Three-quarters of physicians will experience a significant financial loss at least once during their career due to employee dishonesty, some experts say. Employee theft or embezzlement also can expose patients to risk if their identity and protected health information are involved.
Many physician offices lack even basic financial checks and balances that help prevent fraud and cash mishandling. Dishonest employees can commit fraud by taking advantage of a busy office with trusting physicians.
Here are some very basic checks and balances you can put into practice now:
- Make sure checks are stamped immediately with “For deposit only.”
- Make deposits daily and keep copies of deposit slips.
- Never sign a blank check.
- Require an invoice or documentation for each check you sign.
- Have the bank statements sent to your home or your CPA.
- Give patients a receipt for every financial transaction.
TMA can deliver this and other practice management topics right at your office. For more information and pricing, contact the Practice Consulting staff at (800) 523-8776 or e-mail practice.consulting[at]texmed[dot]org.
Published Sept. 13, 2011
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Last Updated On
November 03, 2011