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Welcome 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.

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

Medical Money Matters with Jill Arena