Your staff members are essential to the smooth functioning of your practice, and you rely on them to keep things going. But according to a 2014 report by the Association of Certified Fraud Examiners (ACFE), healthcare businesses are likely to be victims of fraud, with yearly losses averaging $175,000 per practice. The same study also found that small businesses are disproportionately affected — and under protected — from fraud and employee theft.
Three major types of employee theft plague healthcare practices, according to the Medical Group Management Association. Here are the top three ways employees steal, along with tips for preventing them:
Your best protection is keeping a close eye on things. Personally review payroll payments regularly — and let your workers know this is part of your practice. The best way to combat fraud and employee theft is to prevent it before it happens.
Start Your Cash Flow Conversation
Give us a call at 1-855-PNC-CFO5 (1-855-762-2365) or fill out our simple form and a PNC Business Banking representative will get in touch with you.
Request a Contact »
The third-party trademarks referenced in these articles are owned by and are the registered trademarks of their respective third-party owners. There is no affiliation, sponsorship or endorsement relationship between PNC or its affiliates and any such third party.
PNC is a registered mark of The PNC Financial Services Group, Inc. (‘‘PNC’’)
Business Insights for Dental Professionals/Business Insights for Healthcare Professionals is prepared for general information purposes by Manifest, LLC and is not intended as legal, tax or accounting advice or as recommendations to engage in any specific transaction, including with respect to any securities of PNC, and do not purport to be comprehensive. Under no circumstances should any information contained in the presentation, the webinar or the materials presented be used or considered as an offer or a commitment, or a solicitation of an offer or a commitment, to participate in any particular transaction or strategy, nor should it be considered legal advice. Any reliance upon any such information is solely and exclusively at your own risk. Please consult your own counsel, accountant or other advisor regarding your specific situation.
Neither PNC Bank nor any other subsidiary of The PNC Financial Services Group, Inc. will be responsible for any consequences of reliance upon any opinion or statement contained here, or any omission. The opinions expressed in these materials or videos are not necessarily the opinions of PNC Bank or any of its affiliates, directors, officers or employees. Banking and lending products and services, bank deposit products, and Treasury Management products and services for healthcare providers and payers are provided by PNC Bank, National Association, a wholly owned subsidiary of PNC and Member FDIC.
Lending and leasing products and services, including card services and merchant services, as well as certain other banking products and services, may require credit approval.