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Episode 70: More on Embezzle-Proofing Your Practice: Advanced Strategies for Medical Professionals
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The unfortunate reality is that embezzlement in the healthcare sector is on the rise. In this episode, we review: these aren't just numbers on a page; they're significant breaches that can drain your resources, demoralize your team, and damage the trust you've worked so hard to build with your patients. As we said in our earlier episodes, a startling 83% of medical practices will experience some loss due to embezzlement at some point in their history. So, if you and four physician friends are out for a beer, look around the table. All but one of you will be a victim of embezzlement. That’s why we want to tackle this head-on, equipping you with the knowledge and tools to create an impenetrable financial fortress around your practice.
Embezzlement can often be a shadow lurking in the less scrutinized corners of your practice. It's the unauthorized diversion of funds for personal use, and it can manifest in various ways - from skimming cash payments to falsifying expense reports or manipulating payroll or retirement contributions. And the statistics are alarming. Studies show that healthcare organizations are particularly vulnerable, with a huge percentage reporting incidents of embezzlement annually.
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