Embezzlement can happen in any practice. Even yours.
Editor's note: Based on his extensive experience with dentists over the past 30 years, Dr. Roger P. Levin has authored a new book entitled The 31 Biggest Mistakes Dentists Make. His premise is simple. As he says in the introduction, “We can learn from our mistakes. But isn’t it better to learn from other people’s mistakes?”
Following is an excerpt from the book.
Mistake #23: Thinking embezzlement will never happen
Embezzlement can happen in any practice. Even yours.
Over the years, I’ve met too many doctors who thought their practices were somehow immune to the crime of embezzlement. At the mere mention of the word, they would say:
“It can’t happen here.”
“That stuff goes on at other practices.”
“I know my people.”
Unfortunately, this attitude aids and abets the embezzler, who often manages to work undetected in a practice for years, siphoning off tens of thousands of dollars in the process.
The creativity of people who embezzle is unlimited. I have heard about cash stolen outright, checks forged with the doctor’s signature and dummy accounts set up. One new client even had a staff member stealing supplies and selling them for cash.
People who steal come in all shapes and sizes. They have a variety of motivations as well to pay bills, gamble, buy nice things, purchase drugs, etc. In every case, doctors are shocked when they find out that a trusted team member has been stealing from them.
In the last 20 years, we have identified a number of potential embezzlements that come in the form of extreme resistance on the part of a staff member to consulting services. One office manager-who single-handedly managed the practice’s finances made it clear she would resign if the doctor engaged a consulting firm. We recommended that the doctor have an audit performed by an outside accounting firm. A week later, the firm discovered $145,000 was missing. The doctor fired the office manager and contacted the police. Obviously, she was attempting to keep out anyone who could identify what she had been doing.
Practices need to have a series of financial checks and balances in place, including scheduled and unscheduled reviews by an outside accounting firm. In addition, practice finances should never be the province of just one employee. Such a situation makes it easier for embezzlement to occur.
Episode 31: Dentsply Sirona Implant Announcements
September 30th 2021DPR’s Editorial Director Noah Levine sat down with Gene Dorff, Dentsply Sirona’s group vice president of implants and Dr. Dan Butterman to review several big announcements the company made in the arena of implants during Dentsply Sirona World 2021 in Las Vegas.