Prosperident Pulse #106 May 2021

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May 2021

 
Webinars
 
Did you know that Prosperident puts on a free webinar every month?
 
The theme for our Spring webinars is How to Outsmart Embezzlers.
 
Our next webinar takes place on May 20 at 8:00 pm Eastern / 5:00 Pacific, titled Master Your Practice’s Finances.
 
Registration is available HERE, and PACE CE is offered.
 
Want a Great Speaker for Your Event?
In a non-Covid year, Prosperident speakers present 70 or more times annually.
 
Here are some of the places we are speaking soon:
 
Jun 6-7
Cleardent Virtual Event
Toronto, ON
Jun 11 Atlantic Virtual Dental Conference Halifax NS
Sep 9 Smile Source Exchange Las Vegas NV
Sep 16 Seattle Study Club Austin TX
Sep 25 Canadian Association of Dental Consultants Toronto, ON
Oct 19 Compre-hensive Care Club Port Huron MI
2022    
Feb 26 Chicago Midwinter Meeting Chicago IL
May 6 Ontario Dental Association Toronto ON
If you would like to book a Prosperident speaker for your event, please give us a call or use THIS LINK.
 
 
Did you miss a previous newsletter? We archive them HERE.
 
 
 
 
 
I’m a New Practice Owner. What Should I be Doing to Protect My Practice?
That is an excellent question.
Embezzlement protection involves a few big steps and a lot of small items. For this post, let’s address the big items.
 
They are proper hiring, financial monitoring, and creating a climate where an employee with suspicions about a co-worker will feel comfortable coming forward.

Hiring

Most dentists know far less about the people they hire than they should. When we say the words “background check” to many dentists, what they hear is…
 
Something to Talk About…
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Each generation has its defining event. For my grandparents, it was World War II. My parents’ experience was the Cold War and the assassination of President Kennedy.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Until last year, I had always thought that the events of Sept 11, 2001 would be my generation’s seminal moment. I was wrong about that.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
When COVID first became headline news over a year ago, most of us probably thought that the disruption would last for at most a couple of months and that the sudden shortage of toilet paper was the most newsworthy event. We were wrong about that too.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
With vaccines finally beginning to win the sometimes-deadly race against virus mutations, we can now take a deeper look at the virus’s impact on the world and on dentistry.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In 2020, economic activity in the US suffered its worst decline since 1946. Unemployment, which stood at 3.5% pre-Covid, peaked at 14% and is still double what it was last February.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dentistry has had to adapt in small and big ways to keep patients and staff safe and demonstrate that safety to sometimes fearful patients.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
And yet there are silver linings. The ADA has reported that in 2020, dentists managed to achieve 83% of 2019 revenue. Considering the enforced shutdown that most practices experienced, the overall economic decline, and various other challenges, 83% is a remarkable accomplishment.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
My friend, well-known dental consultant Kirk Behrendt, says that dentists are currently in a one-time period of opportunity. Where does this opportunity come from? It is everything from pandemic-deferred dental work to increased availability of staff to real estate opportunities created by employers downsizing due to staff working from home.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
I hope that you are looking for, and finding, the chances to improve your practice. As always, please know that you can obtain help and support from us. If you want to speak with me about your practice, you can book a time HERE.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Yours truly,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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David Harris
We are Prosperident, Dentistry’s Embezzlement Experts
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I’m a New Practice Owner. What Should I be Doing to Protect My Practice?

That is an excellent question.

Embezzlement protection involves a few big steps and a lot of small items.  For this post, let’s address the big items.

They are proper hiring, financial monitoring, and creating a climate where an employee with suspicions about a co-worker will feel comfortable coming forward.

Hiring

Most dentists know far less about the people they hire than they should. When we say the words “background check” to many dentists, what they hear is the need to check whether someone has a criminal record.  With 70 million Americans having criminal convictions, criminal records are part, but by no means all, of what should be checked.  The most important investigative step, and often skipped, is the need to speak with former employers.  The best predictor of what kind of employee you will have is how this person performed as an employee in the past. 

There are many other good sources of information, such as doing a drug test and examining how someone conducts themselves on social media.

Here is a link to a webinar where we discuss the proper screening before hiring — https://www.prosperident.com/prosperident-power-hour-april-22-2020-forensic-hiring/

Financial Monitoring

The second component is the financial monitoring of your practice.  We see far too many “I’m a clinician only” dentists who completely abdicate their finances to staff with no oversight whatsoever.  If you leave your finances in the hands of staff without supervision, you will probably be embezzled sooner or later.

At an absolute minimum, the following should be done:

  • A daily review of transactions in your practice management software to look for errors and suspicious entries.
  • A monthly confirmation that the amount that should have been deposited in your bank account according to your practice management software actually was deposited.  The good news is that, unlike the daily review of transactions, this step can be comfortably outsourced to an external bookkeeper.
  • A monthly confirmation that the total revenue, collections, and adjustments from all of the day-end reports you have received equals the totals for the same items from a month-end summary report from your software.  This task can also be outsourced, or we have a spreadsheet that you can use to do the math for you and make this a quick and easy process.
  • A monthly review of your receivables and insurance claims that have been sent but not paid by insurance to look for unfavorable trends and other anomalies.  This activity should not be delegated.

Here is a webinar that talks about how to oversee your practice’s finances — https://www.prosperident.com/prosperident-power-hour-may-6-reconcile-or-reckless-you-choose/.

Encouraging Employees

The third component is to create a climate where, if a staff member thinks that a co-worker is up to something, that staff member feels comfortable approaching you with his or her concerns.  Staff in dental practices are far less likely to express their concerns than people in other businesses.  Having a well-thought-out policy that is communicated to employees through their employee handbook is a good way to provide comfort to staff who are wrestling with whether to approach you on their suspicions.

This monitoring doesn’t need to be an arduous process.  Five to ten minutes per day and an hour once per month are enough time to do this if some outsourcing assistance is used.

We assist many practice owners with setting up systems that allow them to be in control of their practices’ finances.  Please give us a call if you would like to discuss how we can help.

Prosperident Webinar April 2021 – How Embezzlers Think and Act Post-pandemic

Join your Prosperident hosts Amber Weber, Wendy Askins, and David Harris as they discuss emerging trends in how people steal from dental practices and offer strategies for combatting popular embezzlement pathways.

If you want to check out other webinars that we have done, they are all available here – https://www.prosperident.com/prosperident-webinar-series/. Or if you prefer to receive content in podcast format, Prosperident’s The Dental Practice Owner’s Podcast is now available on Spotify, TuneIn and iHeart Radio. You can subscribe using one of the buttons below.