By Teri Harkins, Vice President of Sales
All healthcare organizations are at risk of suffering significant financial leakage due to complexity, compliance, and constant change. One often-overlooked area where healthcare systems are losing substantial dollars is in the arena of Unclaimed Property. The answer to Unclaimed Property is the process of “Asset Recovery.”
In a recent report, Forbes.com states that “there’s a whopping $49 billion in unclaimed funds waiting to be claimed” by various organizations including a massive population of hospitals and healthcare systems.
But the question remains… has your hospital/health system thought about how unclaimed property may be impacting your bottom line?
Typically, when you think about unclaimed property, you view it as an obligation to report and remit unclaimed assets. You are not wrong because these unresolved items must be escheated to the jurisdiction of the rightful party. This is a vital process, and the penalties are steep if overlooked.
However, despite having escheated thousands or even millions in assets, your healthcare system is likely overlooking monies that are owed back to you. These assets can result in significant dollars, but far more than simply the dollars, it is the details of the transactions that led to these wayward dollars that can and will often provide a road map back to your organization regarding what is and what is NOT working in the way you manage your P2P process.
Of every solution I have personally witnessed to help hospitals and health systems perform Asset Recovery, SpendMend really does offer the most complete and comprehensive solution. SpendMend focuses on recovering dollars, but more than that they help hospitals improve efficiency and profitability.
If you have questions about how an Asset Recovery review can impact your bottom line and improve your process, please do not hesitate to contact me at tharkins@spendmend.com and I will be happy to show you more.