The state of Wisconsin has an annual Unclaimed Property return filing that is due no later than November 1, 2018 for various types of property such as uncashed patient refund checks of any dollar amount issued during the period of July 1, 2012 through June 30, 2013. These statutes have been in effect for many years. Currently only life insurance, financial institutions and utility companies are required to file even if they don’t have any unclaimed property. Many companies (a.k.a. holder) are unaware of this as historically Wisconsin hasn’t audited for unclaimed property.
Now is a good time to research any uncashed patient refund checks, determine updated patient or insurance payer mailing addresses, void and reissue any uncashed patient refund checks this year which will restart the state’s time clock and, ultimately, determine which uncashed patient refund checks should be submitted to the state of Wisconsin.
If you’d like us to assist you, let us know how many uncashed refund checks in the filing period listed above you’ll need to submit to the state and we’ll give you an approximate fee range for your approval before we begin the work. It would be helpful to know how many uncashed checks belong to patients who reside in states other than Wisconsin due to reciprocity agreements.
Going forward, to make reissuing patient refund checks a bit easier, we recommend entering the patient’s name, their patient ID#, and the date of service into the memo field within your accounting system. It would be helpful if you also recorded ONLY the last 4 digits of their social security number as unclaimed property is handled by the Department of Revenue, so they have access to tax identification numbers and names of the rightful owners to cross reference when a claim is requested. We recommend you review any uncashed checks semiannually to stay on top of them.
Below is a link to the state of Wisconsin’s website if you’d like more information on unclaimed property, a copy of the “due diligence” letter that would need to be sent to the last known address of a patient who had an uncashed refund check for $50 or greater, which would need to be kept on file in the event of a state audit, as well as the process to file your return. https://www.revenue.wi.gov/Pages/UnclaimedProperty/Home.aspx If the uncashed refund is under $50 it’s still reportable as unclaimed property; however, you don’t have to send the due diligence letter to contact the patient.
You may contact your relationship executive directly or Tracy Blattner at email@example.com or 715.280.1627 for further assistance.