Every year the United States Treasury receives billions of dollars of unclaimed property. These funds go uncollected because of minor errors (misspelled names or out-of-date addresses).
Specifically for the DME Industry, small balance payments from insurance companies can add up over time. Be sure to check your state’s treasury website to see if your company has unclaimed property claims.
What is unclaimed property?
Unclaimed property refers to property or accounts from financial institutions/companies that haven’t been contacted for 1+ years regarding their accounts. After the year, those properties/accounts are turned over to the state.
Types of Unclaimed Property
Unclaimed property can include:
- Insurance payments or refunds
- Checking or savings accounts
- Uncashed dividends
- Uncashed payroll checks
- Certificates of deposits
- Customer overpayments
Keep Current with Medbill
As a leading DME billing company, the Medbill team can assist with your billing needs, document review, and claims submission. Contact us to learn more.