110: Is Your Team Stealing From You? What Every Dental Practice Owner Should Know
Description
In this episode, Wes Read dives deep into a topic that keeps many dental practice owners awake at night: embezzlement. Drawing from real-life cases and his years of experience working with dentists, Wes explores how trusted team members can sometimes become the source of financial harm. He emphasizes the importance of "professional skepticism", a principle he adopted early in his career at Ernst & Young, and how applying this mindset can help dentists protect their finances without damaging team morale.
Download the Embezzlement Protection Guide for Dentists from Practice CFO:
https://practicecfo.com/wp-content/uploads/PracticeCFO-Embezzlement-Protection-Guide.pdf
đŸ”‘ Key Points
- Real-Life Case Study: A dentist in Oregon lost $250,000 over seven years due to embezzlement by a trusted office manager.
- Trust vs. Verification: Even with loyal employees, verification processes are essential.
- Professional Skepticism: A lesson from Wes’s auditing career — trust is good, but professional skepticism is better.
- The Value of Accountants: CPAs bring price transparency, which underpins financial confidence — not just in public companies, but in small businesses like dental practices.
- Common Discovery: Most dental embezzlement cases are uncovered accidentally, making proactive systems critical.
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United States
