E1.14 | Detecting Embezzlement In Your Practice

David identifies the various signs an employee may be stealing funds, discusses steps doctors can take to prevent embezzlement, and offers expert advice to those who believe fraud or theft may be happening in their practice. This is must know info!

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David Harris | Founder & CEO, Prosperident

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While you’re likely used to hearing about embezzlement schemes within big corporations on the news, this issue also hits close to home for orthodontists. Monetary theft is a serious concern for any small business owner, including medical professionals. In fact, according to a survey of 17,000 dentists conducted by Prosperident, 47% of dentists are victims of embezzlement. Since this only accounts for dentists who actually identified the theft, the probability is closer to 90%. 

Needless to say, you have good reason to look out for embezzlement in your orthodontic practice. Employees steal for different reasons, including addiction, unexpected bills, or just general greed. By knowing what signs to look for, learning to delegate wisely, and setting up security protocols, you can minimize your risk of falling victim to embezzlement.

Key Takeaways
  • Learn key methods for detecting whether an employee might be stealing funds
  • Understand how to properly vet potential employees during the hiring process
  • Discover how orthodontists can delegate in order to prevent embezzlement
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