Don’t be a doctor in denial!

If you’ve read my other article, Shocking embezzlement statistics medical professionals must read then you’ve seen startling statistics about how much and how often embezzlement occurs in the medical industry.  Here’s a quick article that can help you identify the tell-all signs that this may be occurring right underneath your nose.

FBI research and investigation shows that the psychological profile of most embezzlers share some common characteristics.  Employees who’ve gained the trust and confidence of their practice is a requirement to committing fraud.  This trust is what permits that employee to commit and continue the practice of embezzlement.  If any of the following occur—it is time to audit:

• ​The employee may be “overly loyal”.  A common sign is that the employee does not take scheduled vacations or only takes a day or two off per month.  The employee takes accounting work home and is seldom absent.
• This employee has a sudden lifestyle change.  Possible cosmetic surgery, a major home renovation, or new vehicle that is beyond the means of employee’s salary.
• Employee is going through severe emotional distress through a divorce, separation, an alcoholic spouse, or any other scenario prevalent with financial distress.
• Employee has made a comment, even the slightest comment, about the physician’s income, lifestyle, or physician’s family lifestyle.
• For no apparent reason, the company’s accounts receivable spikes
• Collection ratio decreases
• New checks to new vendor suppliers who doctor has never seen.
• Supply usage spikes without increased patients.
• Employee is overzealous about collecting on overdue accounts, using high pressure telephone solicitation techniques, with very poor results.
• Overtime to all staff becomes more than it used to.
• Employee takes great offense to any overseeing of his or her work or new financial controls
• Finally if employee who handles financial affairs suddenly quits for no apparent reason