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.
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.
This little trick can identify holes in your collections and find “lost” money you did not even know
Money In Escheatment
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?
Do You Have “Lost” Funds?
• Visit the NYS Office of the
Comptroller, Unclaimed Funds
• 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
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
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.
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.
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.