$75 Billion Lost Annually Through Healthcare Fraud

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.

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