Advice for the Practice Owner – Appoint more than one staff member to handle finances. Reduce the opportunity for a team member to falsify accounts by having more than one person working on practice finances. Never let the same individual who collects the money make the deposits. In addition, use an outside accounting firm to conduct unscheduled audits. A series of checks and balances––with the appropriate in-house and outside oversight––can help prevent any financial impropriety.

Thinking about joining forces with colleagues? Attend the ADA’s BIG Idea: Small Group Practice… a special day-long conference on Oct. 19, preceding the annual meeting in Denver. Dr. Levin will be one of the speakers at this event. For details, click here.