In the medical practice setting, theft is often perpetrated by the same individuals who are typically given access to both financial assets and your trust: your own employees.
Online and off-line data security continues to challenge large and small businesses, costing companies money – real money. Unlike consumer fraud protection, businesses do not enjoy the same protection when they experience fraud on their commercial bank accounts. It’s critical that businesses know their liability and responsibility when dealing with cyber fraud.
If you are in the renovation or construction phase of an office building or have owned an office building for several years, there is an important question that you need to review relating to the depreciation of the building and components. What time frame are my assets being depreciated over?
In recent years, the federal government has placed greater emphasis on healthcare fraud enforcement, and this trend is expected to continue. While the focus had long been on large providers, such as hospitals and pharmaceutical companies, the federal government in 2014 intensified its enforcement of fraud and abuse laws on physicians allegedly engaged in unlawful activity.
In February, Anthem Inc., the country’s second-largest health insurer, announced that hackers breached its IT system and gained unauthorized access to the personal information of as many as 80 million of its current and former clients and employees.
In June 2014, a Kentucky oncology center and its former office manager pled guilty to purchasing and selling unapproved and improperly labeled chemotherapy drugs and paid $2 million to reimburse the Centers for Medicare and Medicaid Services (CMS). The crime was purchasing drugs approved in foreign countries from an unregistered Canadian supplier, which constituted “false claims” under federal law.
Protecting your practice from cyber fraud has never been more important to the security of your business and your patients. There is a misconception that fraud attempts only affect larger corporations, but the reality is fraud happens every day to businesses of all sizes, including medical practices.
“Risky Business” takes on a new meaning to the entrepreneur who excitedly opens the doors, real or virtual, for business on that first day and awaits customers.
Protecting yourself from fraud and embezzlement has never been more important to the health of your medical practice. In recent years, the uncertain economy and rapid advancements in technology have led seasoned criminals and first-time embezzlers to find new opportunities to commit fraud.
If you ask, many people will tell you they are not afraid of dying so much as afraid of outliving their resources. No one looks forward to the time when they can no longer care for themselves. When that time comes, the ability to live the best life possible will depend on preparations made today. We can work toward the best outcomes by exercising, eating right, staying mentally fit and financially preparing.
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