Databases running in compatibility range, upgrade recommended.

When you apply a hot fix to SharePoint 2010 you need to run a command to complete the patch otherwise you will see this message in Central Admin "Databases running in compatibility range, upgrade recommended" under Upgrade and Migration -> Review database status, under the Status column.

To resolve this issue you need do the following.
1. Open an Administrative command prompt. CMD - Run as Administrator, or open the SharePoint PowerShell Command Window.
2. If running just the normal PowerShell Command Windows, change directory to C:\Program Files\Common Files\Microsoft Shared\Web Server Extensions\14\BIN
3. Run PSConfig.exe -cmd upgrade

More information can be found here: http://technet.microsoft.com/en-us/library/cc263093.aspx

Hotfixes/Cummulative Updates: http://technet.microsoft.com/en-us/sharepoint/ff800847.aspx#LatestUpdates

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