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The U.S. Department of the Treasury Protects the Integrity of our Financial System and Assists in Combating Health Care Fraud

March 4, 2020

The U.S. Department of the Treasury’s primary function is to promote economic stability and prosperity as well as protect the financial security of the United States. Its purview reaches into the world economy both for reasons of financial opportunity as well as identifying national security and financial threats.

The SDN List is Available Online to Search for Sanctioned Individuals Including Health Care Providers

One of the data sets managed by the Treasury is the Office of Foreign Assets Control’s (OFAC) list for Specially Designated Nationals And Blocked Persons (SDN). Anyone can search the SDN list to assure they are not doing business with a sanctioned person or entity and contributing to terrorism or money laundering. Verisys monitors OFAC’s list and aggregates against current and historical data to reach identity matches and fill in detail on individuals and entities for search results that are both verified and actionable.

FinCEN, Law Enforcement, and Task Forces Collaborate to Combat Health Care Fraud

The Treasury further created the Financial Crimes Enforcement Network (FinCEN) that reports to the Under Secretary of the Office of Terrorism and Financial Intelligence in alignment with the Bank Secrecy Act (BSA). FinCEN coordinates with law enforcement and task force entities to curb financial crimes across all industries such as mortgage loans, disaster recovery, and health care fraud.

One of the initiatives focused on combating health care fraud by developing an advanced targeting process using analytics across local, state, and federal law enforcement. The Health Care Fraud Prevention and Enforcement Action Teams were the point agencies for this health care initiative on behalf of the Treasury’s Data Center Consolidation.

How Does the U.S. Dept of Treasury’s Function Relate to Health Care Screening and Protecting Patients?

Verisys aggregates millions of data records and searches for sanctioned health care providers through the Treasury’s SDN list. Verisys has collected data on health care individuals and entities since 1992 and built a sophisticated data platform, CheckMedic® used for credentialing, screening, and monitoring providers across an entire health system or retail pharmacy chain. With more than 320 million records, CheckMedic gives a powerful level of transparency for hiring decisions, continuous monitoring, and accurate submission of health care claims, assuring ongoing compliance to regulatory requirements, quality of care, and security standards. Including this data set among the thousands of primary sources Verisys accesses for credentialing providers keeps patients safe and improves the quality of our health care system.

Susen Sawatzki Written by Susen Sawatzki
Healthcare Industry Expert
Muse. Writer. Publisher. Producer. Creator of Inspiring Narratives.
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