Heads up: Here come the unclaimed property audits

Description

Abstract: Many state governments have given their unclaimed property laws new life in an attempt to raise much-needed revenue. To track down unclaimed property, states often hire outside auditors on a contingency fee basis, which encourages these freelancers to pursue industries most likely to harbor such property — such as health care. This article explains what constitutes unclaimed property, particularly as it pertains to hospitals, and what hospitals should do to decrease their vulnerability in an unclaimed property audit. A sidebar lists some of the exemptions that exist for certain types of property.