Manfred Purtzki. “Safeguard yourself from office thieves. ” Medical Post 3 Feb. 2004: Alumni – ABI/INFORM Trade & Industry, ProQuest. Web. 1 May. 2011.
Some tips from the above article:
Based on the fraud prevention audits we conducted in professional practices, the following internal control features will reduce the risk of embezzlement.
* Take an interest in the financial side of your practice operations. Your indifference to the financial health of your practice is an invitation for an employee to take advantage of you.
* To establish accountability for each staff member, put into place proper accounting policies and job descriptions.
* Only sign a check once you have reviewed the supporting documentation.
* Whenever possible, separate duties in order to avoid placing too much authority for money matters with one person.
* Have strong internal controls for the billing/collection system to ensure that all services performed are billed and collected.
* Have the monthly bank reconciliations prepared promptly by a staff member who is not involved with the daily collections and disbursements. In a small medical office, where the segregation of duties is not possible, prepare the reconciliation yourself or have a bookkeeper do it.
* Ensure you do your best to hire trustworthy people by carefully checking all references.
Above all else, regularly review the financial procedures and performance of your practice because knowledge is money in your pocket.
