Unclaimed property is an ongoing risk for today’s healthcare organizations. Increased audit activity and growing interest in the topic among states persist, with many states pursuing unclaimed property – money owed to an original owner that has not yet been claimed by that owner – more vigorously as a source of revenue generation.
Good reason exists to believe unclaimed property will continue to be an area of concern. Many states are casting a wider net when it comes to pursuing unclaimed property audits, focusing their attention downstream from the largest health systems to smaller provider organizations and the companies that conduct business with them. In addition, the third-party firms that the states partner with to conduct audits receive a contingency fee based on the amount of unclaimed property reported, giving them a financial incentive to locate noncompliant organizations.
Here are answers to some common questions about unclaimed property reporting, especially as it relates to the healthcare industry.