Start with KM: TECH198736 to confirm the update is provided by Patch Management.
If the update is provided by Patch Management; ensure the update isn't superseded by reviewing update details on technet, for Patch Management Solution doesn't target older updates (Console > Reports > All Reports > Software > Patch Management > Software Bulletins > Widnows Superseded Bulletins). While researching on technet; note which files are updated and the version they should be at.
After confirming the preceding: as detailed by andykn101; confirm the update type is not excluded in the PMImport, the recent PMImport was successful, and the Assessment Scans are not failing on the client.
Review Client Logs and if the Assessment Scan is in order; check the STPatchAssessment.log and STPatchAssessment.xml files. Search for the update / bulletin name in question and see if it displays 'Effectively Installed' or 'Installed' via another update type (e.g. Service Pack etc.).
If needed: Further troubleshooting steps for Patch Inventories failing to process are detailed on KM: HOWTO60750.