Episode 118: Internal Controls Made Easy: Two Things You Can Do Today to Thwart Would-Be Embezzlers

Send us Fan MailWelcome to today’s episode, where we’re going to talk about something that isn’t fun to think about but is absolutely essential if you own or manage a medical practice: internal controls to prevent embezzlement.   Now, before you think, “Oh, that’s not something I need to worry about,” let me hit you with some numbers. The Medical Group Management Association (MGMA) estimates that 83% of medical practices will experience employee theft at some point. Eighty-three percent. That means if you own or manage a practice, the odds are not in your favor. The Association of Certified Fraud Examiners reports that the median loss in healthcare fraud cases is $100,000, and many of these thefts go unnoticed for years—sometimes a decade or more.  Let’s put that in perspective. Imagine working hard every day, treating patients, managing staff, and keeping your practice running, only to find out that over the years, a trusted employee has been skimming money right out from under you. It happens all the time. And it happens to smart, successful, well-run practices. Please Follow or Subscribe to get new episodes delivered to you as soon as they drop! Visit Jill’s company, Health e Practices’ website: https://healtheps.com/ Subscribe to our newsletter, Health e Connections: http://21978609.hs-sites.com/newletter-subscriber Want more content? Find sample job descriptions, financial tools, templates and much more: www.MedicalMoneyMattersPodcast.com  Purchase your copy of Jill’s book here: Physician Heal Thy Financial Self Join our Medical Money Matters Facebook Group here: https://www.facebook.com/groups/3834886643404507/ Original Musical Score by: Craig Addy at https://www.underthepiano.ca/ Visit Craig’s website to book your Once in a Lifetime music experience Podcast coaching and development by: Jennifer Furlong, CEO, Communication Twenty-Four Seven https://www.communicationtwentyfourseven.com/