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:
Bent Ericksen's Definitive Dental HR Conference
Middlesex Dental Society
Manchester Dental Society
Greater New York Dental Meeting
New York NY
South Charlotte Study Club
Pacific Dental Conference
Niagara Peninsula Dental Society
Western Regional Dental Experience
Michigan Dental Association
Grand Rapids MI
Recession - The Gathering Storm
The chorus in the financial press is growing that a recession is on
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,
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
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!
Did you miss a previous newsletter? We archive them HERE.