When people have access to other people’s money there is an inherent fraud risk and sooner or later, history says that someone will take advantage of an opportunity.
Dental practice businesses are not immune to insider crime, as our experience of picking up the pieces after such an event confirms.
Take steps to protect and minimise the risk of fraud at your practice:
- Ensure there is definite segregation of duties so that no one employee handles all points of all transactions.
- Investigate anything and everything that appears unusual or suspicious.
- Screen all new employees for prior history before hiring them.
And, to be fully protected, at least from the financial loss, get the security of Dental Essentials Practice Insurance. The policy provides automatic cover for employee dishonesty up to $20,000 and, if you include the Management Liability section in your policy, you’ll receive extra benefits and will be covered for up to $750,000.