This post is not to discuss or provide information on how to avoid embezzlement, but rather what systems you can implement to automatically detect an embezzler.  Couple facts to know:

-In 2016 75% of the industries studied, managers embezzled more often than employees
-Four of every five victim organizations had fewer than 100 employees; just under half had fewer than 25 employees.

Accounting System

Having a proper Accounting/Bookkeeping System is vital to be able to find if money is being embezzled in your Dental Office.  Having an Accounting System in place with a Bookkeeping or Accountant reconciling your accounts can help you find missing money by simply because comparing your Superbills to your Invoices in your Accounting system, by doing so you’ll see how much money you should have received (Superbill) and how much was actually received (Accounting System/Deposits).

Having a bookkeeper do after the fact bookkeeping isn’t enough in order to run a successful Dental Office.  After the fact bookkeeping is when a Bookkeeper comes to your office once a month and collects your paperwork and does your Bookkeeping after the month is over.  Example, for the month of January a Bookkeeper comes to your office in February and enters all the data and provides financial reports.  i.e Profit and Loss.

The problem with this is that you as a business owner don’t want to find out someone stole from you a month after, you want to find out sooner! Now! We know this is a problem in dental offices and therefore offer Cloud Based Bookkeeping.  By simply scanning your documents and emailing or faxing them to us we will manage your bookkeeping on a daily or weekly basis.  As part of our service we review your collections to make sure you’re receiving the money for the services you perform and stolen money isn’t being listed as unpaid by an embezzler.

There are things you should do and things you should not do. First and foremost, contact an attorney who specializes in investigating employee embezzlement in dental practices. It is imperative that you do not alert your staff members because this could alert the embezzler.

You might want to bring in experts to help with your investigation (forensic accountants), but make sure they do not come in the office during work hours. Do not immediately contact law enforcement since this would create panic among your staff members and make it hard to catch the employee who is embezzling. As the practice owner, make sure your emotions are in check, and make sure that your emotions do not lead you to make any bad decisions.

Stuart J. Oberman, Esq.

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