from the government. Private insurance companies with a profit motive have more incentive to stop this type of fraud. Unfortunately, the government has not had the motivation to seriously address this problem. Dennis Jay at the Coalition Against Insurance Fraud has a great post on this topic here and a follow up post on how Democrats are getting more aggressive on fraud.
One of the commenters to Dennis’ follow up post makes a great point about private carriers who write Auto, Liability, or Workers’ Compensation insurance. These insurers (full disclosure: I work for one of them) pay medical claims every day and are subject to the same scams. But they don’t have access to the same resources and, while there have been improvements in information sharing among these carriers, information sharing is lacking between them, the private healthcare payers, and government medical programs. Groups like the National Insurance Crime Bureau (NICB) are targeting this issue and I forsee this being an area of focus in the coming months for insurance investigators.