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Beyond compliance consolidating unclaimed property analysis and reporting
Eric J Boggs1, Cory M Herendeen, Jim Wiseman
1Crowe Horwath LLP, Brentwood, TN, USA. eric.boggs@crowehorwath.com
Summary
Hospitals face increasing unclaimed property audits. Consolidating analysis and reporting for unclaimed property, such as accounts payable and receivable, can reduce risk and save money.
Area of Science:
- Healthcare financial management
- Regulatory compliance in healthcare
Background:
- Hospitals and health systems are experiencing a significant increase in unclaimed property audits.
- Unclaimed property commonly includes accounts payable, payroll, accounts receivable credit balances, and unpaid vendor or patient credits.
Purpose of the Study:
- To highlight the growing risk of unclaimed property audits for healthcare organizations.
- To recommend strategies for managing unclaimed property to mitigate compliance risks and achieve financial savings.
Main Methods:
- Analysis of common types of unclaimed property within healthcare financial systems.
- Review of compliance requirements and potential penalties associated with unclaimed property.
Main Results:
- Healthcare organizations possess substantial amounts of unclaimed property across various financial categories.
- Failure to properly manage unclaimed property increases exposure to audits and financial liabilities.
Conclusions:
- Consolidating unclaimed property analysis and reporting is crucial for hospitals and health systems.
- Proactive management of unclaimed property can lead to reduced compliance risk and significant cost savings.
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