By PAUL O’DONOGHUE, Senior Correspondent
FINCEN, the US Treasury’s financial crimes unit, has warned financial institutions about growing healthcare fraud, including schemes exploiting hospice care services.
The agency brought law enforcement and financial institutions together on earlier this week to discuss schemes targeting state health insurance programmes.
Participants discussed:
- New health ways healthcare fraud schemes target federal and state initiatives
- Associated financial typologies
- Red flag indicators
- Opportunities to boost awareness around hospice care fraud.
“Additionally, FinCEN held a training session for law enforcement on August 18 on how to use Bank Secrecy Act data to combat fraud,” FinCEN said.
The agency added that healthcare fraud exploiting Medicare and Medicaid is growing “in scale and complexity”.
“It is also increasingly connected to domestic fraud networks and transnational criminal organizations that exploit federal health care programs,” FinCEN said. “Financial institutions should be vigilant to these threats.”
The agency urged firms to review its recent advisory on healthcare fraud schemes targeting Medicare, Medicaid and other federal and state healthcare benefit programmes. The advisory is avaiable [HERE].
The agency also encouraged financial institutions to monitor its alerts, advisories, notices and financial trend analyses for developments in fraud risks.
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