Some industries have higher instances of fraud, due to the fact that their extensive training rarely emphasizes the business component of operating a practice. Building patient relationships and staying abreast of industry developments are more of a focus than the business and accounting aspects of dentistry.
- The best place to start would be sitting down with your CPA and discuss weaknesses or vulnerabilities in your current system. It is essential to use a CPA firm experienced in dental practice. The team at Goldin Peiser & Peiser LLP have over 25 years of experience working with dental practices and are familiar with the industry’s unique challenges and opportunities.
- Have a representative from your practice management software provider visit your office and change permissions to the accounting functions. Each employee should only have access to the features associated with the task given. They should have no other access to the practice management software.
- Designate different employees with separate responsibilities. Ideally, you would have billing, collection, and patient adjustments performed by three different employees. They may be resistant to changing the processes, but compartmentalizing different accounting functions can be a major safeguard against embezzlement in your dental practice.
GPP accountants Erick Cutler and Jerry Murray recently spoke at the Arlington Dental Study Club on the topic of fraud and embezzlement in dental practices. The purpose of the presentation was to raise dentists’ awareness of fraud and provide information and ideas the attendees could take back to their practices. You can view their presentation here.
Note: This content is accurate as of the date published above and is subject to change. Please seek professional advice before acting on any matter contained in this article.
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