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Richard - Bizlaw
Richard - Bizlaw, Attorney
Category: Business Law
Satisfied Customers: 10600
Experience:  30 years of corporate, litigation and international law
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Medical Practice Insurance Reimbursement Question. I have a

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Medical Practice Insurance Reimbursement Question.Hello,
I have a medical practice in NC as a client and the billing company will give us list of refunds due to patients. We issue the checks and mail to the last known address. I believe bank policy is that after 6 months a check is technically not cashable. These refund amounts range from $ 6 - 150.My questions are -
1) How long am I required to hold the money due to the patient?
2) Is the medical practice responsible to send the money to the State or some other escrow type of organization?
3) What is the responsibility of the medical practice for this unclaimed money?Thank you,
JW

Hello, my name is ***** ***** I will try to help you. Please remember I just report or interpret the law, so the outcome may not be what you hoped for.

If the property is unclaimed, it goes to the State's unclaimed property fund. For uncashed checks for refunds, the holding period is three years from the date of issuance. NC statute § 116B-53(c)(5). You have to report all such monies to the state of NC. Here is a link to their instructions for reporting. You would be a holder.

https://www.nctreasurer.com/upp/Resources/NC_Holder_Reporting_Guide.pdf

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Customer: replied 7 months ago.
Thanks. That is exactly what I was looking for.Happy Holidays

You are welcome and Happy Holidays to you. If I have answered all your questions, please highly rate my answer as that is how I receive credit. If you have more questions, please let me know. If the answer was especially helpful you can provide a bonus.

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