In this episode of Beyond Bitewings, the team at Edwards & Associates is joined by Allen. Schiff to discuss the prevalent issue of embezzlement in dental practices. Alan, the president of the ADCPA and a certified fraud examiner, shares his insights on the unexpected frequency of embezzlement cases, stating that one in six dental practices will experience or have already experienced embezzlement. Alan explains common signs that business owners can look out for, such as behavioral changes in trusted employees and discrepancies in financial records. The conversation emphasizes the importance of not immediately terminating suspected employees to allow for proper investigation and gathering of evidence.They also offer practical strategies for minimizing the risk of embezzlement. This includes segregating financial duties among staff to prevent any one individual from having too much control, regularly reviewing day sheets, and ensuring robust internal controls like setting audit trails at the highest level in practice management software. Alan highlights the psychological deterrents, such as having doctors visibly review financial statements and records, and discusses the complications of background checks due to unreported offenses.Key Topics Discussed:Understanding dental practice embezzlement frequencyRecognizing behavioral signs of embezzlementImportance of independent investigationStrategies for minimizing embezzlement riskSetting internal controls and segregation of dutiesPsychological deterrents in financial monitoringCommon types of fraud in dental officesChallenges in prosecuting embezzlement casesTips for effective fraud prevention and detection

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