Unclaimed property is not only found in bank accounts and can be event found in doctors offices and Anesthesia practices.
More and more governments are getting disparate for much need operating money, so they are broadening their requirements for business to hand over property and money has is being claimed. One such place is the Anesthesia practice.
In nut shell, unclaimed property laws also known as escheat laws require unclaimed property, such as patient credit
balances, to be reported and turned over to the government. Depending on where the office is located, the time requirements can vary from a year or two to about 5 years before the unclaimed cash gets handed over.
When it comes to doctors offices unclaimed
property can come from overpayments, either by health insurance plans or by patients that have paid for a treatment in advance of receiving it. Basically they have a credit on their account with a particular office.
Insurance overpayments are another source of unclaimed property. Most of the state statutes
specifically list “insurance refunds” as property that must be turned over to them. Unclaimed property is also in the form of refund checks that the practice has sent to a
patient, but that the patient has not cashed, as well as, other types of credit balances.
Each state has its own reporting forms and systems and even if there is nothing to report, a practice must still file a report to the state governemnt. In most states, November 1st of
every year is when these reports must be filed.
Until the unclaimed property gets handed over to the State, the holder of it is held liable for it.
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