Annually, on January 23, National Report Pharmaceutical Fraud Day is observed. 10% of all Medicare funds are lost due to fraud. Pharmaceutical corporations have reportedly been one of the biggest alleged perpetrators of Medicare fraud. The purpose of this day is to spread the message that whistleblowers who reveal pharmaceutical fraud may receive substantial incentives. In addition, it provides instructions on how to properly report one. With the assistance of public awareness, maybe this programme will eradicate pharmaceutical fraud.
HISTORY OF NATIONAL REPORT PHARMACEUTICAL FRAUD DAY
National Report Pharmaceutical Fraud Day was created in 2017 by attorney Joel D. Hesch, who represents whistleblowers and assists them in receiving compensation for reporting fraud. He spent more than 15 years in the Department of Justice (DOJ) Whistleblower Reward Office in Washington, D.C., where he recovered $1.5 billion. He penned a free ebook detailing the detection and reporting of pharmaceutical fraud. He believes that if more whistleblowers come forward, firms will be less likely to attempt to defraud Medicare.
Reportedly, 10% of all Medicare payments are wasted due to fraud, with pharmaceutical companies being one of the top alleged perpetrators. Medicare costs the federal government $650 billion per year, hence Medicare fraud costs the government $65 billion per year. This is a significant amount of money, and it makes health care fraud a national concern. Every dollar spent on the Medicare programme makes a difference for older and low-income individuals who require health care. This is the most important reason why pharmaceutical fraud must end.
There are two ways to report Medicare fraud involving pharmaceuticals. The first method is to report it under the DOJ Whistleblower Reward Program. The second option is to report it immediately to the Centers for Medicare & Medicaid Services (CMS), which oversees the Medicare programme. If you report the incident to the DOJ in exchange for a reward, one of the benefits is that the government will likely launch an investigation, while one of the cons is that your identity will eventually be revealed. If you report it straight to the C.M.S. without a DOJ incentive, it will be simple and quick, but you will not know if the government will launch an inquiry.
5 FACTS ABOUT MEDICARE WHISTLEBLOWER REWARDS
- If you file correctly, you will receive between 15% and 30% of the recovered monies.
- $150 million was the greatest prize in a single Medicare fraud case.
- The average incentive for Medicare fraud reporting is $690,000.
- More than $4 billion in prizes have already been given out to whistleblowers.
- According to reports, the Department of Justice rejects 75% of reward requests for a variety of reasons.
NATIONAL REPORT PHARMACEUTICAL FRAUD DAY DATES