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One of the first steps in combatting embezzlement is to be aware of the warning signs. Indicators of theft might include an unusual drop in profits, disorganized or missing financial records, unexplained changes to your accounting records, abnormally large or numerous credits given to patients, an increase in balances being written off, bank statements that don’t reconcile with checkbook balances, or delays in bank deposits. Every practitioner should ask himself: “Do I know my practice’s financial and business processes well enough to notice when unusual activity is taking place?” If the answer is yes, does your staff know that you are aware?
Some key warning signs to look for from your employees, especially those entrusted with financial management are:
• An employee who works late, on the weekends and refuses to take vacations
• Sudden and inexplicable changes in an employee’s standard of living
• Employee keeps all financial responsibilities to herself
• Employee often “forgets” office protocols or “doesn’t have time” to follow them
• Employee resents any oversight of her work and any changes to financial controls or systems
• All billing and financial management is computerized, but the employee claims the computer is “losing information”
• Employee begins to openly verbalize discontent with pay and challenges the amounts “the doctors are making”