10 Ways Healthcare Lockbox can Enhance Revenue Cycle Management

2. 1. Eliminates Tedious Manual Processes Manually processing EOBs is cumbersome. Lockboxes enable staff to create auto-postablerecords 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.

3. 2. Consolidation Of Reimbursement The ability to access and manage data without time lags is vital to address reimbursement issues proactivelyand 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.

4. 3. All On The Same Page 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.   Handpicked: Free claims TAT Template. 

5. 4. Shortens Payment TAT 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.

6. 5. Better Receivables Data Management 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.

7. 6. Minimizes Administrative Efforts 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.

8. 7. Large volume? No issues 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.

9. 8. Expedites Remittance Tasks 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.

10. 9. Highly Secure 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. 

11. 10. No More Single Checks 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.  No More Single 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.

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