Prosperident Newsletter #52 December 2016

 

Prosperident’s Dental Embezzlement News
Issue #52 — December 2016
In This Issue:
  • What “balancing” really means
  • Upcoming Speaking Dates
  • A note from our CEO

Nov 4 PEAK Education, Novi MI
Nov 10 Carestream Global Oral Health Summit, Las Vegas NV
Nov 16 Harbor Dental Society, Lakeside CA
Dec 5 Queens County Dental Society, Jamaica NY
2017
Jan 11 ITI Study Club, Delray Beach FL
Jan 19 St Helens Shadow Study Club, Vancouver WA
Jan 26 topsOrtho topsFest, Newport Beach CA
Jan 28 Manitoba Dental Association, Winnipeg MB
Feb 3 Newport Harbor Academy of Dentistry, Newport Beach CA
Feb 23 Ortho2 UGM Anaheim CA
Feb 24 Chicago Midwinter Meeting, Chicago IL
Mar 3 Dolphin Management User Meeting, Nashville TN
Mar 9 Greater Philadelphia Valley Forge Dental Society, Philadelphia PA
Mar 10 Pacific Dental Conference, Vancouver BC
Mar 17 Dr. Michelle Haddad Memorial Scholarship Lecture New Hartford, NY
Mar 21
Greater Woonsocket District Dental Society, Providence RI
April 7 UCSF Alumni, San Francisco CA
Apr 28 Keely Dental Society, Hamilton OH
May 4 Texas Dental Meeting, San Antonio TX
Our most-requested presentation is called “How To Steal From A Dentist”.
To book us for your meeting or study club, click here or call us at 888-398-2327.

Introducing Kelly Paxton

We are thrilled to welcome Kelly Paxton, CFE to our team. Kelly’s ground-breaking focus on “pink collar crime” (i.e. by female embezzlers) has made her well known in fraud investigation circles. Look for Kelly to be speaking soon at a conference near you.

Did you miss a previous newsletter? We archive them here.

If my day-end report balances to my bank deposit, can I still be embezzled?

In a word, YES.

Many dentists believe that if the “daysheet” generated by their practice management software balances to their bank deposit, embezzlement is not happening in their practice.

Please don’t take us out of context — carefully checking the daysheet is something every dentist should do daily. This recommendation is not based on the idea that it will catch embezzlement (it probably won’t), but it will help you spot data entry errors and other mistakes that can cost you money.

Dentists tend to believe that the daysheet is “right” because it comes from their computer, is nicely formatted, and is produced by a sophisticated practice management software. It is human nature to accept the veracity of documents that arrive in this way. However, what these dentists are forgetting is that normally entry of transactions in the software and printing of this report are performed solely by staff. With this kind of control, it is not difficult for a staff member to make the daysheet say whatever they want it to, and therefore make it balance to a bank deposit that has been reduced by embezzlement.

Thieves are both motivated and clever, and generally have little trouble finding a way to make the daysheet present an untrue picture.

Read more

Meet An Embezzler — Oregon’s Jodi Lynne Setzer

Jodi, who was a bookkeeper for several Medford, OR businesses, was convicted of embezzling over half a million dollars from local businesses including a dentist and law firm.

Her efforts earned her a three-year prison sentence and membership in our “Half Million Dollar Club”.

We profile Jodi, and 350 other embezzlers, in our Hall of Shame. Check it out here — https://www.prosperident.com/prosperidents-hall-shame-gallery/

A Note From Our CEO

You probably have no reason to know this, but Fraud Awareness Week takes place every year in November. This is ironic because December and January are the two busiest months for embezzlers. And we have Santa Claus to blame.

You may have heard me say before that embezzlers fall neatly into two categories, which I label “Needy” and “Greedy” (see a full discussion here). Regardless of their motivation, the Christmas season exerts increased pressure on embezzlers, which makes these months very active ones for theft, and expensive ones for victims.

As a way of saying “thank you” to our readers, I’d like to extend you an offer. One of our most popular documents is our Embezzlement Risk Assessment Questionnaire. The Questionnaire is fairly quick to complete, and you receive a score by email that provides a pretty good barometer of the probability you are being embezzled.

We normally sell the Questionnaire on our web site for $75. However, in the holiday spirit, I’d like to give it to you. This offer is open until the end of December — just go to the following web site to receive a link:

https://www.prosperident.com/2016/11/29/month-december-take-embezzlement-risk-assessment-questionnaire-free/

Thanks for reading, and on behalf of everyone at Prosperident, I’d like to wish you a terrific (and hopefully embezzlement-free) holiday season.

David Harris CPA, CMA, MBA, CFE, CFF
Chief Executive Officer
 

Prosperident — the world’s largest firm investigating financial crimes committed against dentists
Visit our website — www.prosperident.com

Unsubscribe here