Having financial controls in place reduces the risk of fraud opportunities popping up.
We are back again with Jay Holmes as a guest. This time talking about the importance of financial controls in medical practice. Financial controls don’t only refer to fraud and embezzlement, but consistency in reporting. Generating a fluid process to produce data is fundamental. A constant eye on the team may feel like having a policeman watching every move. Controls are about creating trust and transparency in the processes. The segregation of duties closes the door to embezzlement and fraud.
Jesse’s picking Jay’s accountant brain in this second episode of the Financial Practices series!