Embezzlement occurs in practices more often than you might think. The following measures may help curb this problem:
- Run background and credit checks before hiring an employee;
- Ensure that separate employees handle accounts receivable and accounts payable;
- Require that all bank statements are be delivered to the physician unopened;
- Review all cancelled checks, and look for unusual patterns such as dual endorsements or unfamiliar vendor names;
- A physician should sign all checks in a small practice. In larger practices, two signatures should be required - one being that of a physician.
Do your business office policies and procedures include effective internal controls? Call on the experts at TMA Practice Consulting today for a complete billing and collections assessment.
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