NICB'S 'THE INFORMER' SHINES LIGHT ON INSIDIOUS AND FAR-REACHING MEDICAL FRAUD

News provided by

Mar 28, 2023, 08:01 ET

Medical Fraud Takes Many Forms And Has Many Victims

DES PLAINES, Ill., March 28, 2023 /PRNewswire/ --The National Insurance Crime Bureau (NICB), the insurance industry's association dedicated to predicting, preventing, and prosecuting insurance crime, is pleased to release its latest issue of The NICB Informer. The edition focuses on medical fraud and the impact it has on insurers, in addition to exploring the new and emerging threats in this field.

"Medical fraud can be committed by patients, providers, and others who intentionally deceive the health care system and insurers to receive unlawful benefits or payments, and this type of crime is especially insidious and far-reaching," said David J. Glawe, President and CEO of the National Insurance Crime Bureau.

With an aging population, increasing drug prices, and more than half of the population suffering from at least one chronic disease, health care spending in the Unites States jumped to an astounding $4.3 trillion in 2021, according to the Centers for Medicare and Medicaid Services.

"With this level of spending comes fraud, which has had a catastrophic impact on the nation's health care system and economy," Glawe said.

Within this edition, readers will also learn more about durable medical equipment fraud, PPP loan fraud committed by medical providers, and a recap of the especially devastating hurricane season in 2022.

The publication is aimed at providing insurance industry executives with anticipatory intelligence to help identify risks and emerging threats to the industry. Anyone interested in receiving a free digital copy of The NICB Informer can sign up or send an email to [email protected] to be added to the distribution.

REPORT FRAUD: Anyone with information concerning insurance fraud or vehicle theft can report it anonymously by calling toll-free 800.TEL.NICB (800.835.6422) or submitting a form on our website.

ABOUT THE NATIONAL INSURANCE CRIME BUREAU: Headquartered in Des Plaines, Ill., the NICB is the nation's leading not-for-profit organization exclusively dedicated to combatting and preventing insurance crime through Intelligence, Analytics, and Operations; Education and Crime Prevention; and Strategy, Policy, and Advocacy. The NICB is supported by more than 1,200 property and casualty insurance companies and self-insured organizations. NICB member companies wrote over $582 billion in insurance premiums in 2021, or more than 82% of the nation's property-casualty insurance. That includes more than 96% of the nation's personal auto insurance. To learn more, visit www.nicb.org.

SOURCE National Insurance Crime Bureau