BC Advantage - 2017 Issue 3

Avoiding and Preventing Embezzlement

It is estimated that approximately one in six physicians will be the victim of embezzlement at least once during their practice's lifetime. This may be due to the trusting nature of physicians, a lack of business training about separating duties in transactions involving money, or employees' feeling overworked, underpaid, and/or underappreciated. The U.S. Chamber of Commerce estimates that 30 percent of business failures are directly related to employee theft.Embezzlement may be the hardest event any business owner can face. Sympathy abounds when a business suffers a fire, natural disaster or the death of a partner. But being...

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