Don’t have the time, resources, or focus to get unclaimed property compliance right?

With complex filing requirements in all 50 states, unclaimed property can become complicated fast. Crowe can make unclaimed property compliance easy for you. By using your healthcare organization’s data, we’re able to help you achieve compliance, limit audit exposure, and resolve large credit balances that accrue due to overpayment.

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We can make healthcare unclaimed property easier for you.

Healthcare unclaimed property specialists

Our team is fully dedicated to healthcare unclaimed property, with deep knowledge of unclaimed property laws in all 54 unclaimed property jurisdictions.

Return on investment

We can help you gain revenue out of unclaimed property by identifying opportunities in your data that, by law, you don’t have to pay.

Minimal internal disruption

Reduce a lengthy and time-consuming unclaimed property compliance process – with minimal impact on your people, processes, or technology.

Healthcare unclaimed property specialists

Our team is fully dedicated to healthcare unclaimed property, with deep knowledge of unclaimed property laws in all 54 unclaimed property jurisdictions.

Return on investment

We can help you gain revenue out of unclaimed property by identifying opportunities in your data that, by law, you don’t have to pay.

Minimal internal disruption

Reduce a lengthy and time-consuming unclaimed property compliance process – with minimal impact on your people, processes, or technology.

Turn a cost center into a revenue generator.

40

Crowe specialists focused on healthcare unclaimed property 1

75%

Percentage of Crowe clients achieving a net positive ROI through Crowe unclaimed property technologies 2

2000 +

Facilities using Crowe unclaimed property services 3

Crowe specialists focused on healthcare unclaimed property 1

Percentage of Crowe clients achieving a net positive ROI through Crowe unclaimed property technologies 2

Facilities using Crowe unclaimed property services 3

Comprehensive unclaimed property services for every type and size of healthcare organization.

Compliance outsourcing
More than 2,000 entities outsource their unclaimed property compliance responsibilities to Crowe. We can help address the requirements from each of the 54 unclaimed property jurisdictions in the United States.
Compliance outsourcing
Asset recovery
Claim funds owed to your organization that are being held by the various unclaimed property jurisdictions. Crowe handles the entire process.
Asset recovery
Voluntary disclosure
Abate costly penalties and interstate assessments by executing voluntary disclosure agreements with high-risk jurisdictions. These agreements become a foundation for your ongoing unclaimed property compliance solution.
Voluntary disclosure
Audit defense
Minimize your overall exposure to assessments, penalties, and interest. Our experienced unclaimed property specialists can help you deal with third-party auditing firms that represent multiple states.
Audit defense
Risk assessment
Identify areas of your business operations that generate unclaimed property and, if left unaddressed, might create risk for your organization. After an assessment, we also can help you develop a proactive approach to mitigate and address any potential areas of exposure.
Risk assessment
Exemption analysis
Turn your unclaimed property department into a profit generator. We can help you identify exemptions that exist where unclaimed property liabilities could be turned into savings for your organization.
Exemption analysis

Many healthcare organizations are not filing unclaimed property correctly.

Unclaimed property laws have become a powerful revenue-generating tool for states. That means there’s every incentive for states to target entities suspected of noncompliance – but many healthcare organizations are not ready.

We often hear, “I’m in compliance.” But we’ve seen a lot of uncovered risks in healthcare unclaimed property.

One big gap? Requirements for compliance in all the jurisdictions you’re registered in, not just where you’re headquartered.

With one of the largest unclaimed property teams in the country, we understand the unclaimed property laws in all 54 jurisdictions. We can tell you where you need to be compliant – and then help you make it happen.

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Frequently asked questions about unclaimed property compliance

What exactly is healthcare unclaimed property, and why should I worry about it?

Unclaimed property is any unresolved liability or obligation to another person or entity. Examples of unclaimed property in healthcare include uncashed checks (payroll refund and accounts payable checks), aged credits, unposted/unapplied cash, and patient refunds.

All states require you to turn unclaimed property over to the state after a certain holding or dormancy period. Organizations cannot keep this money.

