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Embezzlement in optometry practices: how it happens, who's likely to do it, and ways in which you can prevent it from happening w/ Dr. Bethany Fishbein, OD
Episode 314
Welcome to this episode of 20/20 Money! My guest on today's show is Dr. Bethany Fishbein, OD, consultant and executive coach with Leaders of Vision. Bethany has been on the show many times in the past and today she joins us to talk about a topic that is admittedly harder and more distressing to talk about: embezzlement in optometry practices. In Bethany's experience as a consultant having worked with many practices over the years, she's unfortunately been privy to instances where embezzlement was happening. We talk about who's likely to do it, what they're likely to do, and small ways you can cross check the systems in your practice to ensure that you're running a tight business.
As a reminder, you can get all the information discussed in today's conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly "planning life on purpose" newsletter that's filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you're interested in learning more about the 20/20 Money Membership, a platform that we created to help ODs become "brilliant at the financial basics," please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Dr. Bethany Fishbein, OD.
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ChatGPT Prompt/Answer
Embezzlement in an optometry practice (or any healthcare setting) can occur in several ways due to the complex nature of transactions, including patient billing, insurance claims, and cash handling. Below are some realistic examples of how an employee might embezzle funds in an optometry practice:
### 1. **Billing Fraud:**
- **Overcharging Insurance:** An employee could submit inflated insurance claims by increasing the cost of services or adding services that were never provided. They woul
Published on 1 year, 1 month ago