The staggering cost of fraud in the U.S. economy, estimated at over $272 billion annually, represents a significant drain on healthcare spending. With such a vast sum at risk, it is no surprise that fraud has become a prime target for criminal activity. Fraud is having a detrimental effect on government agencies, employers, and individuals, driving up premiums and making coverage more expensive for all. The human cost of this problem is immense, and it will only continue to worsen if decisive action is not taken soon to address it.
One solution to this problem is P300 science iCognative™, a cutting-edge technology that can effectively identify fraudulent activity committed insiders who are connected fraudsters. By mandating iCognative™ tests in cases of suspected fraud, insurance companies can verify the authenticity of documentation and personal statements, preventing scammers from obtaining undeserved financial gain. With its ability to detect and deter fraud, P300 science iCognative™ has the potential to greatly reduce the financial burden on the healthcare industry and help to mitigate the rising cost of healthcare coverage for all Americans.