Healthcare Lockbox

Streamlining your revenue cycle is essential to the health of your medical practice or institution. Ongoing technological, regulatory, and financial changes in the healthcare industry can dramatically impact your cash flow. Our Healthcare Lockbox can help keep your business running smoothly by accelerating the collection cycle and granting you quicker access to funds. This service also provides a clear view of your receivables, multiple payment channels, analytical tools, workflow management tools, and a comprehensive online archive. Whether your business is a single practice or a large institution, we are prepared to tailor our solution to meet your needs.

Accelerate receivables through multiple payment channels

Pick and choose the best payment channels that meet your needs. Through our entire suite of Treasury Management services, you can collect payments via:

• Online payment portal
• Merchant point of sale option
• Payment by check
• EFT/ACH

Streamline operations through automation

Through the use of advanced technology, we eliminate manual processes and help increase the efficiency of your business to help reduce administrative costs and reallocate resources to other vital areas of your business. We can help you accomplish this by:

• Converting your paper Explanation of Benefits (EOBs) to a HIPAA compliant 835 file to automatically apply those payments in your practice management system
• Automatically posting patient payments that either come by check or through our online payment portal to your practice management system
• Reconciling your EFT/ACH payments back to the paper or Electronic Remittance Advice (ERA) by using the reassociation trace number
• Identifying Medicare/Medicaid recoupments so you can quickly remediate the adjustment
• Streamlining the Secondary Claims processing by creating snippets of the original EOB from the primary insurance carrier
• Converting all EOBs and ERAs into a standardized human readable image

Manage daily receivables through work queues

As part our web-based application, MedRCMLink, you will have access to work queues for your denied claims, recoupments, and secondary claims processing. These work queues allow you to filter, search, and assign these transactions to individual staff members to work. The transactions can be assigned statuses and notes can be added to each transaction, giving you oversight of your staff productivity.

Proactive management of your receivables

Since our web-based application, MedRCMLink, is a centralized repository of your receivables information, we can help you identify and manage those troublesome areas through our analytical reporting tools.

• With our Denial Reporting module you can identify by Payer or by Denial Code historic trends, which will allow you to identify the cause and take corrective action to prevent future denials
• By providing us with your contracted fee schedules by payer, we can match up your contracted amount compared to the amount actually paid and identify any underpayments to be worked, ensuring you get paid what is actually owed
• Our Cashflow Dashboard gives insight into your daily cash flows, broken down into the different payment channels

Improve problem resolution and reporting with MedRCMLink

MedRCMLink is a records and image-based web application that gives insight and oversight of your receivables. Realizing the importance around protecting healthcare information, our web interface offers advanced multi-factorial authentication at the time of login. In addition, any file transfer of protected health information is encrypted before transfer.

• Through our web interface:
  • You can see the status of claims in real-time as they are being processed through our system
  • You can search your 7-year archive of claims processed on an array of data fields, such as payer, patient name, account number, check number and amount
  • You can work your denied claims through a standard operational workflow by assigning the denied claims to specific staff members
• Our web reporting tool is a dynamic report writer that allows you to generate custom reports on-demand and download them in different file formats
• The original Explanation of Benefits document is imaged and can be viewed through our web interface         
  • The document can also be viewed in a standardized readable form no matter what payer originated the document
• As Explanation of Benefits can contain numerous patient claims, we can provide a snip-it view of a single patient claim in a standardized format that can be used for secondary claims billing
• As there can be many different types of documents that can accompany an Explanation of Benefits (correspondence), we can index these other documents so you can review them at a later time
• We do not restrict the number of users that can have access to our web interface