We’ve all heard it said that employees are a company’s most important asset. While that may be true for many businesses, have you have ever considered what your practice’s most important financial asset is? Think accounts receivable. You and your employees spend valuable time and money to bring revenue into your practice. But without watching your accounts receivable line, some of the hard-earned money might never make it to you. It takes effort to ensure your practice’s accounts receivable funds are realized, but there are ways you can improve your collection rate.
An interest in teeth is necessary to becoming a dentist, but did you know that an interest in business is important, too? All too often, dentists start their own practices without recognizing that they’re actually starting their own businesses. Now they’ve got to wear two hats: compassionate health care provider and savvy business owner.
As a dental practice owner, you’d like to believe the best of your employees — that they’re dedicated and upright and would never even consider stealing from you. Hopefully this is the case if your practice, but taken as a whole, fraud in small businesses, including dental practices, is surprisingly high. In fact, the Association of Certified Fraud Examiners (ACFE) estimates that the typical organization loses 5 percent of its revenues to fraud each year.