The insurance industry’s continued crackdown on insurance fraud could have implications on accounting for doctors, particularly those who regularly work on whiplash claims and other injuries sustained in vehicular accidents.
Earlier this month, the Association of British Insurers published figures showing that, on a daily basis, £3.6 million of insurance fraud is uncovered across an average of 350 incidents.
The value of these frauds is at a record high and, in 2014, accounted for twice as much money as the cost of retail crime.
For those in the healthcare profession, legitimate work on vehicular accidents can include assessments of whiplash and other injuries sustained, with expert opinions forming the basis for subsequent compensation claims.
But the ABI is working to reduce the amount of time spent by medical professionals on such cases, under a general banner of “reducing waste and delay”.
“This includes time that doctors are asked to confirm fake injuries, such as whiplash, the emergency services called to staged road crashes, the time and money spent by the courts, the police and insurers in investigating fraudulent claims,” the ABI said.
Along with the launch of the MedCo panel we reported last week, it is becoming harder to get involved in acting as an expert in vehicular injury court cases.
Our healthcare accountants are keeping a close eye on this trend, and are ready to advise clients on any likely knock-on effects on accounting for doctors and other medical professionals.
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