Reduce Your Healthcare Organization’s Unclaimed Property Risks
Healthcare organizations increasingly are seeking guidance on compliance with state laws and regulations concerning unclaimed property. With fiscal deficits and limited budgets to meet state obligations and expenses, more states are asserting their rights to unclaimed property.
Understanding Your Healthcare Organization’s Unclaimed Property Potential
How Crowe Horwath LLP Can Help
Crowe® Unclaimed Property is a suite of services that can help healthcare organizations seeking guidance on compliance, facing an audit, or looking to improve financial processes. The Crowe Unclaimed Property suite:
- Consolidates unclaimed property compliance for the health system
- Identifies your healthcare organization’s exposure to relevant unclaimed property laws and their impact on financial statements
- Can reduce risk through internal evaluation of organizational policies and risks
- Helps develop strategies to reduce liabilities and mitigate exposure
- Includes services for compliance outsourcing, exemption analysis, voluntary disclosure agreements, policies and procedures guidance, audit defense, and assessment of the development of unclaimed property strategies
- Focuses on required compliance for your healthcare organization but also provides upstream detailed data analysis to identify outstanding balances that are not owed to the payer or the state as unclaimed property as well as owed balances that might be missed downstream
This valuable approach identifies potential cost reductions while maintaining accurate compliance to reduce risk. The benefits generated through this exemption analysis typically can offset the cost of compliance. With Crowe Unclaimed Property, your healthcare organization can be positioned better to manage compliance, reduce the risks of fines and penalties for unclaimed property, and uncover potential opportunities.