No dentist would ever wish that his or her practice falls victim to fraud or scams.
Dentists in the USA are routinely double-crossed. As per some studies, statistics suggests “At least 40 percent of practices suffer due to scam and embezzlement in the field of dentistry.” Such practices can put the future of dental practice at risk. There are myriad ways through which dental office theft can be carried out. Sometimes they occur in predictable forms and the other times they are quite unclear. However, if you understand the fraud detection techniques in a dental practice, you can ultimately keep your practice clean and safe.
Identifying the Signs of Fraud:
Every dental office is a prospect for embezzlement. So, you need to identify the different ways that prevent such fraud from happening. The signs of fraud may include:
● Patients using a different ID to acquire benefits
● Submitting claims for covered services as a substitute for non-covered service
● Keeping other active coverage out of sight
● Misreporting service dates to avoid annual maximum or time limitation
In order to mitigate risks, the best you can do is:
A Keen Eye on Account Receivables
Patients should be made aware of their financial obligations that include coverage and other fees before the treatment starts. Make sure to send out monthly statements, unpaid balances. An explanation for each transaction in the patient management system should also be provided to prevent any kind of issues in the future.
Employ a Code of Conduct That Includes Fraud Policy
Keep your employees informed about out-of-bounds behavior that includes falsifying patient data, theft, insurance claim, expense reports and so on. You need to ensure that everyone is aware of reporting any kind of suspicious behavior.
Using The Right Hiring Practices
This should be done to minimize the recruitment of dishonest employees. The best way is to carry out background checks that include work history, educational achievement, criminal background, credit references, etc. This would give you a clear picture of their ethics and sense of responsibility. Take assistance from a third-party expert to help you gather the right information that can help you.
The growing exposure to fraud is a huge problem for dental offices. However, the good news is that any dentist can reduce their vulnerability to fraud by taking some basic measures. So, let’s just try one of these and see what wonders it brings for your dental practice.