7 Ways to Tighten Cash Controls, Reduce Embezzlement Risk

In a Physicians Practice report, Karen Zupko, president of KarenZupko & Associates and Cheryl Toth, a KZA consultant and writer, discuss seven practices for tightening cash controls, which will help reduce financial risk and medical practice embezzlement.

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The seven practices are:

 

1. Confirm that all encounter tickets for the day have been posted and “closed.”
2. Balance the ticket totals, posted payments and actual money collected.
3. Keep money in locked boxes or drawers.
4. Separate the “change fund” from “petty cash.”
5. Randomly audit no-shows and cancelled appointments to make sure they are valid.
6. Conduct background checks for every employee who handles money.
7. Pay attention to the personal situations of staff.

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