What you REALLY want to know about embezzlement in dental practices- Prosperident

NOTES

About 2 million dollars embezzled from one practice

The average that is stolen before they get caught is about $100,000 

Be more active in managing the money in your practice 

High-achieving dentists have a lot of money and less time to manage that money, which means they are prime targets for stealing from

Act on what your gut tells you to do, investigate if you think something is wrong

CPA’s almost never find embezzlement in practices

Take a more holistic look, don’t base everything about a person on one phenomenon 

A lot of embezzlers won’t take a vacation, will reassure you that they don’t need money, will appear to have a sudden increase in money, and will exhibit other major red flags

There is an embezzlement risk form on their website to see how at-risk you are 

There is no way to 100% prevent embezzlement

Reviewing the reports your management software gives on your profit is a great way to deter stealing; print out reports yourself, never have them handed to you

It’s a lot like putting an alarm system or locks on your house, you can make it harder or more imposing, but at the end of the day they can still break in

Nobody but the doctor knows that Prosperident is involved

Investigation is performed off-site, it takes about 8 weeks to go through with it, first 2 weeks are gathering information, the other 6 are for monitoring

Prosperident builds a duplicate of your software with your data and looks for a series of patterns that thieves use to steal money, most of these thieves are using more than one way to take from you 

A lot of investigating is based on the suspect, and their role in the practice, bookkeepers might have direct access, while others may have to be more sneaky

Prosperident puts more work and attention to detail into investigating than the police can, you can bypass the police and go directly to the DA with your case to speed the legal process up

Up to $25,000 dollars will usually be covered by your insurance under employee dishonesty coverage, they will typically pay in 2-4 weeks

If you don’t suspect anybody, but want to check so as to not become a victim, they will happily do so for you

Prosperident is also equipped to handle situations where there is a centralized group managing money among your many practices

There can be several independent thefts going on in the same practice, or partnerships

LINKS

Website: https://www.prosperident.com/

CONTACTS

Phone Number: (888)-398-2327

Twitter: @prosperident