Wiki Policies on minimums for patient reimbursements

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cmartin111

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Hello. Hoping for direction to a question. We have lots of "little" amounts on the books from patients who've overpaid for one reason or another resulting in credits under $4.00 I am not finding NH State policies on refunding patient minimums and wondering if we actually have to mail out checks for amounts as little as .99cents?? or $1.14? Some patients are deceased, some moved, etc... Obviously if they have an upcoming appointment we'll use it towards a copay or balance due. These credits have been on the books for well over 5 years now and we need to clean things up! We are a private practice with less than 10 providers in New Hampshire. Any ideas on where to go for information, or anyone else have a policy on such?? Much appreciated!! Cindy
 
Hi there, I recommend running this past your practice's CPA because I think state escheat law apply here. The law covers unclaimed property/money and steps that whoever holds the property has to take to return it to the original owner or their estate. Here's a quick explanation about New Hampshire's laws: https://www.findnhmoney.gov/app/about.
 
Agree, more of an accounting/legal matter. CFO, CPA, and/or practice attorney needs to chime in. You would need a policy and procedure on it. It makes no sense to spend money mailing checks or sending back four dollars or less. It would cost you more to do that. I would wonder if they are really credits in the first place. It can be so frustrating dealing with this especially if the amounts are off due to posting errors and not really overpayments. However, if you let it get out of hand it can really add up, even in a small practice.

MGMA might have resources. https://www.mgma.com/
 
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