Medical practices are especially vulnerable to embezzlement, in part, because they are typically cash businesses. According to a 2009 Medical Group Management Association study, 83 percent of the medical practices polled had been the victim of employee theft or embezzlement. But because medical offices are run by a close-knit staff, it can be hard for a physician to imagine any employees stealing from the practice.
You can best protect your practice by establishing a formalized system of controls for monitoring money. If you need help on where to start, a TMA consultant can review your current internal control procedures, identify potential weaknesses, and make specific recommendations for safeguards, processes, and duty assignments your practice needs to shield you against embezzlement. Read more about preventing embezzlement in the November issue of Texas Medicine.
An embezzlement risk review from TMA Practice Consulting includes a review of cash handling and inventory control procedures and a comparison of profit and loss statements to benchmark data. TMA provides a written report with recommendations for improvement to the practice within 30 days of the on-site assessment. Submit an online request for proposal for your practice today.
Questions? Contact TMA Practice Consulting at (800) 523-8776 or e-mail TMA Practice Consulting.
Find more on fraud and embezzlement prevention from TMA:
Action, Oct. 31, 2014