Fidelity Bonds

Between 2005 and 2009 the comptroller for my husbands clinic was busy embezzling 1.2 million. She spent 3 years in prison for the crime. Also, she didn’t pay the taxes and that was devastating because it totaled about $356,000.00. Is it any wonder that my husband’s medical practice screeched to a halt in 2010? Sure, health care cost were rising but not like this. Yesterday, I was studying casualty II in my insurance course and it was on Fidelity Bonds. It is a sad fact that the clinic didn’t have the comptroller bonded. The clinic had a small group of physicians on the Management Board that handled all the business.¬† The rest of the physicians were clueless and the 30 physician clinic did not have a Fidelity Bond on the comptroller. Not only that they didn’t have a regular audit. They thought It was too expensive. The Fidelity Bond would have protected the business. It is never a good economic decision to blindly trust people you are doing business with. Kim the comptroller,was a good and faithful employee for about ten years and then she started embezzling. No one ever thinks that anyone can harm them in business. Just a handshake and your word does not cut it anymore. Get that Fidelity Bond and keep the audits going because the price of not doing can cost you your business.

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