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How to Protect Your Dental Practice from Fraud and Embezzlement with David Harris, CFE, CPA, FCPA, CFF
Manage episode 427096536 series 3420898
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In this episode of the Fearless Dentistry podcast, Dr. John Gordon hosts David Harris, a dental embezzlement expert. They discuss the high prevalence of embezzlement in the dental industry, with Harris estimating a 70% chance of occurrence during a dentist's career. They explore the motivations behind embezzlement, such as financial need and feelings of undervaluation. Harris emphasizes the importance of oversight and control systems, and suggests practical measures like printing and reviewing practice management reports. The episode also highlights the emotional toll of embezzlement on dentists and the importance of balancing trust with vigilance in managing staff relationships.
Show Highlights:
- Prevalence of embezzlement in the dental industry
- Motivations behind embezzlement
- Methods used by embezzlers
- Efforts made by dental organizations to educate and raise awareness about embezzlement
- Dissemination of information on embezzlement
- Practical tips to help dentists protect themselves from embezzlement
- Emotional impact of embezzlement on dentists
- Dynamics of dental offices and the impact on whistleblowing
- Implementing a whistleblower policy
- Balancing trust with vigilance
Chapters:
The introduction (00:00:03)
Dr. John Gordon welcomes the audience and introduces the guest, David Harris, discussing the objective of the podcast.
Understanding Embezzlement in Dentistry (00:01:56)
David Harris explains the prevalence of embezzlement in the dental industry and its impact on dentists.
Challenges in the Dental Industry (00:03:43)
David Harris discusses the susceptibility of the dental industry to embezzlement and the reasons behind it.
Motivations for Embezzlement (00:05:28)
David Harris explains the motivations behind embezzlement, including financial need and a sense of entitlement.
Statistics and Industry Awareness (00:08:53)
Discussion about the prevalence of embezzlement, the role of dental organizations in educating the community, and the need for awareness.
Methods and Techniques of Embezzlement (00:11:37)
David Harris elaborates on the methods and techniques used by embezzlers to successfully steal from dentists.
Dentists' Perspective and Challenges (00:16:10)
The conversation delves into the challenges faced by dentists, their preoccupations, and the impact on vulnerability to embezzlement.
Educating Dentists and Protective Measures (00:17:41)
David Harris shares his approach to educating dentists about embezzlement and the protective measures offered to safeguard their practices.
Print your own reports (00:19:50)
David advises printing your own practice management reports to avoid selective reporting and loss of control.
Review day end reports (00:20:53)
David emphasizes the importance of reviewing day end reports to detect any discrepancies or irregularities in the practice's financial data.
Financial articulation (00:22:55)
David introduces the concept of financial articulation to ensure that the totals in daily reports align with the month-end report, preventing unauthorized activities.
Emotional impact of embezzlement (00:25:00)
David discusses the emotional toll of embezzlement on dentists, including loss of trust and the potential impact on career and well-being.
Whistleblower policy (00:29:58)
David encourages implementing a whistleblower policy to address staff reluctance to report suspicions and offers a template for this policy.
Offering a financial reward (00:33:20)
David suggests offering a financial reward, such as $2500, to incentivize staff to report embezzlement and overcome misplaced loyalty.
Protecting yourself (00:34:55)
David advises dentists to balance trust and verification, learn to interpret explanation of benefits (EOB), and investigate discrepancies independently.
Impact on relationships and trust (00:37:12)
Dr. John reflects on the impact of embezzlement on his trust in staff and the need to reassess the work-life mentality in dental practices.
Closing remarks (00:37:57)
Dr. John expresses gratitude to David for sharing valuable insights and encourages listeners to use the information to protect themselves emotionally and economically.
Links & Resources:
Book: Healers versus Stealers by David Harris
104 episodes
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