Innovative Systems welcomes Mr. Patrick Callaghan to our team. As sales lead for the Healthcare Industry, Patrick brings years of experience in healthcare as well as data quality and AML compliance. Before Innovative, Patrick founded a healthcare start-up and he brings extensive experience with healthcare data. Based in Pittsburgh, PA, Patrick will focus on meeting the increased demand for compliance and data quality solutions in the healthcare industry. Patrick supports health care providers, life and health insurance carriers and pharmaceutical clients.
The healthcare industry saw a dramatic increase in fraudulent financial activity over the past few years. During the opioid crisis, regulations were introduced to prevent fraud related to the distribution of pharmaceutical products as well as the laundering of money. As the COVID-19 pandemic grew and stimulus funds flowed into the industry, criminal elements took advantage of the rise in telemedicine and the reduction of in-person transactions. Scams are aimed at defrauding private and public insurance carriers as well as health care providers. New regulations focus on preventing financial crimes ranging from medical billing from false or stolen identities to fake medical equipment companies that deceive investors.
“It has become more important than ever for healthcare providers, insurers, pharmaceutical manufacturers, distributors and retailers to know who they are conducting business with and to whom they are providing care.”Patrick Callaghan
As a leader in anti-money laundering (AML), customer validation, data quality and data migration solutions for the finance, healthcare and insurance industries, Innovative Systems is seeing a steady increase in customers looking to expand and improve their compliance and risk management strategy.
While health and life insurance providers are considered equivalent to financial services in setting up their compliance programs, the rest of the healthcare industry, including hospitals and healthcare systems, are now increasingly coming under the regulatory scanner. For example, FinCEN interprets the term “the practice of medicine” broadly, and states that any entity that derives more than 50% of its gross revenues by offering medical services is ineligible for currency transaction report (CTR) exemptions. In this paradigm, it is critical for the healthcare industry to uncover AML risks of customers, patients, and suppliers and clearly document the rationale and evidence of due diligence.
Innovative Systems is a premier provider of enterprise data quality, data management and risk management solutions. We serve a variety of Global 2000 organizations. Our roots stretch back over 50 years. The addition of Patrick Callaghan allows us to provide individualized attention and outstanding customer service to the healthcare segment. Patrick can be reached at email@example.com.