10 Ways Healthcare Lockboxes Can Help CFOs Enhance Their Revenue Cycle

1
(No Transcript)
2
1. Eliminates Tedious Manual Processes
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.
3
2. Consolidation Of Reimbursement

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.
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 organizations
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.
12
Thank you
To Read More Details
Toll-free 888-571-9069 , 877-272-1572 Email
info_at_billingparadise.com Website
www.billingparadise.com