Five Ways Big Data Analytics Can Fight Fraud, Waste, and Abuse

1. An ounce of prevention …Ben Franklin’s adage that “an ounce of prevention is worth a pound of cure” still holds true today – especially in combatting waste, fraud, and abuse. Predictive analytics can catch fraud in real time and prevent future cases. “We don’t have the luxury in this day and age of being reactive,” said the FBI’s McNamara. By using patterns identified in past attacks, agencies can close vulnerabilities and prevent future breaches. The Centers for Medicare and Medicaid used predictive analytics to identify bad actors from the Medicare system preventing $81 million in improper payments. Fighting fraud is worth the investment, says HHS Deputy IG Cantrell. His agency derived $8 for every $1 invested in fraud control efforts over the past three years. Bottom line: Big data brings big returns.

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