Written by Reed Tinsley |
June 4, 2008
Question: We are trying to refund monies to some of these patients but are unable to locate them, and/or they are deceased. How do you handle patient refunds that cannot be effectuated because of an inability to locate patient, or patient is deceased?
Answer: You need to check the escheat property laws in your state. These balances most likely need to be turned over to the state as unclaimed property.
About the Author
Reed Tinsley CPA
This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on
accounting & tax,
practice management, and
financial planning.
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