Lockbox Services Enhance the Healthcare Revenue Cycle

Attention to detail can make a significant impact on a healthcare practice’s overall efficiency and profitability. Many providers use lockboxes as a way to streamline banking tasks, but the benefits can extend into an organization’s other needs, including:

• Sorting mail

• Preparing deposits (adding checks, separating credit cards, checks, and EOBs)

• Traveling to the bank to make deposits 

• Remotely scanning deposits

• Scanning paper

• Sorting and storing paper and images

• Manually posting EOBs and patient coupons

• Researching items

Maximizing return on investment (ROI) is a top priority for many of our business banking clients. Considering how much time many teams spend on these tasks each day, the expense of labor and the amount of time required to accomplish them may not be cost-effective to handle in-house. 

Lockbox services present a reasonable solution for many healthcare practices, but it’s helpful to understand that not all lockbox providers are created equal. First, confirm that your potential lockbox provider is HIPAA compliant. The best providers also offer the following benefits:

• Sped up cash flow through a quick deposit process

• Reduced days outstanding

• Eliminated staff time and labor costs needed to sort mail, prepare deposits, make deposits, scan and store paper and images, manually post EOBs, and research items

• Indexed image repository of at least seven years

• Reduced paper usage

• Limited employee liability

• Included posting queue for tracking posted work

• Ability to process patient and payer credit cards

• Ability to convert paper EOBs to 835 files for automated posting

• Reduced errors and fraud

A great lockbox provider will work for your practice as a trusted partner. Let the healthcare team at Sunflower Bank prepare a lockbox solution that maximizes your ROI, speeds up cash flow, minimizes risk, ensures compliance, and reduces opportunities for theft and fraud. We take care of details that help your practice run smoothly, efficiently, and profitably. Contact us today to get started.