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Care giving is the nature of those that work in healthcare industry. Doctors, nurses and other professionals go into the field to provide care and support, often to those who are the weakest/most needy in society. This is why it can be particularly disturbing when fraud trends in the healthcare industry are discovered. Uncovering fraud is never a pleasant experience for any business owner because of the underlying assumption that employees are honest and would not act in such a way. According to the 2016 Report to the Nations on Occupational Fraud and Abuse, the healthcare industry is one of the top industries experiencing fraud. The report reveals that of all cases reported globally there were 144 cases of fraud with an average loss of $120,000. The evidence suggests that healthcare companies need to develop better processes to reduce the chance of fraud occurring in the company. To help clients, prospects and others understand common fraud tactics and the prevention process, Wilson Lewis has provided a brief summary below.
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Wherever there are dishonest people it’s safe to assume that fraud will follow. For this reason, it’s essential for medical and dental practices as well as healthcare companies to have and actively follow an effective internal controls policy. It’s necessary to protect the company from risks because the opportunity for theft is simply too high. If you have questions about fraud prevention or creating an internal controls policy, Wilson Lewis wants to help. For additional information, please call us at 770-476-1004, or click here to contact us. We look forward to speaking with you soon.
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