$75 Billion Lost Annually Through Healthcare Fraud
- September 11, 2012 by Qui Tam
- Federal False Claims Act
The Institute of Medicine (“IOM”) issued a report on September 6, 2012, finding that the U.S. health care system loses roughly $750 billion a year through “unneeded care, Byzantine paperwork, fraud and other waste.” IOM confirmed that $75 billion of the $750 billion lost is because of healthcare fraud. Besides fraud, the report identifies five major areas of waste: unnecessary services, inefficient delivery of care, excess administrative costs, inflated prices, and prevention failures.
For more information, please see:
http://www.economywatch.com/in-the-news/us-health-care-system-wastes-750-billion-annually.07-09.html