60% of Practice Owners are Victims of Embezzlement
Running a medical or dental practice is tough. You’re focused on patients, managing staff, dealing with insurance, and trying to grow your business. The last thing you want to worry about is whether someone you trust is quietly taking money out of your practice.
But here’s the reality: over 60% of medical and dental practices experience employee theft or embezzlement. And the scary part? Most of it goes unnoticed for months, sometimes even years.
The good news? There are ways to protect yourself and your revenue without turning into a forensic accountant overnight.
Why Your Practice Could Be at Risk
Small, privately-owned practices are especially vulnerable. Here’s why:
You’re focused on patients, not day-to-day bookkeeping.
Staff or office managers often have access to cash, checks, and accounts.
Financial oversight is sometimes inconsistent, making it easier for errors (or intentional theft) to go unnoticed.
It’s not about being naive. It’s about running a busy practice. Unfortunately, that’s exactly what makes your practice a target.
Did you know?
Theft often goes undetected for 8+ months, and in some cases, over 2 years.
Employee theft can cost small practices thousands — even tens of thousands of dollars before anyone notices.
Signs Something Might Be Off
Even trusted staff can make mistakes, or worse, take advantage. Watch out for these red flags:
Cash deposits that don’t match daily receipts.
Inconsistent or delayed financial reporting.
Staff resistance to oversight or sudden changes in access.
Unexplained vendor or supply payments.
If something feels off in your financials, trust your gut. Ignoring small issues can turn them into big losses.
How a Fractional CFO Can Protect Your Practice
You don’t need to monitor every dollar yourself. A Fractional CFO can help protect your revenue while keeping your life manageable:
Strong internal controls: separation of duties, approval workflows, and regular account monitoring.
Monthly reconciliations: ensuring nothing slips through the cracks.
Proactive oversight: you get peace of mind without hiring a full-time CFO.
Think of it as having a financial guardian for your practice; someone who sees the warning signs early and helps you fix them before they become costly problems.
Real-World Impact
Here’s an example:
A small dental office discovered their office manager had been misappropriating funds for nearly a year. With proper systems and monthly oversight in place, the issue was caught quickly, the loss was minimized, and trust was restored. More importantly, new safeguards were implemented to prevent it from happening again.
Don’t Wait Until It’s Too Late
Taking action now isn’t paranoia it’s smart business. Protecting your practice’s finances means you can focus on what matters most: delivering excellent care to your patients.
If you want peace of mind and a plan to safeguard your revenue, schedule a quick call today.
We’ll show you how to protect your practice without adding another headache to your day.
