Here is Prosperident Pulse #123, our newsletter for October 2022. Want to receive our newsletter in your inbox every month? Click HERE to sign up.

Phone: 888-398-2327 Web: www.prosperident.com October 2022

October 20 Webinar!

You won’t want to miss this one! Our October webinar features your Prosperident hosts, Wendy, David and Amber, who will be joined by a dentist who triumphed over an embezzler. This is a fantastic chance to learn from someone who lived through an embezzlement.

Registration is HERE. We start at 8:00 pm Eastern.

And set your calendar for November 15 when we will be featuring Emmet Scott, CEO of Community Dental Partners give us the inside scoop on DSOs.

Want a great speaker for your event?

We have great titles like “They didn’t teach me THAT in dental school” and “How to Outsmart the Thief in Your Practice.”

If you would like to learn more about our speakers or read audience reviews, check out THIS LINK.

Here are some of the places you can see us soon:

Oct 7	Bent Ericksen’s Definitive Dental HR Conference	Denver CO
Nov 9	Middlesex Dental Society	Waltham MA
Nov 10	Manchester Dental Society	Manchester NH
Nov 29	Greater New York Dental Meeting	New York NY
2023
Feb 16	South Charlotte Study Club	Charlotte NC
Mar 9	Pacific Dental Conference	Vancouver BC
Mar 17	Course Crawl	Milwaukee WI
Mar 31	Niagara Peninsula Dental Society	Niagara-on-the-Lake ON
Apr 20-21	Western Regional Dental Experience	Phoenix AZ
May 4	Michigan Dental Association	Grand Rapids MI

Recession – The Gathering Storm

The chorus in the financial press is growing that a recession is on the horizon. Inflation has been described as “too much money chasing too few goods.” The combination of disrupted production during the Covid era plus government stimulus money being dumped into the economy, along with the increased energy costs as a result of the war in the Ukraine, have caused inflationary pressures throughout our economy.

As a business owner, you have no doubt felt it as almost everything costs more than it did a year ago, or even a few months ago (except, apparently, dental insurance, because reimbursement rates to dentists seem to be mired in quicksand).

While the prevailing economic theory is that a very small amount of inflation is a positive factor,

The View from the CEO’s Chair

I had a good discussion with a new practice owner last week. This doctor’s situation shows both financial and behavioral indications of embezzlement, which means that there is a high probability that something is going on.

This young doctor was weighing whether to simply fire the suspect or to proceed with an investigation. Here are some of the factors considered in her decision:

Cost – if embezzlement is found, the doctor’s $25k insurance policy will provide a 300% return on the cost of an investigation. However, if there is no embezzlement, the doctor will be out of pocket for the cost.
Learning opportunity – having an investigation provides the chance to learn from one of our investigators, all of whom have dental practice ownership or managerial experience on top of their work with us. The doctor will emerge from the investigation far better equipped as a practice owner.
Staff shortage – if the employee is terminated preemptively, she may be hard to replace in the current climate, and the cost of finding and training a replacement may exceed the cost of an investigation.
Understatement – most doctors reviewing their records find a small portion of what we ultimately find. Similarly, thieves making confessions on average admit to 1/6 of their actual theft.

After careful consideration, the doctor made what I think is the right decision and is proceeding with an investigation.

If you are wrestling with what to do about suspicion you have, or are facing other embezzlement issues, click HERE to have a no-obligation discussion with us. We are here to help!