I wish my first thought when I think of most big pharmaceutical drug companies was saving lives or inventing new drugs. But other words pop into my mind, such as cheating Medicare.
In just 16 instances of alleged Medicare fraud by big pharmaceutical drug companies, they had to repay $3.9 billion that the government alleged were false or fraudulent claims for payment. You can now add another $500 million settlement by a pharmaceutical drug company in May 2013.
The combined amount the government has collected for alleged Medicare fraud by drug companies and healthcare providers is $25 billion over the past 15 years. That’s still just a tip of the iceberg. It’s believed as much as $100 billion each year of Medicare payments are fraudulent. That’s money out of your pockets because your taxes fund Medicare.
Big problems require big solutions.
The key to stopping Medicare fraud by pharmaceutical drug companies is paying large whistleblower rewards. Here’s how it works. The Department of Justice has a whistleblower reward program for paying rewards for reporting fraud, such as Medicare fraud by a pharmaceutical drug company. The whistleblower rewards are between 15-25% of what the government collects. That means if you report Medicare fraud by a pharmaceutical drug company and the government collects $10 million (assuming you meet the requirements) you may receive a reward of about $2 million. And there is no cap. Therefore, if your report of Medicare fraud turns out to be $500 million, you might be eligible for a $100 million whistleblower reward for reporting fraud by a pharmaceutical drug company.
Big payouts attract attention. It encourages other whistleblowers to step forward. And it is the best bet for stopping Medicare fraud by pharmaceutical drug companies.
Even if you don’t work for a pharmaceutical company, your role is to share this blog with others who might know someone who does.
The first step for someone who works for a drug company who suspects fraud is simple. They ask a knowledgeable attorney to privately examine the fraud allegations to see if it’s the type of case where a whistleblower reward is likely. If they elect to proceed and report the pharmaceutical fraud, they may receive a reward of about 20% of what the government collects. Whistleblower reward amounts have already exceeded $100 million for a single case. In just the 17 instances mentioned earlier, the rewards were nearly $700 million. Do the math. It can be a rewarding process.
Of course, not every case where a drug company cheats the government results in a $40 million reward. But a reward is not the only motive or reason we report Medicare fraud. No one likes cheaters and no one likes healthcare programs being cut or reduced because critical funding is lost due to fraud.
Do your part in fighting fraud by pharmaceutical drug companies or healthcare providers by sharing this blog with your friends and contacts. Together, we can stop Medicare fraud by big pharmaceutical drug companies.