All states have unclaimed property laws.
Compliance with unclaimed property laws is particularly important in the healthcare industry for a number of reasons. As the industry continues to consolidate, buyers seek to identify any potential liabilities, e.g., unclaimed property from a selling business. Selling businesses not in compliance with unclaimed property laws are less attractive targets, and oftentimes a buyer’s purchase price is reduced to account for any exposure. Furthermore, states are aware that the healthcare industry is ripe for unclaimed property (e.g., refunds, insurance company overpayments, duplicate payments). This makes the healthcare industry an easy target for states to increase revenue through audits and penalties.
During this webinar, unclaimed property professionals provided an overview of unclaimed property basics as well as state- and hospital-specific unclaimed property issues.
For more information on this topic, or to learn how Baker Tilly unclaimed property specialists can help, contact our team.