Achieving First-Time Unclaimed Property Compliance for Healthcare Provider

SOLUTION

DMA stepped in with a comprehensive and strategic solution designed to maximize the return of unclaimed funds to the rightful owners.

• Phase 1 – Owner Outreach and Engagement: After identifying the relevant properties and owners, the initial step focused on maximizing engagement through multiple rounds of targeted email outreach. DMA’s proprietary unclaimed property software, AUPTC (Abandoned and Unclaimed Property Total Compliance), enabled these emails to be sent directly through the client’s servers. This approach ensured a seamless, branded experience for the owners, enhancing the legitimacy and effectiveness of the communication. Owners were then able to quickly and easily claim their funds through DMA’s intuitive and user-friendly Owner Response Portal, streamlining the process and ensuring a smooth experience for all parties involved.
• Phase 2 – Formal Due Diligence and Owner Claims: Following the email campaign, formal due diligence efforts were carried out in accordance with state requirements. The Owner Response Portal continued to streamline the process, making it efficient and easy for owners to claim their funds.
• Phase 3 – Reporting and Remittance: Once all outreach efforts were completed, DMA provided practical guidance on reporting and remitting the properties to the appropriate jurisdictions. The focus was on ensuring compliance while minimizing potential penalties and interest.
• Phase 4 – Establishing Internal Compliance Process: Following the initiation of state compliance, DMA utilized AUPTC along with their unclaimed property experts, to help the client establish a streamlined internal process. This process included reviewing and identifying potential liabilities, sending courtesy emails to owners, mailing formal due diligence letters when required, and ultimately reporting any necessary liabilities to the appropriate jurisdiction. Additionally, policies and procedures were developed, including a comprehensive record retention plan, and any necessary liabilities were reported to the appropriate jurisdiction.

RESULT

DMA’s strategic approach yielded impressive results. The outreach campaign successfully reunited funds with approximately 50% of the owners—more than double the expected 20% response rate typically seen with formal due diligence efforts alone. This outcome significantly reduced the volume of unclaimed funds requiring state reporting, minimized the client’s liability, and decreased the potential penalties and interest that could have been assessed. The client achieved its goal of resolving unclaimed property efficiently and gained a structured process for managing similar situations in the future.

WHY DMA?

DMA was the right fit for this project due to its specialized expertise and advanced technology in unclaimed property management. DMA’s ability to execute the email campaign directly from the client’s servers ensured a smooth and professional communication process, and its secure Owner Redemption Portal made it easy for owners to reclaim their funds while protecting sensitive information.

What set DMA apart was the collaborative and client-focused approach. DMA took the time to understand the client’s unique challenges and crafted a tailored solution that met and exceeded expectations. The combination of technical expertise, strategic thinking, and a commitment to client success positioned DMA as a valuable extension of the client’s tax department. This successful outcome reinforces DMA’s reputation as a trusted partner for companies facing complex unclaimed property challenges.