What are Revenue Recovery Services?
If you are unfamiliar with revenue recovery, it is the recovery of restitution and fines from various businesses and services, including government entities and public health facilities. The collections industry which recovers revenue for both the public and private sectors, is built on the concept that collecting outstanding accounts allows organizations to avoid raising prices to cover losses.
Revenue recovery services are also used to enforce contract compliance, as well as payment compliance for these public and privately held sectors. Managed care claims are eligible for revenue recovery services after a managed care review, as well as a payment reviews process.
So how exactly does it work? Investigators are individuals or companies that offer to file claims for unclaimed property for an alleged owner or their heirs for a fee.
If an owner chooses to use an investigator, a full disclosure contract between the owner and the investigator specifying where the property is coming from must be signed.
While revenue recovery is a legitimate service, be sure to be wary if approached by one. Several reports of revenue recovery scams have surfaced in the past years, so do some research. Look for the Better Business Bureau seal of accreditation, which means that the business has been accredited by the Bureau.