Lock In Your Relationship with Providers Via Automated Financial Posting and 100% ERAs.
Let EDIinsight® Lockbox Services and Automated Payment Solutions Dramatically Streamline Financial Transactions Processes.
Strengthen your relationship with provider customers by delivering lockbox services that will positively impact their bottom line. Streamlining the receipt and adjudication of paper-based insurance remittances lifts the burden of once labor-intensive processing. EDIinsight® Lockbox Services can substantially lower AR days and improve cash flow. What’s more, by classifying and tagging all inbound data, numerous data mining opportunities are unlocked.
Lockbox Services Optimize Efficiency and Minimize Human Error.
Once implemented, all inbound data from payers (payments, end-of-year tax information, physician credentialing, charge-back information, etc.) as well as check payments from patients are accepted by the Lockbox. Any paper-based data is converted to electronic format to ensure 100% ERAs. Funds are automatically deposited into the provider’s specified account. And, in the case of insurance remittances, Practice Insight® delivers an 835 for the transaction.
Lockbox Services are facilitated by the EDIinsight Task Manager tool. With it, tasks can be customized and organized with little-to-no human interaction. Examples include:
- Lockbox ERAs – pulls all 835s generated
- Original Images – auto-converts all original EOB images received into 835s
- Deposit Reports – generate a report with all deposits processed
- Non-Financial Images/Correspondence – puts all original documentation classified as non-financial into easily referenced images
- Incomplete 835s – pulls all reports listing 835s containing incomplete information
- Exception Reports – pulls all reports listing all financial data that could not be converted to an 835 due to an exception of missing information
- Exception Images – pulls all original images listed as exceptions, because an 835 could not be generated based on the information found on the image
Documentation Data Mining
By capturing, digitizing, classifying, and tagging all inbound data to the Lockbox and porting that marked information to the provider’s Practice Management system, EDIinsight Lockbox Services enable providers to engage in valuable reporting and analytics that were not previously feasible.