Sloppy cash controls
Poor cash controls are still one of the most common risks we discover during our consultations. Make sure the practice’s “daily close procedure” balances charges and collected amounts with the totals shown on computer reports. Reconcile patient encounter forms and electronic numbers daily to be sure each has been “closed out.” Make sure the month-end bank balance matches the practice-management system report of total collections. Don’t allow the person who opens the mail to post payments or write refund checks. And no one but physician owners should sign checks. Period.