November 24, 2015
by Kahaliah Richards
A common topic for our speakers is what dentists misunderstand about embezzlement.
Here is our list:
MYTH #1 — Embezzlers only steal cash, and it is difficult for thieves to monetize other forms of payment.
FACT — It is simple for a thief to turn a check, credit card payment or even an electronic funds transfer into cash.
MYTH # 2 –– Embezzlement can’t be happening in my practice because my daysheet always balances to my bank deposit.
FACT –-Embezzlers have gotten good at “cooking” your daysheet so that it balances to what is left after they steal. The only thing that your daysheet and deposit being equal means is that your thief can add.
MYTH #3 — Most embezzlement is caused by making hiring mistakes.
FACT — While it is true that “serial embezzlers” usually can easily find work in a new dental office, the vast majority of our casework involves long-term employees who have decided to start embezzling.
MYTH #4 –– If embezzlement is happening, my accountant will spot it.
FACT — in a 2007 study of embezzlement, the American Dental Association found that less than 15% of embezzlement was identified by accountants. This is not the result of any failing on their part — most dentists ask the lowest cost mandate, and this means that the accountants are doing accounting but no analysis.
For more information, please visit: http://transitionsonline.com/blog/.
David Harris, MBA, CPA, CMA, CFE, CFF
Chief Executive Officer, Prosperident