Affordable Care Act (ACA) uncertainty obscuring healthcare supplier fraud – FISCAL CEO
Press Release | 01st August 2017
Raleigh, NC — August 1, 2017: “Healthcare providers are overlooking potential fraud while their attention is focused on the overwhelming industry uncertainty,” David Griffiths, CEO of FISCAL Technologies, the world-leading provider of purchase-to pay forensic software, said last month.
Speaking after the Healthcare Financial Management Association’s (HFMA) main annual event in June, Griffiths warned that providers are being distracted from protecting their own corporate spend, in effect leaving the back door open to losses and fraud, while they focus on the revenue cycle and keep up with new regulations.
“The US healthcare sector is so volatile, and finance executives are so focused on protecting revenue and collections, they seem oblivious to the threat of supplier fraud and the potential for losses from their supply chain. But the risks are even higher with their eye off the ball, and they could be losing profits without even being aware of it,” Griffiths said.
One of the Midwest’s largest healthcare providers has seen first-hand how much can be lost due to the lack of intelligent internal controls. In fact, during the past 12 months – and with the assistance of FISCAL’s AP Forensics®’ cloud-based solution - they have saved in excess of $500,000 which would have directly impacted the bottom line.
“The regulatory environment is certainly volatile and the threat of insurance fraud is a constant concern, but healthcare executives must not ignore the fraud and errors within their own supplier spend that could be costing them hard-earned profits,” David Griffiths said.
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About FISCAL Technologies:
FISCAL Technologies is the leading provider of forensic solutions that empower purchase-to-pay teams across the globe to protect organizational spend.
Incorporating unique technology to reduce risk in the supply chain, FISCAL solutions are used on a continuous, preventative basis to protect supplier spend, defend against fraud, increase profitability and drive process improvement.
Since 2003, FISCAL has safeguarded hundreds of millions of payments and is now relied on by over 250 leading organizations.
For more information, please visit https://www.fiscaltec.com.
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