Your busy medical practice is an easy target for embezzlers. According to the Association of Certified Fraud Examiners, 3 out of 4 physicians will suffer a significant loss due to theft or embezzlement during their careers.
It happens every day, and it doesn’t matter where you’re located, your specialty or the size of your practice. In fact, an MGMA survey found that 83% of practice administrators have been associated with a practice where theft or embezzlement occurred. I’m sure these practices never thought it would happen to them, but it did:
- Six-physician surgical practice had $257,000 stolen by employee (Portland, OR)
- Ob-Gyn practice had $890,000 stolen by staff member over 11 years (NC)
- Physical Therapy practice had $80,000 taken and is left to pay an additional $40,000 in payroll taxes that the employee took for her own use (Corbin, KY)
Savvy embezzlers know just what to say to fool you. But, if you can identify the red flags, you can significantly reduce your damages. This is where medical practice risk management expert, Debra Phairas, MBA, comes in. Debra is presenting a 60-minute online training session that will help you identify embezzlement warning signs and head off serious financial losses.
Here are just a few of the step-by-step, practice risk management strategies you’ll receive by viewing this 60-minute online training:
- Uncover the most common ways employees embezzle, and how to catch them
- Catch behavioral signs that may signal stealing
- Implement easy credit and background checks to avoid hiring the wrong person
- Utilize drug screenings to identify high-risk employees
- Learn to identify dangerous work patterns
- Execute proven petty cash and co-pay controls to protect your revenue
- Add accounting controls that make it harder for embezzlers
- Apply spot-checking techniques to uncover possible abuses
- Close up online banking, lines of credit and bank reconciliation risks
- And so much more…
Who should watch? Medical practice executives, managers and providers.
During this online training session, you’ll dig into real life embezzlement case examples that will help you identify the warning signs in your own practice. Order this online training session and learn how to head off employee embezzlement by instituting proven protection controls, effective screening and management techniques.
Putting your head in the sand and thinking embezzlement can’t happen in your practice only makes you more of a target. Get the tools you need to protect yourself. Order this must-attend online training today.
Debra is President of Practice & Liability Consultants, LLC a nationally recognized firm specializing in practice management and malpractice prevention. Her background includes medical clinic administration and loss prevention management for NORCAL Mutual, a physician malpractice insurance carrier in Northern California.
Her consulting experience includes over 2,000 practices of all sizes and specialties. Typical engagements include: practice start-ups, practice assessments, mergers, financial analysis, revenue enhancement, overhead reduction, personnel management, over 450 practice valuations, expert witness, partnership issues and recruitment support for hospitals and physician groups.
She has presented seminars and lectures nationwide for state and local medical/dental associations, management organizations and specialty societies. Her BS is from Michigan State University and her graduate work at Golden Gate University San Francisco MBA Health Services Administration program.