By Susan Gunn CFE of Susan Gunn Solutions
And the survey says…
I have long stated that the 3 out of 5 dentists have been embezzled was just an educated guess from all of us in the industry.
Everyone has run their own survey, myself included, but results would always be skewed because the survey would not be a random survey from the ADA membership.
Well, now the 2018 CDP Survey on Employee Theft in the Dental Practice results are being released. The survey was initially sent to 19,991 professionally active licensed dentists (members and non-members) regarding their experience with embezzlement.
49% responding dental practices have experienced employee theft and nearly 46% experienced embezzlement more than once.
Is the 3 out of 5 estimate wrong? Not at all. In fact, I am willing to state that it is probably much closer to 4 out of 5 based on the responses to the survey.
The survey results do not capture those who never knew they were stolen from or those who were but did not respond for whatever reason.
49% was actually higher than I anticipated the number would be.What should be telling is the 46% who have been embezzled more than once.
What does that mean? Strong internal controls may have not been implemented, complacency took over, or a true lack of accountability in the practice is perhaps evident.
The real number is 100%. If you own a practice for 30 years, someone will embezzle from your practice. This did not come from the survey but the cases I have prepared and the doctors I have consulted and coached.
The question is how much, not if. That has always been my belief. Know that it could happen to you. Would you like to read more?