David Harris has one of the most interesting jobs in the dental biz. He is an expert at stealing from Dentists.
Let me repeat that . . . David is an expert at stealing from dental practices.
David is CEO of Prosperident, a forensic accounting firm that detects fraud and embezzlement.
We asked him about one of the biggest problems in the industry and why it is so difficult to solve. Dental office embezzlement will strike nearly 80% of dentists in their career, according to the ADA and most will never discover it.
We met David at an industry meeting for dental business advisors and we recall proudly spouting off about our company, Crossroads Tax Advisors, and how we built the firm from scratch for dentists, use cutting edge technology and security, and put systems in place for dentists that are rock solid - likely making it difficult to steal from OUR dental clients.
David smiled and quietly said, "Steve, if someone wants to steal from a dentist, the greatest dental accounting firm can't stop it." I was floored and we talked some more about that . . .
David revealed that the core issue is the separation of the software: bookkeeping software like Quickbooks and Practice Management software like Dentrix, etc. don't talk to each other.
One simple solution that a dentist can take is to reconcile merchant serv. (credit card transactions), third party financing (Care Credit), and bank statements TO their PM software each month.
In the very least, this provides a check and balance between the two.
If a dentist really thinks they are being embezzled, check out David's website www.Prosperident.com and take the survey to determine your "embezzlement score" and find out if you are at risk.
As always, if you aren't working with a good dental CPA, put yours to the test with the Dental CPA Checkup at www.crossroadstax.com