Healthcare Unclaimed Property
Protecting Financial Integrity Through Proper Unclaimed Property Management
Healthcare unclaimed property often stems from unresolved accounts payable credit balances, uncashed vendor payments, and outstanding refunds. When these balances are not actively managed, healthcare organizations face increasing compliance risk under state escheatment laws.
Our team specializes in identifying, reconciling, and recovering these funds through a comprehensive accounts payable recovery audit while ensuring your organization remains compliant with healthcare escheatment regulations across multiple jurisdictions.
During the Unclaimed Property Phase of Each AP Recovery Audit, We:
- Review vendor accounts and check registers for unclaimed property, open checks, and credits on account
- Reconcile unclaimed and outstanding funds to ensure accurate reporting
- Analyze transaction-level data to uncover process gaps that lead to unclaimed balances
- Recommend best practices and controls to strengthen your procure-to-pay cycle
- Identify and recover abandoned or unclaimed funds from all levels of government agencies
Understanding Healthcare Escheatment Compliance
Healthcare unclaimed property compliance requires consistent monitoring, accurate reporting, and adherence to state-specific escheatment timelines.
Escheatment laws require organizations to report and transfer unclaimed property, such as uncashed checks or unresolved credit balances, to state governments after a defined dormancy period.
Regulations and timeframes vary by state, making healthcare escheatment compliance a complex but essential component of financial stewardship.
PCR helps healthcare systems implement proactive processes to:
- Review vendor accounts and open checks for unclaimed property
- Reconcile accounts payable credit balances before they become reportable
- Strengthen internal workflows to minimize recurrence of unclaimed funds
Our compliance-driven approach reduces audit exposure while improving overall transparency and accountability within your AP process.
Why Healthcare Systems Choose PCR
With over 20 years of experience serving the healthcare industry, Premier Cost Recovery understands the nuances of healthcare finance and compliance.
Our proprietary accounts payable recovery audit process delivers high-impact results with minimal disruption. Most clients spend an average of just 15 minutes per week reviewing recoveries through our secure, real-time Claims Management Portal.
healthcare unclaimed property FAQs
Unclaimed property refers to financial assets belonging to patients, vendors, or employees that remain unclaimed, including accounts payable credit balances, patient refunds, insurance reimbursements, or vendor payments. When rightful owners can’t be located, these funds must be reported and transferred to the state through the escheatment process.
Healthcare systems must make every reasonable effort to contact the owner before escheating funds. This includes reviewing contact records, reissuing notices, and documenting outreach attempts. If funds remain unclaimed, they must be reported with all available details to the appropriate state agency.
Unclaimed funds are transferred to the state and may be used to support various public initiatives. However, the rightful owner - or their heirs - can claim the original funds from the state at any time, at no cost.
Maintain Compliance with Escheatment Laws
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
Ready to Strengthen Your AP Compliance?
Ensure your healthcare organization stays compliant and financially accurate. PCR helps clients navigate healthcare escheatment compliance, recover unclaimed property, and eliminate hidden credit balances.