Fraud and Embezzlement: An Overview
Fraud involves intentional deception for financial gain, commonly seen in industries like medical, dental, chiropractic, optometry, and veterinary practices. This can include falsifying patient bills, submitting false claims, or inflating service charges, leading to financial loss and damaged trust.
Embezzlement is a specific type of fraud where trusted employees or individuals misappropriate funds or property for personal gain. In these industries, embezzlement often occurs when staff misuses access to financial systems, diverting payments or falsifying records. Both fraud and embezzlement pose serious risks, making strong detection and prevention measures essential for protecting businesses and maintaining patient trust.
Could It Happen To Me?
Did you know that 3 in 5 dental practices experience fraud, and the average theft can range from $50,000 to $100,000? Or that the healthcare industry loses $68 billion annually to fraud, with a staggering 30% of practices falling victim to employee theft? Whether you’re in medical, dental, chiropractic, optometry, or veterinary care, the odds are high that you’ve already been impacted, are being targeted, or will be soon. This is only growing into a bigger issue.
Fraud and embezzlement don't just cost money—they destroy trust, damage your reputation, and risk your entire business. The longer you wait, the more you'll lose. Protect your practice before it's too late—take action now and stop fraud in its tracks!
