Do you know that 60 to 70% of ALL dental practices have some form of embezzlement? Many Dentists are not even aware of the situation until red flags are too numerous to count, and too much money is gone.
Dr. Walters purchased her practice just 18 months ago, and was frustrated because she was not making any money. She decided to take a closer look and began to review her daily reports. Dr. Walters discovered that Suzie, the office manager, was keeping two sets of records. One set of records for the patient, and one for herself. Dr. Walters terminated Suzy immediately. Dr Walters discovered that Suzy had embezzled over $40,000 in the past 6 months. Suzy had also been filing fraudulent insurance
claims and keeping the insurance checks. Suzy was arrested and is still awaiting trial. Dr. Walters then had to notify the patients and the Insurance Companies about the fraud committed by her employee. Dr. Walters COULD HAVE held responsible for the fraud once she discovered the theft if she had not reported it!
BELIEVE IT OR NOT, YOU CAN BE HELD LIABLE FOR THE FRADULENT ACTS OF YOUR EMPLOYEES!
Had Dr. Walters taken the time to review her daily records 18 months ago, she could have caught the theft much earlier.
(THE NAMES AND LOSS DEPICTED IN THIS CASE WERE CHANGED TO PROTECT THE IDENTITIES OF THE
What Can You Do to Identify or Prevent Theft?
- Create route slips and walkout statements daily for each patient.
- Close out each day at the end of every day — not tomorrow.
- Daily, compare your schedule with your day sheet — were ALL patients’ posted?
- Review ALL adjustments
- Make bank deposits daily — compare bank deposit with day sheet.
- Never take cash from the deposit — allow all monies to go full cycle
- Keep a separate copy of your Day Sheet (Production, Collections & Deposits) in your files ONLY
- Review all monthly production, collection and insurance reports, and compare to your day sheets
- Reconcile your CC payments to your Bank Account
- Watch and Listen to what is happening around you!!!
If you take a little extra time each day/week, you could prevent this from happening to you.