6 things you can do in your dental practice to avoid embezzlement

By Donald P. Lewis Jr., DDS, CFE

• Accounting policies — Practices need to set up proper accounting policies and procedures in regard to inventory, payables, and receivables.

• Internal controls — Internal controls need to be established and audited for compliance on a routine basis.

• Compensation — As the head of the practice, you need to be aware of the fact that your employees do not feel that they are adequately compensated. Be aware of employees who have large personal debts and seem to be living beyond their financial means.

• Conflict of interest — Be aware of any employee who may have a financial interest that either may conflict with your practice or his or her duties in the practice.

• Positive feedback — Employees need to have positive reinforcement and feedback regarding their performance in the office. Negative feedback or negative comments will only lead to an unhealthy atmosphere in the office. There needs to be communication between employees and the employer without crossing the lines of this relationship.

• Inventory — A periodic review of inventory and receiving records must be done. This should be done with a trend analysis, statistical sampling, and a physical inventory count.

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Author bio
Donald P. Lewis Jr., DDS, CFE, is an expert in fraud and embezzlement, a diplomat of the American Board of Oral and Maxillofacial Surgery, and is currently in private practice in Cleveland, Ohio. For more information on Dr. Lewis’ seminars or books, visit Fraudnetpro.com or email him at [email protected].