Utilizing a medical lockbox will lower costs, improve cash flow, virtually eliminate the risk of fraud, and make it possible to search and view checks, Explanation of Benefit forms (EOBs), payment coupons, and correspondence instantly. Medical practices have unique requirements and SIS NW’s lockbox solution is custom tailored to the needs of medical practices. Most bank lockbox services start and stop with the deposit of checks. SIS NW’s solution is customized to the unique needs of medical providers.
SIS NW’s unique Medical Lockbox solution automates processing of private patient and insurance payments. Our lockbox service is easy to implement and you won’t have to change banks.
Here’s an overview of how SIS NW’s medical lockbox service works:
- All checks, along with EOB documents and patient payment coupons are received from the lockbox by SIS NW, Inc. each morning by 8:30 am.
- All documents are scanned and made available to the practice on the same day they were received so that revenue can be posted quickly.
- Checks are deposited the same day directly into the practice’s account with all back up documentation necessary to balance deposits and postings.
- Checks and paper documents are held for 60 days and then securely destroyed.
- Checks and all backup information are stored in a secure portal for seven years to meet your retention requirements.
- All documents can be easily searched for Patient Names, Account Numbers, Billing Codes, Dollar Amounts, etc.
Our lockbox service provides the following benefits:
- Security and safety. A lockbox eliminates transportation of money and checks to the bank by staff.
- Provides separation of duties and virtually eliminates the chance of fraud.
- Eliminates clerical work, allowing staff to quickly begin the posting process instead of opening envelopes and scanning checks or preparing bank deposits.
- Provides fast and easy access to electronic images of all documentation for archival requirements.
- HIPAA compliant portal keeps patient information safe and secure.
- Same day deposits for improved cash flow.
- Information protection in the event of a disaster.
Our lockbox customers realize improved cash flow and dramatically reduce time spent on the posting process. The “magic” our lockbox solution provides for medical practices is that we make it easy to find EOB forms as well as search all of the information within the EOB. SIS NW, Inc. provides a complete turn-key lockbox service. Both solutions are hosted on a SAS70 and HIPAA approved web portal. Customers typically realize savings of up to $10,000 annually for each and every provider in their organization and see their outstanding receivables shrink.
Contact us today for more information or to schedule a free web demonstration.