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money in escheatment

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The information presented is for general information only and is not meant to substitute for legal advice. Always seek the advice of an attorney on legal matters.

The presenter makes no recommendations as to an individual physician’s participation or non-participation with any specific health plans, insurance company or payer. Each physician is urged to give due and proper consideration to their individual practice needs and act independently regardless of the actions or non-action of other physicians.

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money in escheatment

  1. 1. Robert E. Goff Formerly Executive Director & CEO University Physicians Network (UPN) Robert has over 40 year of experience in the healthcare industry, a significant portion of that with physicians, independent physicians, on strategies to improve their practices, and to allow them to survive in the changing environment.
  2. 2. Disclaimer The information presented is for general information only and is not meant to substitute for legal advice. Always seek the advice of an attorney on legal matters. The presenter makes no recommendations as to an individual physician’s participation or non-participation with any specific health plans, insurance company or payer. Each physician is urged to give due and proper consideration to their individual practice needs and act independently regardless of the actions or non-action of other physicians. Copyrighted © Material is subject to fine of $5000 per occurrence 03
  3. 3. 04 This little trick can identify holes in your collections and find “lost” money you did not even know was missing! Money In Escheatment
  4. 4. 05 What becomes of the un-cashed check? What becomes of the returned check? If you don’t know it’s missing, do you expect the payer to tell you? What can finding funds tell you about your revenue management?
  5. 5. 06 Do You Have “Lost” Funds? • Visit the NYS Office of the Comptroller, Unclaimed Funds website annually. • www.osc.state.ny.us • Provide the social security number/tax ID of the physicians. Ask them to search for un-cashed checks, refunds, or other funds they may have that have been turned over to the State as abandoned property.
  6. 6. Found Money!
  7. 7. 08
  8. 8. 09 Outstanding Un-cashed Checks 4-20-11 New York State NY City United 50,242 5,767 Empire BC/BS 88,082 26,159 GHI 89,312 12,661 Aetna 29,479 8,612
  9. 9. 10 What Important Lesson Can Be Learned From Found Money? Recovering money from escheatment signifies a failure in your accounts receivable management • How did this money get by your practice? • Who wrote it off? • What happened that these funds were lost? Understanding what happened will help identify weaknesses in your collection process.
  10. 10. 11 Move Your Payments To Electronic Remittances It is time to move as much of your remittances to electronic systems as you can. PMS systems should be able to automatically accept, post, and confirm bank deposits.
  11. 11. 12 Just A Suggestion – For Your Protection Agreements with payers for electronic remittances are authorizations for two-way Speak to your bank about having two accounts: • 1 to accept deposits • 2 to automatically/manually sweep funds When setting up authorization for ERA, provide banking information for the first bank account only.

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