Secretary Bessent said, “Treasury will continue working alongside our law enforcement partners to disrupt fraud wherever it occurs, protect Americans, and safeguard the integrity of taxpayer-funded programs.”
The Department of the Treasury’s (the Treasury) Financial Crimes Enforcement Network (FinCEN) announced the discovery of a potential $17.5 billion in healthcare fraud. The agency released new analysis showing that, over a yearlong period, 5,700 Bank Secrecy Act (BSA) reports were filed by banks and financial institutions, a majority of which were depository institutions, and are possibly linked to health care fraud. The potentially fraud schemes were identified in Medicare, Medicaid, and private insurance through home healthcare businesses, hospice care companies, and other healthcare entities.
“Health care fraud drains resources from the Americans who rely on these programs, drives up health care costs, and can put patients at serious risk,“ the Treasury Department explained. “Working with the White House Task Force to Eliminate Fraud led by Vice President Vance, Treasury is encouraging whistleblowers to report credible information related to fraud, money laundering, sanctions violations, and tax-law violations.“
Treasury Secretary Scott Bessent said, “By identifying and reporting this suspicious activity, financial institutions have given law enforcement critical insight into the illicit actors who deliberately exploit U.S. health care benefits programs. Treasury will continue working alongside our law enforcement partners to disrupt fraud wherever it occurs, protect Americans, and safeguard the integrity of taxpayer-funded programs.”
As the Lord Leads, Pray with Us…
- For the officials of FinCEN as they evaluate financial information and address fraud in American healthcare.
- For Secretary Bessent as the Treasury Department’s partners with the White House Task Force to Eliminate Fraud.
Sources: Department of the Treasury
