Kennedy Vuernick Provides Aggressive But Practical Solutions To Fight Insurance Fraud
Insurance fraud is not a victimless crime. To the contrary, we are all victims as it costs Americans billions of dollars each year. In New Jersey, estimates from various sources reveal it costs each family more than $1,200 annually. Fraud is motivated by greed, and is often committed by professionals who are already highly compensated. As insurance consumers ourselves, we at Kennedy Vuernick experience the cost of fraud like everyone else. But as leaders in New Jersey’s fight against fraud, we also experience something more: we witness first-hand the dedication of the Special Investigation Units that fight fraud every day. We believe that SIUs need experienced, knowledgeable counsel, and aggressive but practical solutions, to bring their investigations to successful conclusions. And we believe that the work of the SIUs is a public service to all the people of New Jersey.
At Kennedy Vuernick, we harness our deep experience in the fraud-fighting community to meet the needs of our SIU clients. We understand the fraud schemes. We know the players who bedevil the industry. We review and analyze significant amounts of insurance claims data. Our experience helps us spot the new trends. We work cooperatively and collaboratively with our SIU clients and tailor our approach in each case to achieve their goals.
Our primary focus is on the investigation and litigation of major cases involving health care providers. We conduct meticulous reviews of medical records to identify anomalies in the treatment. We analyze claims data to spot problematic patterns. We dig into financial records to bring hidden relationships into the light. We work with highly qualified experts to present our clients’ cases in the best possible manner. And we pursue litigation against the wrongdoers relentlessly.
Kennedy Vuernick prides itself on partnering with the SIUs, understanding their needs and constraints, and using our knowledge and experience to achieve their goals. With well over 50 years of combined experience fighting fraud, we provide aggressive but practical solutions to the SIU community.
By the Numbers
- Americans lose billions of dollars each year to fraud, across all types of insurance. (Coalition Against Insurance Fraud)
- Approximately 10% of all property-casualty claims are tainted by fraud, costing about $34 billion each year. (Insurance Information Institute)
- The Federal Bureau of Investigation estimates that between 3% and 10% of all health care claims are fraudulent. Health care expenditures in the United States exceed $3.2 trillion per year. (Centers for Medicare and Medicaid Services). Thus, using the lower end of the FBI estimate, health care fraud in the United States costs approximately $96 billion per year.
- At $3.2 trillion, U.S. health care expenditures average about $10,000 per person. Even using the lower end of the FBI’s fraud estimate, health care fraud costs each person $300 per year, or $1,200 per year for a family of four.