If unclaimed property compliance isn’t handled appropriately, the consequences can be very painful. Unclaimed property audits have the potential to be extremely costly to healthcare organizations, with extensive resource investment and potential fines and penalties.

Properly managing healthcare unclaimed property can help protect your organization’s brand and reputation. Your organization doesn’t want to be known for keeping money from its patients.

It’s important to note that the healthcare industry has been identified by states for audits of unclaimed property compliance due to the complex payment processes that prevail in healthcare. Consolidation between healthcare organizations creates additional exposure.

I don’t believe I have any unclaimed property. Is there anything I need to do?

Almost all companies, big and small, have unclaimed property, and healthcare unclaimed property takes many shapes and sizes.

It’s possible that historically your organization has written off aged credits and voided unclaimed checks, but this practice does not align with unclaimed property compliance. Even if your organization doesn’t have any healthcare unclaimed property, some states still require negative or zero-dollar reporting to demonstrate that you have knowledge of unclaimed property reporting requirements and that you are complying.

I already file unclaimed property in the states where we have facilities, so I’m in compliance, right?

Unfortunately, that might not be the case. Healthcare organizations are subject to unclaimed property laws in many jurisdictions, including states where you don’t even have facilities.

Because healthcare unclaimed property is reported to the owner states, organizations also are liable for unclaimed property compliance in states where vendors, patients, and payors are located. These unclaimed property reporting requirements can add up fast.

For example, a business traveler from California receives healthcare treatment in Illinois. If the patient goes home and does not claim a refund, the Illinois hospital will have to complete a California unclaimed property filing, too.

In the same way, when a health system is located in California and an insurance payor is located in Delaware, the California health system will have to complete Delaware unclaimed property filings as well.

Is there a single source where I can reference all unclaimed property reporting requirements, statutes, and rules?

Unfortunately, no. All states have different unclaimed property reporting requirements, dormancy requirements, and deadlines.

Because most companies need to complete unclaimed property filings in multiple states, even though they're not located there, unclaimed property compliance can be extremely complex. This is why it can be valuable to consult with an unclaimed property compliance specialist that has deep knowledge of various states’ unclaimed property reporting requirements.

We have a lot of small dollar credit balances and payments. Can I just write those off?

Most states require unclaimed property reporting all the way down to the penny level. In healthcare, it’s very common to have a small dollar write-off policy. Write-offs are permitted if they get written off into unclaimed property, but not into income.

It’s important to understand that write-offs in general are an area that unclaimed property auditors acutely focus on. Unclaimed property specialists can be a valuable aid in identifying hot-button unclaimed property audit areas such as this.

I received an unclaimed property letter from the state. What should I do now?

There are a lot of unclaimed property letters being sent by states these days. Some are as innocent as reminders to file, but most are attempting to evaluate your unclaimed property to see if you’re a good candidate for an unclaimed property audit.

That’s why you should be very judicious in how you respond to various questions on that unclaimed property letter.

In the worst-case scenario, you have received a letter indicating you have already been tagged for an unclaimed property audit. Unclaimed property audits, often performed by a contingency fee examiner, require significant prep internally and can last from 3 to 7 years. In these cases, it’s a good idea to consult with an unclaimed property compliance specialist.

We help you get healthcare unclaimed property compliance right.

Compliance usually costs less than penalties. With some attention now, you can prevent unclaimed property from claiming lots of resources later.

There’s an easier path to unclaimed property compliance.

Let’s start with a brief chat.

We’ll discuss where you are today with unclaimed property – and where you want to go.

We’ll give you a road map to compliance.

Once we understand your profile, we can provide a general road map and milestones to reach.

Avoid penalties – and start realizing a financial return.

Engage us to bring you into unclaimed property compliance.

Let’s start with a brief chat.

We’ll discuss where you are today with unclaimed property – and where you want to go.

We’ll give you a road map to compliance.

Once we understand your profile, we can provide a general road map and milestones to reach.

Avoid penalties – and start realizing a financial return.

Engage us to bring you into unclaimed property compliance.
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