Forensic Accounting with a Practice Owner's Insight: We know the business because we live it too.
Why are Dental Practices so Vulnerable to Fraud?
As a fellow dental practice owner, I truly understand the unique challenges of protecting our practice finances. It's a common concern, and frankly, our offices face a higher risk of financial errors, fraud, and embezzlement for a few key reasons.
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The Software Disconnect
First, we're often juggling two separate systems. Our Practice Management Software (PMS) tracks patient payments and what's owed to us (money coming in), while our Accounting Software handles bills and expenses (money going out). The gap between these two systems can become a prime area for unnoticed discrepancies or even deliberate exploitation.
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​​Limited "Checks and Balances"
Second, most dental offices can't implement ideal internal controls or a strong "separation of duties." We often don't have enough staff to have different people handle every step of the financial process. It's common for one person to oversee all incoming money, and another (or even the same person!) to manage all outgoing funds. While having two people is better than one, it's often not enough to truly catch everything.
​​The Owner's Time Crunch
Third, as the dentist and business owner, our plates are full. We're focused on patient care and running the business, which means we often don't have the time to meticulously double-check our administrative team's work. It's also easy to feel like we don't even know what we should be looking for. When a fraudster realizes this blind spot, it unfortunately makes their job much easier.
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It's important to remember that not all discrepancies are fraud. Genuine billing errors happen, and sometimes team members are simply doing their best but lack specific knowledge. This is precisely where our services become invaluable. With an emphasis on prevention and deterrence, we help build a stronger, more secure practice, but are always prepared to investigate thoroughly when needed.
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We've all worked too hard to build our practices to let something like this undermine our success. I'm here to help.
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All the best,
Julie
The VeriFind Practice Protection Solution
Your dental practice's financial health depends on a robust Practice Protection Lifecycle. It begins with Bookkeeping – The Foundation, ensuring every transaction is accurately recorded from day one. Next, Month-End Audits act as a critical Prevention step, proactively identifying and correcting issues before they grow. For deeper oversight, Quarterly Safeguard Audits provide continuous Monitoring and Detection, digging beyond routine checks to uncover hidden vulnerabilities. Finally, should a significant concern arise, Forensic Investigations offer definitive Resolution & Recovery, meticulously uncovering the truth and guiding your practice back to financial security. Together, these steps form a complete shield for your practice.
Bookkeeping
The Foundation
The essential first step in safeguarding your practice. It's the foundational bedrock of your Practice Protection Lifecycle, ensuring every transaction is accurately recorded. Without this precise, day-to-day record-keeping, it's impossible to properly analyze your finances, detect early warnings of issues, or build the strong controls needed to protect your practice from financial threats.
Quarterly Safeguard Audits
Monitoring and Detection
Quarterly Safeguard Audits elevate your practice protection, acting as a deeper dive beyond routine month-end reviews. These comprehensive audits serve as a crucial monitoring and detection strategy within your financial lifecycle, actively searching for subtle patterns, hidden inconsistencies, and potential vulnerabilities that might go unnoticed. By looking further, they provide an advanced layer of oversight, ensuring earlier detection of complex financial threats and reinforcing your practice's security.
Month-End Audits
Prevention
Monthly audit procedures serve as a critical prevention strategy within your dental practice's protection lifecycle. By meticulously reviewing your financial data at month-end, you create a vital "second set of eyes." This proactive step allows for the early detection of inconsistencies, errors, or suspicious activity, significantly reducing the risk of costly issues like fraud or embezzlement before they escalate.
Forensic Examinations
Accountability and Remediation
When embezzlement or fraud is suspected, forensic examinations become an indispensable function. They meticulously uncover hidden financial discrepancies and reconstruct transactions to expose illicit activities, providing clear evidence of what happened, who was responsible, and how much was lost. Beyond simply identifying the fraud, these examinations also quantify the precise financial damage, which is crucial for potential legal action and asset recovery. Ultimately, a thorough forensic examination offers the objective, admissible evidence needed to hold perpetrators accountable and helps businesses implement stronger controls to prevent future occurrences.