When most people think of fraud, they think of large sums being embezzled from big companies. But, fraud happens in organizations of all sizes, including dental practices – schemes upwards of $150,000 are not all that uncommon.
It’s so easy to think, “It will never happen to me,” but to be honest, most dental practices are just asking for fraud. Practices customarily have small staff sizes and few checks and balances… a fraudster’s dream.
Don’t let your practice become the victim of fraud. Strong internal controls and simple fraud deterrence policies can help to protect your practice, and your financial investment in it.
In dental practices, fraud can happen anywhere, including:
Dental practice fraud often goes undetected because of gaps in internal accounting systems, or a lack of segregation of duties, like having the same staff member process and sign off on checks. An internal control review by a Certified Fraud Examiner can analyze areas of potential fraud occurrence and detection and give you an easy to implement fraud deterrence plan.
Does your practice lack sufficient internal controls? Are you worried that your internal accounting system provides opportunities for fraud? Rea’s dental services team includes accountants, auditors and Certified Fraud Examiners that can help you review areas of your practice that may be ripe for fraud and help you put fraud deterrence policies in place. For more information, contact Rea & Associates or Alan C. Hill, CPA, director of dental services.