What is our Healthcare Lockbox service?
The RemitStream Healthcare Lockbox Service extends lockbox processing into a revenue cycle management suite of services for healthcare providers. In addition to Image Lockbox, the services include:
 
Conversion of paper transactions into electronic remittance advices (ERAs)
 
Re-association of ERAs with electronic payments
 
Ability to automatically post files in a format compliant with the Health Insurance and Portability Act of 1996 (HIPAA)
 
Web-based reports and searches down to the patient account level
 
Denials and exceptions management and secondary billing services via a single web portal


How does Healthcare Lockbox work?
The process begins with healthcare payments being mailed to the Fiserv zip code at the Post Office and picked up in accordance with the postal schedule applying to our site.
 
During lockbox processing, we capture the check and remittance documents or Explanation of Benefits (EOB) as images.
 
Detailed patient information is extracted from the paper EOB and merged with electronic remittance information (ERAs) into a balanced, consolidated HIPAA-compliant file
 
The file is transmitted to the healthcare provider for automatic posting into the organization's accounts receivable system.
 
Fiserv deposits the payments at your clearing agent of choice - your branch, a correspondent, the Federal Reserve.
 
Healthcare providers access the web-based application to manage their receivables, view and manage their denied claims, view and make decisions on their exceptions and automatically create and mail secondary bills.


What are the benefits of Healthcare Lockbox?
Healthcare Lockbox improves reconciliation and increases the total dollars collected for the healthcare provider.
 
Providers receive their payment information faster in a format that they can use to automatically update their accounts receivable systems.
 
They enjoy a reduction of Days in Accounts Receivable as well as improved customer service.
 
Funds availability is accelerated.
 
Healthcare Lockbox provides a single connection between all payers and the healthcare provider for both paper and electronic payments. The result is a savings in time that can be re-directed to patient care.


What makes us different?
Healthcare Lockbox is a complete remittance solution delivered in partnership with a leading healthcare industry provider of revenue cycle management solutions. Healthcare providers may reduce their administrative costs without having to spend the time or the money to revamp their whole front-end process or negotiate with every payer. See Why Fiserv for additional information on our competitive differences.


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