Banks have offered lockbox services to healthcare providers for eons. Mailed remittances were collected, checks were deposited, patient payments could be mailed in with a scannable coupon. And all went swimmingly well. Now, the lockbox services provided by banks have undergone a sea change.

Financial institutions are enabling healthcare providers to post receivables information automatically and balance payments to the claims super-quick. Efficient electronic processing of claims, online access to claim and remittance information, remote depositing facilities, automatic EOB posting, Lockboxes do a lot more than serving as a dedicated PO to deposit checks.

Manually processing EOBs is cumbersome. Lockboxes enable staff to create auto-postable records of EOBs easily. Explanation of Benefits are imaged and converted into electronic documents. The data in the documents are reconciled with medical claims and payments. This saves truckloads of time.

The ability to access and manage data without time lags is vital to address reimbursement issues proactively and speed up the payment posting process. Online tools enable access to remittance advice and payment details online. This enables healthcare organizations to view important reimbursement information at a single place.

Lockboxes enable multiple payers to process both electronic and paper payments within a single system. This reduces processing times and quickens the payment cycle. Most lockboxes provide access to 500+ payers. Payments received can be posted to patient management portals or practice management systems directly.  

Nobody likes playing the waiting game. By picking up mail several times in a day a dedicated lockbox provider quickens reimbursement turnaround time. This tightens the payment process and reduces reimbursement turnaround time.

Handpicked: Free claims TAT Template.          Download now

Receivables data management becomes effortless as remittance data is available on a single file. Enormous amount of time is wasted by providers to access reimbursement information that lies in numerous systems and files. A single data source eliminates the effort and energy expended in locating payment data.

Lockboxes minimize administrative costs and burden. With pressure to lower cost-to-collect lockboxes are a solution that most healthcare organizations are turning towards. By lifting the burden of manual and repetitive tasks healthcare lockboxes lighten the load on staff and free them up to focus on other important activities.

Large volumes of reimbursement data slows down payment processes.The efficient and quick processing of large volumes of payments increases efficiency, of healthcare lockboxes, make them an indispensable part of medical practices. Most lockboxes offer customizable features so there are no steep learning curves involved.

Healthcare lockboxes provide a suite of  tools to enable providers increase the efficiency of remittance tasks. Whether it is secondary billing processes, resolution of denied claims, follow-ups with insurers or resolving billing issues lockboxes expedite major billing processes.

A secure, HIPAA compliant and superior quality processing environment reduces security risks and theft. Banks make data security a top priority and employ a cutting-edge security infrastructure to safeguard data against theft and misuse. This addresses biggest threat plaguing healthcare organizations – the security of their patient data.

Handpicked: Is your healthcare organization’s data secure? Find out.      Free Cyber Security Checking Tool

Healthcare organizations usually receive a single check for multiple payments. The provider will have to manually check the corresponding EOBs to know which claims were reimbursed by the check.  By working with a healthcare lockbox and going down the electronic path, this tedious task of reconciling payments is finally off the plate of medical practices.