MediStreams Medical Lockbox Expands Traditional Lockbox Services

The Medical Lockbox coupled with the remittance automation services permits providers to post payments faster, and with greater accuracy, at a reduced cost.

MediStreams, an RCM company, officially announces release of their Medical Lockbox Version 2.1, owned and developed by MediStreams. Physician and hospital billing entities require innovative solutions to keep the financial processes running smoothly to optimize cash flow and effectively manage the revenue cycle. MediStreams Medical Lockbox is healthcare specific and geared to address the nuances of healthcare documents and the remittance payment process.

The lockbox operation begins with industry standard lockbox functions of routing of all provider remittances, both commercial and patient payments, as well as correspondence to a Post Office Box address. The provider’s check payments become deposited to any bank they choose. From this point on is where the MediStreams Medical Lockbox differs from the standard.

One lockbox can accommodate all type remittances. No need to have multiple lockboxes for commercial and patient payments. The Medical Lockbox operations staff comprehends that not all documents without a check are correspondence and require special processing. Their advanced healthcare knowledge and training gives special handling of zero pays and denial EOBs, miscellaneous payments or EOBs that have an associated EFT.

The Medical Lockbox integrates with feeds to the other MediStreams remittance automation services. The EOB Conversion and Patient Payment Processing services deliver customized 835 posting files for posting to the provider’s billing software. Included as well are the digital images of true correspondence, for indexing and routing accordingly for completion.

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