In this episode of Beyond Bitewings, the team at Edwards & Associates is joined by Allen. Schiff to discuss the prevalent issue of embezzlement in dental practices. Alan, the president of the ADCPA and a certified fraud examiner, shares his insights on the unexpected frequency of embezzlement cases, stating that one in six dental practices will experience or have already experienced embezzlement. Alan explains common signs that business owners can look out for, such as behavioral changes in trusted employees and discrepancies in financial records. The conversation emphasizes the importance of not immediately terminating suspected employees to allow for proper investigation and gathering of evidence.

They also offer practical strategies for minimizing the risk of embezzlement. This includes segregating financial duties among staff to prevent any one individual from having too much control, regularly reviewing day sheets, and ensuring robust internal controls like setting audit trails at the highest level in practice management software. Alan highlights the psychological deterrents, such as having doctors visibly review financial statements and records, and discusses the complications of background checks due to unreported offenses.

Key Topics Discussed:

• Understanding dental practice embezzlement frequency
• Recognizing behavioral signs of embezzlement
• Importance of independent investigation
• Strategies for minimizing embezzlement risk
• Setting internal controls and segregation of duties
• Psychological deterrents in financial monitoring
• Common types of fraud in dental offices
• Challenges in prosecuting embezzlement cases
• Tips for effective fraud prevention and detection

Have you ever noticed when you search for something near you on Google, there are always 3 places that pop up on a map? That's called the Google 3-Pack, and it's the key to having Google become a lead-generating machine for your business.

In today's episode of Beyond Bitewings, Ash welcomes Darren Tessitore, CEO of Thrive Reviews, to unravel the mysteries of local SEO and how to maximize your Google Business Profile to drive traffic.

Darren sheds light on the importance of frequent updates, active social media engagement, and strategic use of customer reviews to climb up the rankings of the Google Map 3-pack and soar above your competitors without paid ads.

Darren also provides crucial tips on the importance of commenting on reviews while remaining HIPAA compliant. He also talks about how you can incentivize your staff to encourage and ask for reviews, and why it's an important factor when staying on top of Google's local search.

To get in contact with Darren, you can visit https://thrivereviews.net/ or call him at 727.300.1084

If you have specific questions about any of these topics for your practice, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team. Please also contact us to find out more about Ash's financial course.

Visit us at: https://EandAssociates.com

Episode Breakdown:

• The Importance of Google Business Profiles
• The science of optimizing Google Business for top-ranking
• Google marketing strategy to boost local rankings
• The importance of social media to your Google Profile
• Automated updating, posting, and review management
• The importance of understanding HIPAA to ensure compliance and avoid lawsuits.
• Lowering the cost for customers

Are you overpaying on your credit card processing fees?

Most dental providers have no idea how much they're overpaying on their processing fees, losing them, literally, thousands of dollars of their bottom line each year.

In this episode of Beyond Bitewings, Ash welcomes Jeremy Lessaris, founder and CEO of Payment Brokers, a fintech company specializing in AI-enabled cost reductions within the payment processing industry. With a background as a seasoned entrepreneur who has successfully built and exited eight companies across diverse sectors like tech, SaaS, payments, and healthcare, Jeremy brings a wealth of expertise to the table.

Jeremy offers some history of the payment processing industry, revealing pricing tactics that can burden small to medium-sized enterprises, including dental practices. He also shares his journey from being affected by high credit card processing fees to creating a solution that helps businesses avoid these pitfalls. Through Payment Brokers, Jeremy utilizes advanced machine learning tools to analyze merchant statements and negotiate better rates for clients, ensuring significant savings without requiring businesses to switch providers or disrupt their operations.

They also touch upon Jeremy's entrepreneurial journey, the importance of sound advisory, and how addressing small operational costs can lead to massive impacts on business valuation, especially for those planning an exit strategy.

To find out more about Jeremy, visit: paymentbrokers.com.

Key Topics Discussed:

• Origin and mission of Payment Brokers
• Challenges in the payment processing industry
• AI and machine learning applications
• Specific advice for medical and dental practices
• Importance of good advisory support
• Insights from Jeremy’s entrepreneurial journey
• Cost-saving strategies for businesses