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Predictive analytics can help agencies stem overpayments
Tuesday - 12/6/2011, 1:55pm EST
Today's show focuses on a company that applies predictive analytics to saving agencies money on overpayments.
In 2009 the U.S. government made $110 billion in overpayments, according to estimates. This includes $180 million to Americans who had died and $230 million to fugitives or incarcerated felons! The U.S. Department of Treasury is about to release a "Do Not Pay" list to address some of these concerns.
Bill Lochtern, a director at Information Builders, gives a description of how his company has offered assistance to federal agencies to help reduce overpayments.
During the interview, Bill discusses the Improper Payments Elimination and Recovery Act (IPERA) of 2011. While some software provides a simple user interface with a "dashboard," this does not give any ability to move to predicting what areas to inspect more thoroughly.
Information Builders has worked with federal organizations like the U.S. Postal Service, the FBI, Army and NASA to provide actionable solutions to address hot button federal issues like fraud and improper payments.