DistillINFO recently interviewed our CEO, Thayer Stewart on the risks of payments fraud in healthcare.
Preventing Fraud is the Immediate Need
When health care organizations rely on static “vendor forms” to collect information from third-parties – it exposes them to risk. Where there is a manual process, there is plenty of room for mistakes.
The vendor set-up and maintenance process is fundamentally flawed because it relies on people making (largely uninformed) judgements- such as ‘do I change this vendor’s bank account based on this email request?’ Additionally, vendor relationships run through procurement, AP, risk, insurance, diversity and individual business units, with no clear owner at most organizations. Who ultimately is responsible for the verification of the vendor’s info?