The Best Protection Against Embezzlement is Prevention

The best protection against embezzlement is to value your employees and make sure they know it. Here are some basic guidelines:

• Be sure your employees are paid at competitive wage levels for your area. To get an idea of what the current pay standards are, survey local office yearly or know your specialty wage to collection benchmarks.
• Provide usual and customary benefits for your locale. Employees who have pay and perks comparable to area norms may be less likely to feel they deserve more than they’re getting and, therefor, less likely to “help themselves.”
• Be familiar with your state’s labor laws regarding exempt versus nonexempt employees, and pay overtime in accordance with your state law.
• Show appreciation with sincere compliments, surprise treats such as lattes or ice cream, or parties or team-building events that include both physicians and staff. These types of efforts help create a sense of belonging and loyalty to the practice and thus deter company theft.

About the Author

Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.