Unclaimed Property: A Continued Risk to Healthcare Organizations

| 7/25/2018
For healthcare institutions, the risks from unclaimed property not correctly tracked, reconciled, and processed continues to grow. With many states legislatures focused on unclaimed property in 2017, the trend continues this year, with states like Nebraska, Washington, Minnesota and the District of Columbia adopting the new uniform act, and other such as Maine and Maryland, Ohio, New Jersey, Wisconsin, and Indiana already considering changes to their regulations. Already a complex issue due to the state-by-state nature of regulations, managing the risk to healthcare organizations by unclaimed property is made more difficult due to the ability of auditors or third-party organization to estimate and a lookback period of over 10-years to justify their assessments. With the trends seen in 2016 and 2017 expected to continue it is critical that healthcare leaders have an effective process in place to manage unclaimed property, while also being prepared for the impact of an unexpected audit arriving at their doorstep.
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