Workers' compensation is plagued by fraud, costing insurers some $5 billion annually, according to the National Insurance Crime Bureau. Not only is fraud committed by those who wrongfully collect benefits, but by employers misrepresenting themselves when buying coverage and unscrupulous medical care providers looking to cash in, as well.
How can carriers turn the tide against those scamming the system? Technology could hold the answer, as software and databases can be employed to expose potential frauds.
Workers' comp, like any coverage, can be manipulated by individuals who see the program as a source of easy revenue.
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