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Annual Medicare Fraud: $60 Billion; Annual Profits of Top Ten Insurance Companies: $8 billion |
2009-11-02 |
As 60 Minutes reported last week, Medicare fraud is rampant and has now replaced the cocaine (ahem) business as the major criminal activity in South Florida. Both 60 Minutes and the Washington Post report that Medicare fraud now costs American taxpayers roughly $60 billion a year. That may sound like a lot of money, but surely it pales next to the extraordinary profits of private insurance companies, right? Well, let's see.... Last year, the profits of the ten largest insurance companies in America were just over $8 billion -- combined. No single insurance company made even five percent of what Medicare reportedly loses in fraud. |
Posted by:Fred |
#9 So if Medicare is considered about 1/3rd (1) of the national healthcare - we can expect $180 Billion in fraud after Obamacare kicks in? (1) - heard that somewhere.... |
Posted by: CrazyFool 2009-11-02 18:30 |
#8 Fraud is operating behind a wall of bureaucracy. Lots of paperwork, little certification or auditing, even less prosecution. What passes for reform will only magnify both the bureaucracy and the fraud. |
Posted by: Procopius2k 2009-11-02 18:17 |
#7 Solution: legislate disclosures necessary to facilitate warrantless searches by police services. Currently, the frauds are working under Legislator radar. |
Posted by: Angusoting Stalin9280 2009-11-02 18:01 |
#6 Close - we have a son currently living in San Diego. |
Posted by: Woozle Uneter9007 2009-11-02 13:57 |
#5 Whahahah....Nor Coronado either I suspect. |
Posted by: Besoeker 2009-11-02 13:56 |
#4 No, Besoeker - I grew up and went to school in So. California. Can't say I've even been through Truckee lol. |
Posted by: Woozle Uneter9007 2009-11-02 13:54 |
#3 Woozle, you ever spend any time in Mtn View or Truckee by chance? |
Posted by: Besoeker 2009-11-02 13:39 |
#2 As 60 Minutes reported last week, We've seen similar reports regularly for decades from 20/20, Dateline, 60 Minutes, etc. Different locations, same story. Solutions or consequences, not so much. |
Posted by: Woozle Uneter9007 2009-11-02 13:33 |
#1 Does this include doctors and hospitals referring patients to their own CT scanners, and then ignoring the results when diagnosing their patients? Probably not. |
Posted by: gorb 2009-11-02 01:37 |