Here how Memorial Healthcare System uses IBM Big Data analytics and Smarter Content to prevent fraud and reduce costs.

As you can observe, the stake here is to minimize the potential for fraud, reduce vendor invoice cycles by better understanding its vendor community and identifying potential conflicts of interest.

In fact, since yesterday, this is official that, Memorial Healthcare System is using IBM Big Data analytics and Smarter Content management capabilities to prevent fraud and

reduce costs across its extensive third party vendor network.

Connectikpeople may recall that, Headquartered in Hollywood, Fla., Memorial Healthcare System provides more than 1,900 licensed beds in six hospitals at multiple locations throughout the south Broward county area.  Memorial Healthcare manages approximately 6,000 vendors and processes about 300,000 invoices annually.

According to the National Health Care Anti-Fraud Association, the U.S. health care system spends $2.3 trillion dollars and generates billions of claims a year from hundreds of thousands of health care service and product providers. Further, financial losses due to healthcare fraud are estimated to range from $70 billion to $236 billion annually, with significant losses tied to vendor billing schemes. 

‘’Combining a content management system for consolidating accounts payable processes with an intelligent analysis system that checks vendor data against more than 800 internal and external databases, Memorial Healthcare unlocks new insights that manage potential vendor risks, including conflict of interest and even criminal behavior. In one case, the analytics revealed that three vendors were colluding to price rig a proposal’’ said David Alexander, vice president of finance, Memorial Healthcare System.