How to Prevent Fraud in Your Medical Practice
You work hard for your practice. What steps are you taking to protect your business from someone stealing from you - especially someone who is on the inside? Fraud can cost a medical practice hundreds of thousands if not millions of dollars. According to the Association of Certified Fraud Examiners, the typical organization loses a median of 5% of revenues each year because of fraud. Globally, they estimate $3.7 trillion is lost each year due to fraud.
Small businesses suffer more due to fraud than larger businesses. Those with less than 100 employees are at greater risk. The biggest opportunity is in the small business back office with one or two employees. Preventing fraud is possible, but it requires two important things to be in place. First, you must be financially intelligent. Second, take the following steps to prevent fraud from occurring.
Ways to prevent/detect
Mandatory vacation. Require all employees to take a vacation, at least one full week, each year. It is...
