Wiki Returned Refunds

[ELITEMED1]

A medical group has sent patient refunds due to overpayments/credits on the accounts; however, the payments were sent back. I understand that we ought to document all actions, but what do we do at this point? I can't locate any federal or state guidelines on refunds that have been returned. Can the practice keep the money and have the account remain at a zero balance since they made the attempt? Or, must the practice reverse the offset of the refund check on the patient's account and keep the credit until the patient requests the money or finally comes back to the office- if they ever do?

Thanks,
Michelle Stevens, CPCO
Elite Medical

 

[sls314]

A medical group has sent patient refunds due to overpayments/credits on the accounts; however, the payments were sent back. I understand that we ought to document all actions, but what do we do at this point? I can't locate any federal or state guidelines on refunds that have been returned. Can the practice keep the money and have the account remain at a zero balance since they made the attempt? Or, must the practice reverse the offset of the refund check on the patient's account and keep the credit until the patient requests the money or finally comes back to the office- if they ever do?

Thanks,
Michelle Stevens, CPCO
Elite Medical

The state should have some guidelines for unclaimed funds.

If the practice is located in Utah, here's the link for the Utah Unclaimed Property office. This site may be a good reference in your research on what to do with the patient refund: https://mycash.utah.gov/

If the practice is located in another state, you should be able to google {state name} unclaimed funds and get to the appropriate site.

Good luck!

 

[amyjph]

Agree with the advice above, and your accountant(s)/CFO should have guidance.