Will Obama's New Financial Fraud Task Force Catch The New "Trillion-Dollar Madoff" In The Widespread $1 Trillion Healthcare Overpayment Recoupment Embezzlement Crime? ERISAclaim.com Believes That Private Sectors Shall Be The Equal Partners To The Federal Government In Fighting And Preventing Another Financial Meltdown, And Must Take Proactive And Primary Roles In Conjunction With The Government Fraud Task Force To Save Our Economy And Healthcare System.
Hanover Park, IL (PRWEB) November 19, 2009 -- ERISAclaim.com announced today the new healthcare overpayment recoupment embezzlement recovery services in the wake of the new federal task force to combat healthcare fraud crisis. On Tuesday, November 17, 2009, the United States Attorney General Eric Holder announced at the Department Of Justice (DOJ) Financial Fraud Enforcement Task Force Press Conference that an Interagency Financial Fraud Enforcement Task Force was launched under President Obama's executive order to combat financial crime.
In order to make new Obama Financial Task force mission possible, Dr. Jin Zhou with ERISAclaim.com, with unique knowledge of industry known facts, has launched the nation's first unique embezzlement recovery service to help midsized and large sized ERISA plans to recover millions of dollars on a complete contingency basis, to recoup as much as possible from the recoverable but overpaid healthcare dollars to the original payers and owners who initially paid out overpaid claims by TPAs and ASOs and are now entitled to the ownership for and the possession to an estimated billions of dollars in the $6 trillion dollar healthcare denial management market.
The Attorney General Eric Holder said in prepared remarks that, "This task force's mission is not just to hold accountable those who helped bring about the last financial meltdown, but to prevent another meltdown from happening."
"Will Obama's new financial fraud task force catch the new 'trillion-dollar Madoff' in the widespread $1 trillion healthcare overpayment recoupment embezzlement crime?" commented by Dr. Jin Zhou, the President of ERISAclaim.com.
"We face unprecedented challenges in responding to the financial crisis that has gripped our economy for the past year", said United States Attorney General Eric Holder at the press conference.
This new task force is apparently a part of Obama's campaign promises for vigorous enforcement to resuscitate U.S. economy, and in the wake of economic recession and federal securities regulator's failure in one of the biggest $65 billion financial fraud in U.S. history committed by Bernard Madoff in a decades-long scheme, as observed by Dr. Jin Zhou of ERISAclaim.com.
"The stakes are very high for the administration, particularly with current congressional debates on the real costs to finance the new health care reform and the lack of measurement to contain health-care costs, waste and fraud", said Dr. Jin Zhou.
"It's not enough to prosecute fraud only after it's become widespread," Treasury Secretary Timothy F. Geithner said at the DOJ press conference. "We can't wait for problems to peak before we respond. We're seeking comprehensive financial reform to create a more stable, safer financial system and stepping up our enforcement strategy."
In responding to this new Obama preventative enforcement task force mission, Dr. Jin Zhou from ERISAclaim.com, an industry expert in healthcare claims and employee benefit administration, made the following statements in launching the new overpayment recoupment embezzlement recovery services:
Obama Administration has the right "Art of War" strategy in fighting against the financial fraud war, a superb strategy to win the war before the war breaks out, but the talking is cheap, and seeing is believing.
Overpayment recoupment embezzlement is a widespread financial fraud that has gripped our healthcare system in about $1 trillion healthcare overpayment recoupment embezzlement crime.
ERISAclaim.com believes that private sectors shall be the equal partners to the Federal Government in fighting and preventing another financial meltdown, and must take proactive and primary roles in conjunction with the government fraud task force to save our economy and healthcare system.
Overpayment recoupment embezzlement fraud or crime is typically committed sophisticatedly by health plan's third-party administrators (TPA) or "TPA Madoff" in the scams by initial negligent overpayment to healthcare providers from the plan assets, especially from self-insured employer-sponsored plans, and subsequent unauthorized overpayment recoupment on behalf of self-funded plans under "anti-fraud initiatives" and ultimately fraudulent embezzlement of plan assets by failing to refund or return the recouped money to the original self-funded health plans. The current overpayment recoupment embezzlement fraud is very sophisticated and complicated, as it was usually committed under anti-fraud campaign and with participation of federal and state law enforcement to the extent of the alleged healthcare provider fraud investigation and prosecution. Based on the industry reports and published numbers, it is estimated that overpayment recoupment market could well be over $1 trillion as most recoupment actions have gone back two to six years with $2.5 trillion health expenditure annually and $6 trillion in denied claims annually. This "trillion-dollar Madoff" will overshadow the "billion-dollar Madoff".
Unless with in-depth industry knowledge and intimate know-how, it is extremely difficult for the ordinary plan sponsors to decipher this kind of trillion-dollar recoupment embezzlement scam, that is why Bernard Madoff's billion-dollar scam was harder to be discovered for decades than those million-dollar or thousand-dollar financial or health care fraud.
"A successful enforcement and recovery from $1 trillion overpayment recoupment embezzlement market may very well finance the most, if not entire, healthcare reform, as the House Bill passed last week will provide coverage to 96% of Americans under $900 billion threshold outlined by President Obama", said Dr. Jin Zhou, the president of ERISAclaim.com.
"Whether or not Obama's new task force will catch real "trillion-dollar Madoff" soon enough or only afterwards remains to be seen", as cautioned by Dr. Jin Zhou.
For more information or to arrange an interview, please visit http://erisaclaim.com/Embezzlement_Recovery.htm, or contact Dr. Jin Zhou, president of ERISAclaim.com, at 630-808-7237.
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