One of our CEO’s favorite podcasts is one he did last year with Drs. Alan Mead and Jason Lipscomb, the “Dental Hacks” guys.
Take a listen HERE
In This Issue:
Our CEO Interviewed
Guest Article –Eric Cohen
The “Hall of Shame”
Upcoming Speaking Dates
A note from our CEO
Prosperident Hall of Shame
We have recently updated our Hall of Shame so that it profiles over 450 embezzlers. Are any of them working in your office?
Empty Seats at Your Event?
We can help!
With attention-grabbing presentation titles like “The Walletectomy” and “How To Steal From A Dentist,”we are sure to give your audience a different and engaging experience.
Here are some of the places we will be speaking soon:
Texas Dental Meeting, San Antonio TX
Atlantic Canada Seattle Study Club, Halifax NS
Tax Matters For Dentists, Toronto ON
Tax Matters For Dentists, Ottawa ON
University of the West Indies, Mona Jamaica
Endo Inc. Study Club, Danvers MA
Patterson Dental, Nashville TN
Orthodontic Specialists of Oklahoma, Oklahoma City OK
Kentucky Dental Association, French Lick IN
Dentsply Sirona World, Las Vegas NV
Patterson Dental, Dallas TX
Thompson Okanagan Dental Society, Kelowna BC
Innovative Study Group of Arizona
Fresno Madera Dental Society, Fresno CA
To book us for your meeting or study club, click HERE or call us at 888-398-2327.
Did you miss a previous newsletter? We archive them here.
Guest Article –Eric Cohen
Editor’s note –for most dentists, accepting credit card payments is an expensive necessity. Trying to lower the cost is a confusing and frustrating exercise. So it is a huge relief when someone can do it for you.
Add 5% To Your Income — Stop The Money Siphon
By Eric Cohen
The system that allows you to collect money from your patients can cost you a lot more money than it should.
There are hidden costs that reduce your bottom line without you realizing it! You know that running a practice costs money. You have all the typical expenses: rent, employee salaries and benefits, insurance, marketing, equipment, etc. Accepting credit cards costs you money also. Chances are, this revenue collection system costs you significantly more money than it needs to, acting as a “silent siphon” that slowly takes money out of your practice.
There are ways to reduce this cost and optimize the fees that you pay WITHOUT switching providers. Unfortunately, the credit card industry has made it impossible to understand exactly what it is you are paying for.
Regular readers know how I like to use this space to discuss situations I encounter that may have broader relevance. This month I am going to discuss “rules.”
Many dentists, as well as the consultants who advise them, believe that rules will protect them from embezzlement. I’ve seen things like using “for deposit only” stamps for checks, having triplicate receipt books for cash payments, etc suggested as anti-embezzlement strategies.
There is a logic flaw here. You can make all the rules that you want, but when a team member decides that your rule interferes with the embezzlement that they want to carry out, the rule will quickly be ignored or circumvented.
Also, the fact that you block one, or ten, embezzlement “pathways” will not help you very much. To assume that an embezzler can only think of one or two ways to steal underestimates the creativity and motivation of thieves.
So if rules will not work, what will? Several studies, including one by the ADA, confirm that the majority of embezzlers telegraph their stealing by exhibiting certain behaviors. There are many examples — a reluctance to take a vacation, working unusual hours, providing financial reports late, etc.
Our Embezzlement Risk Self Assessment Questionnaire provides an excellent (and quick) barometer for staff behavior. You can check it out HERE.
Thanks, as always, for reading.
David Harris CPA, CMA, MBA, CFE, CFF
Chief Executive Officer
Prosperident — the world’s largest dental embezzlement investigation firm