Healthcare Unclaimed Property

In the context of accounts payable within healthcare, unclaimed property can occur when a company has outstanding credit balances or accounts payable credits that remain unclaimed by suppliers for an extended period. If these credits are not properly managed or reconciled, they may be subject to escheatment laws.

Escheatment laws vary by jurisdiction but generally require companies to report and transfer unclaimed property, including unclaimed accounts payable credits, to the state government after a specified period of dormancy, usually several years.

Healthcare systems must make every effort to locate and notify suppliers before escheating the funds to the state.

Proper record-keeping, reconciliation processes, and compliance with relevant regulations are essential to ensure the appropriate handling of healthcare unclaimed property. Penalties for failing to transfer unclaimed property can be financially arduous so it’s important for healthcare systems to have effective processes in place to manage both aspects to maintain financial accuracy and compliance with escheatment laws.

During the unclaimed property phase of each healthcare AP recovery audit, we:

  • Review vendor accounts and check registers for unclaimed property, open checks, and cash on accounts and reconcile funds
  • Analyze the details of transactions that resulted in unclaimed property and provide recommendations for processes and procedures to strengthen the P2P process
  • Identify and recover abandoned and unclaimed property from all levels of government agencies

 

With over 19 years’ experience solely in the healthcare industry, we understand the nuances and complexities within the industry. Our proprietary accounts payable recovery audit process provides high-impact results with minimal client involvement. In fact, most of our clients spend an average of just 15 minutes per week reviewing recoveries through an easy-to-use, transparent, real-time Claims Management Portal.

Premier Cost Recovery can help your company navigate the complexities of healthcare unclaimed property and asset recovery, identify gaps within your financial process, and recover overpayments to immediately improve your profitability.

maintain compliance with escheatment laws and strengthen your p2p process

PCR Recovers More

Unobtrusive Audit

Our team is dedicated to providing personalized, responsive support by working seamlessly with our clients for low-touch, high-impact service that delivers measurable results.

Vendor Relationships

We recognize and respect the relationships you've built with each vendor. That's why we represent your firm in a manner that's consistent with your corporate culture when we work with your suppliers.

Proprietary Process

We go beyond simple statement reviews and harness the power of data analytics and utilize proprietary technologies to deliver some of the highest recovery rates in the industry

Action Plan

Each audit report includes metrics in addition to recommendations to reduce financial leakage and improve the overall efficiency and compliance of your healthcare financial operations

Focused Solely on the Healthcare Industry
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Days to Realize First Recovered Dollar
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Recovered Per Staffed Bed on Average
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Minutes Per Week Spent Reviewing Recoveries
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Days to Complete Most Recovery Audits
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