We all get emails from people wondering who they are and what the email is about. Here is a quick Red Flag flyer from Worksighted.
The most critical success factor for a team is the way in which the team members relate to each other and the Dentist and vice-versa. This chemistry between the team members and the Dentist determines to a large extent the success or failure of the team and practice. Once the elements of trust, integrity and commitment are established within the team and the Dentist, the team is well on its way to becoming a high performing practice.
The bottom-line here is that the relationship between the team members where each gives and takes from the other team members is the most crucial aspect that determines the success of the team.
Contact KLAS Solutions for information on creating your synergistic team. email@example.com
“You and I can never do a kindness too soon, for we never know how soon it will be to late.” – Ralph Waldo Emerson
“Make each day useful and cheerful and prove that you know the worth of time by employing it well. Then youth will be happy, old age without regret and life a beautiful success.” – Louisa Alcott
Embezzlement is a serious problem that continues to grow in the dental industry. Depending on the surveys that have been done by multiple sources, the average amount ranges from $20K -$900K. Highs into the millions have been reported. Here are some examples of how it can happen and suggestions to prevent a loss.
How it can Happen:
1. Payroll checks – hours not worked, vacation & sick days, salary increase, and/or “ghost” employee.
2. Adjustments – with payments received and/or expense items.
3. Expense reimbursement – Non-legitimate expenses
4. Patient Payments – adjusted or not entered, and checks being cashed.
5. Practice “Dummy” Account – part of checks to deposit going to a second unauthorized checking account. There are thousands of ways this can be done.
6. Cash payments – reduce the charge amount in the patient’s record but charge the accurate amount.
7. Write offs – post the charges, but keep cash.
8. Refunds – written to “fake” or “test” patients.
9. Computer – payments backdated and/or deleted.
10. Vendor/Supplier Payments – pay vendor twice and then use refund.
1. Be the Boss and owner of your practice. No one that is directly involved with your practice on a daily basis is immune to this problem. As an owner, the more involvement you have and strategic systems that are in place prohibit embezzlement.
2. Know your practice software. Reach out to a practice consulting company to show you how to engage in specific reports to ensure proper handling of adjustments, payments and credits.
3. Perform audits. Audits should be routinely done and can be password protected in the practice management software to ensure no tampering. Front office team members should not be able to run these reports.
4. Cross train employees. Make sure all front desk duties are able to be done by all of your office team.
5. Disperse duties to more than one person. Don’t let the office manger or one specific person open the mail, make the deposits, or hold petty cash.
6. All adjustments should be authorized daily by you, the owner. A report should be reviewed by the owner daily.
7. Make sure embezzlement is covered clearly in your employee handbook. If you do not have an employee handbook reach out to a consulting company right away.
8. DO NOT SHARE ADMINISTRATIVE PASSWORDS!
9. Do not have the idea or thoughts that it couldn’t happen to you. Remember over 50% of dentist are embezzled and many that were embezzled thought it would never happen to them.
10. Surround yourself with dental professionals. If you do not have a thorough monitoring system in place, talk to a consulting company to implement a monitoring system.
Disclaimer: Materials that you will read were prepared for general information purposes and are not intended as legal, tax or accounting advice or as recommendations to engage in any specific transaction. Please consult your own counsel, accountant or other advisor regarding your specific situation.
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Practices more and more are participating in managed care insurance plans, and a greater percentage of their production is coming from these plans. We recognize that if not continually managed, insurance discounts will continue to effect the bottom line. You can dramatically improve profitability by properly managing your insurance participation. KLAS Solutions, offers a thorough Insurance Analysis, along with an Insurance Maximization Plan. The Insurance Maximization Plan will help you and your practice overcome fear of patient attrition. Our plan will improve profits, and reduce the stress on you and your team. Call Kami at 844-552-7100 ext 705 or email us at firstname.lastname@example.org
2017 YEAR END SPECIAL
Insurance Maximization Plan $3995
$1000 per office (up to 3 providers) $250 per each additional provider.