Fraud and staff theft are on the rise. Why is this happening? One reason is a spiraling economy. Another is lack of physician oversight. As the operation of medical practices gets more complex administratively, physicians are having a hard time staying on top of it. It may not be just lack of time…many physicians lack the expertise to manage their practices. On top of that, in many cases, doctors are unwilling to pay for the talent that is required to manage a medical practice. Just as medicine has become more specialized, so has administrating a medical practice. There are so many ways that the doctors can lose money or more importantly, get into trouble for missteps on part of the staff.
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#1 by Sylvia Whitfield on February 8th, 2010
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What are the recommended protocols/safeguards in monitoring cash flow to prevent embezzlement?
#2 by Dr. Jim Shaw on February 9th, 2010
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Risk management is important in every business but even more so in the intimate environment of a Physician’s office. The doctor must rely on his staff to help with difficult problems daily so he might develop a trust that could easily be betrayed.
Teaching Risk Management has brought me into contact with many doctors who have been taken advantage of by so-called trusted staff. In one case, a 20 year employee had been stealing cash to supplement her lifestyle.
Beyond usual safe guards, one of the best methods to prevent theft is independent audits of your files and payments. Even a bi-annual audit of random files can act as a deterrent. The key to security and loss prevention rests in barriers to keep staff members honest rather than spending the money to anticipate every possible thievery.
#3 by Sherry Krueger on February 10th, 2010
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I agree with Dr, Shaw and would also like to add to complete background checks. This is not only beneficial for Red Flag Rules but may help you avoid these situations. As well as hiring professional practice administrators. Back up to Dr. Shaws post with the story of the 20 year old. Should a 20 year old really being running your business? Understand that a doctors office is a business, would you trust such a person to run your childrens school or your financial portfolio? Then why would you allow them to run your practice. You may pay a little more for quality employees but the difference is invaluable.
Sherry L. Krueger
http://www.hna-net.com