560: Preventing Embezzlement in Your Dental Practice: What Every Dentist Should Know - Amber Weber-Gonzales - a podcast by ACT Dental

from 2023-04-07T03:00

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Preventing Embezzlement in Your Dental Practice: What Every Dentist Should Know

Episode #560 with Amber Weber-Gonzales

Almost half of all dentists will experience embezzlement in their careers. What's worse, it can happen more than once! You need safeguards in place, and Kirk Behrendt brings in Amber Weber-Gonzales, head of Prosperident’s Proactive Services Group, to share their best practices to help you protect your business. Your practice is like your patients’ oral health — be proactive and preventative to keep it healthy! To learn more about deterring embezzlement and catching it early, listen to Episode 560 of The Best Practices Show!

Episode Resources:


Links Mentioned in This Episode:

Prosperident: https://www.prosperident.com

LastPass: https://www.lastpass.com

Main Takeaways:

Trust and verify.

Create a process of transparency.

Know which key reports to focus on.

Implement a solid end-of-day process.

Do your due diligence before hiring anyone.

Learn the common red flags of an embezzler.

Practice good habits with passwords and emails.

Quotes:

“Almost 50% of dentists, at least one time in their profession, their career, will have embezzlement occur. It’s a large number. And it doesn't usually occur just one time. In our experience at Prosperident, of those 50% that have embezzlement occur, 11% of dentists who had it occur, it happens twice. Four or more times, we see about 8% of repeat clients of the ones who've already had it occur. So, it’s not a one-and-done type scenario. It’s a recurring, revolving door, especially with the change in staff and things like that. So, there's a 50% chance it’s going to happen to you. We’re seeing those statistics come up from what they used to be, sometimes in the 60, 70 percentiles.” (4:16—5:07)

“The majority of cases where we find theft or embezzlement is from a long-term, trusted employee. And part of that is you build a relationship, the psychology behind it. It’s almost like your work-marriage type scenario. And so, yes, Sally’s been there for 25 years. You trust, but sometimes forget the verification part. That's one of the things that I oversee with Prosperident, is we really want to teach practice owners how to have transparency with their team members, whether they’ve been there for 20 years, or two years, or two months.” (6:06—6:44)

“Trust but verify. That's one of the biggest sayings that has been instilled in me. I think that comes from my ranching background in Wyoming. You're out there and...

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