What could possibly be more traumatic than having your dental practice burn to the ground? How 'bout learning that the only computer backups were lost along with everything else in the fire. Worse than that... Dr. Bob's trusted office manager of 19 years was the one who threw the backups back into the building... right after she set the fire! When Mindy Salzman, CFE (Certified Fraud Examiner) first told me that story I thought I'd heard the worst possible embezzlement story. Turns out she had many that were equally shocking and a few with even worse consequences.
It's most often your least expected most trusted team member crossing the line to the dark side (stealing from you). One dentist I know personally lost $300,000.00 over a period of years before he realized a penny was missing. Over 50% of dentists have been or will be embezzled. Mindy was kind enough to share a checklist of RED FLAG WARNING SIGNS of embezzlement and PREVENTION STEPS all dentists should be taking in order to minimize the risk. There is no way to guarantee you won't be embezzled, but the following information from Mindy is an excellent start to insure you're doing what you must about it.
Embezzlement: Be Prepared
A. Red flags
- Increase in past due accounts
- Decrease in collections
- High pressure collection tactics
- Decline in job performance
- Changes in personality
- Staff member with newly found wealth
- Staff member who is overly protective of their duties
- Staff member who takes work home
- Co-worker complaints
- Employee who borrows from petty cash and other staff members
- Employee who is resistant to change
B. Proactive tips for embezzlement prevention
- Educate yourself
- Learn to use your computer system
- Check daily reports and question all adjustments
- Compare early morning schedule, end of day schedule & daily report
- Background checks for potential employees
- Bond employees against theft
- Practice what you preach
- Be visible
- Vary your schedule
- Verify all credit card charges
- Protect your signature
- Practice what you preach
- Send bank and credit card statements to home address
- Separation of duties
- Secure all documents
- Protect your identity
- Display fraud and embezzlement policy
- Identify current systems at risk
- Verify insurance coverage for loss protection
If you think you may already be a victim of embezzlement, contact Mindy at mindy@dentalembezzlement.com
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