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Minimize the Risk of Fraud

Fraud, Don't be a victim

5 Tips You Can Do Today to Minimize the Risk of Fraud

When it comes to minimizing the risk of fraud, there are many safeguards that you can implement. We focused on some basics that don’t take long to implement and are a great starting point. Perhaps you are already using some of them. Great!

  1. Utilize Technology Safeguards – Leverage technology to enhance security. Ensure that each member has their login for the practice management system. Reach out to the support to learn how to lock prior periods and manage permission within the software.
  2. Segregation of Duties: Ensure that no single individual controls all aspects of financial transactions or record-keeping. Divide responsibilities such as handling cash, approving expenses, and reconciling accounts among staff members. Consider outsourcing bookkeeping, accounts payable, and payroll if you are a small clinic.
  3. End-of-Day Reconciliation – Make sure the cash collected is checked against the numbers in your practice management software at the end of every day. Separate the cash and checks and create a separate deposit for each day. Bring deposits to the bank at least every week. Perform the same for credit cards, care credit, and other forms of payment.
  4. Employee Training and Awareness: Educate your staff about the importance of fraud prevention and detection. Make them aware of common fraud schemes and encourage them to report any suspicious activities. Creating a culture of transparency and accountability is essential. Remember that most of the fraud is discovered by a tip.
  5. Management Review – Management review detects 12% fraud. Review reports that show voided transactions, refunds, and returns no less than weekly. Review payroll, bank statements, and credit cards monthly. Require that every employee credit card transaction has a receipt attached in the accounting software; that way, you can always review what was purchased. Count inventory regularly.

If you need help implementing any of these or any other controls, don’t hesitate to contact us. For more tips and tricks on minimizing the risk of fraud, visit our blog at



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