Get a Lock on Patient Payments

Get a lock on patient payments
Introducing Emdeon Patient Lockbox, a Solution You Can Bank On

There are a few givens in the healthcare equation. One of those givens is our overall system runs better for everyone when providers receive prompt payment. Another given is that providers are perpetually challenged to handle patient payment processing and posting, ultimately affecting their own cash flow and revenue cycles. As increased consumerism and digital technology converge in the healthcare sector, it’s also a given that the way providers receive, handle and interact with patients and payments evolve. As the industry is slowly incorporating electronic payments, there remains a deluge of paper payments to process. Thus, it’s a challenge for providers to prepare for the digital future while still handling--literally--the paper-filled present.To that end, Emdeon has expanded its Patient Billing & Payment Solutions offering to introduce Emdeon Patient Lockbox, a gap-bridging alternative ready for immediate application in provider practices.

Emdeon Patient Lockbox is a progressive interpretation of a longstanding tool of the banking and finance world. Designed expressly for the healthcare industry with specific functionality for providers seeking payments from patients, used in conjunction with Emdeon ExpressBill Services for statement printing and mailing, Emdeon Patient Lockbox easily integrates with providers’ existing processes and procedures to expedite deposits, posting and management of patient payments.

According to Lyle Beasley, Emdeon‘s Vice President of Patient Billing & Payment, Emdeon Patient Lockbox is a truly unique solution for providers seeking to proactively improve their payment processing. “Emdeon Patient Lockbox was built specifically for healthcare providers marrying the best components of the financial industry lockbox model with the healthcare data processing expertise of Emdeon” Mr. Beasley explains. “The result is an elegant solution that automates the process of accepting inbound patient payments. Emdeon Patient Lockbox automates mail processing and handling, provides state-of-the-art image archival, delivers enhanced workflow and exception management, and enables electronic payment posting. The results are lower labor costs, reduced exceptions, expedited payment, and more timely and accurate posting.”

Emdeon Patient Lockbox funnels paper communications and payments to a strategically located and secured facility, where the information received--be it change of address notifications or patient payments--is immediately processed, channeled and handled on behalf of providers. Deposits are posted directly to providers’ existing banking institutions. The result is the mass of paper and mailed correspondence that circumvents providers’ offices is no longer a burden to already busy staff members. Additionally, Emdeon Patient Lockbox incorporates automated exceptions handling, making any special posts very simple and manageable for providers. This focused system streamlines the process and reduces potential for error all around.

Because providers are in the business of caring for patients--not patient collections, Emdeon Patient Lockbox is an excellent tool for all providers to direct more energy on their priorities while at the same time enhancing the patient collections process. Even as providers benefit from highly efficient deposits and payment processing, patients also receive benefits as they are assured of payment receipt including a more up-to-date view of account status and any correspondence sent receives faster, more accurate attention.

“The financial relationship between providers and patients continues to gain in importance, as patients are increasingly responsible for directly paying for the care they receive,” Mr. Beasley summarizes. “With Emdeon Patient Lockbox, providers can focus on patient care, while Emdeon focuses on simplifying the business of healthcare.”

Emdeon Patient Lockbox is available in conjunction with Emdeon ExpressBill Services immediately as part of the company’s integrated Patient Billing & Payment Solution, Emdeon Patient Connect. To find out more about a healthcare specific lockbox solution contact us today at 877.EMDEON.6 (877.363.3666) or visit us online.

A Proficient Partner to Handle your Posts: Emdeon Patient Lockbox efficiently and effectively captures and processes payments received--for the fastest, most accurate posting.

A Lock on the Needs of the Healthcare Industry: Emdeon Patient Lockbox incorporates core components of institutional banking lockboxes, yet customizes the functionality for targeted needs of healthcare providers including working with existing software and posting to existing bank(s) accounts.

Provider Friendly, Patient Ready: Emdeon Patient Lockbox is easily integrated with Emdeon Patient Connect, making patient billing and payment simpler and less labor-intensive while ensuring patients get the payment acknowledgements they deserve.