A patient is owed a refund from overpayment, but I cannot locate the patient to send the refund. What do I do with the funds ?
California has an Unclaimed Property Law which requires corporations, businesses, associations, financial institutions and insurance companies (referred to as "Holders") to annually report and deliver property to the State Controller's Office when there has been no activity on the account or contact with the owner (patient) for a period of time specified in the law, generally three years.
A dental practice should attempt to contact the patient before reporting the refund amount to the State Controller's Office. Practices are required to send notification to patients at the last known address on file to inform them that the account will be transferred to the State Controller's Office for safekeeping, should the patient not contact the practice for the funds. For more information on this law