Unclaimed Property Reminder
A few examples of unclaimed property include:
- Refund checks sent to patients that were never cashed
- Payroll Checks to employees that were never cashed
- Credit balance on a patient account that is over 5 years old
Hopefully you have been able to review your accounts receivables to identify any patient credits that remain unclaimed.
We have completed our GL review for voided checks and contacted those clients individually. If you did not hear from us, that means no reportable checks were identified. You will still be required to report any accounts you identified during the accounts receivable review.
Due diligence letters should be sent no later than September 1. You can find an example in our Unclaimed Property eblast or by visiting your state’s website. These letters are to inform your patient of money (property) that is owed to them. They will then have until October to contact you for collection. Any unclaimed property should then be reported and paid to the state.
Please keep in mind depending on your state you may be required to file a Negative (zero) Report if you have no unclaimed property.
Review our Unclaimed Property eblast sent on June 18th for more state specific information.