Are there hidden expenses in your revenue cycle?

Emdeon receives EHNAC healthcare network re-accreditation
As a healthcare provider, you might view a stack of patient payments received through the mail simply as a collection of checks waiting to be posted to your billing system and deposited into your bank account. While patient payments are a critical part of your healthcare business to ensure cash flow and cover expenses, did you know those same patient payments might actually be costing you money too?

That’s right. If you are not using a healthcare-specific lockbox service to process your patient payments received through the mail, you could be losing out on valuable revenue. The unfortunate fact is that you might not be collecting all of the money you are entitled to, and the revenue you are able to collect may be taking too long to post.


Beware of three potential gaps in your revenue stream
If you are currently relying on your staff to manually process patient payments received through the mail or if you currently use a traditional bank lockbox service, you should be aware of the three factors that might be siphoning off revenue before it reaches your bottom line: Unnecessary Administrative Costs, Costly Payment Posting and Billing Errors and Avoidable Exceptions.

Here’s the good news…there is an opportunity to dramatically improve your operational efficiencies, accelerate patient revenue, get paid faster and reduce exceptions.

Announcing Emdeon Patient Lockbox
Emdeon recently launched a new solution as part of the entire Patient Connect offering. Emdeon Patient Lockbox automates the process of depositing, posting and managing patient payments. Emdeon Patient Lockbox enables providers to more efficiently process patient payments and related communications received through the mail including change of address and insurance updates. It efficiently processes mailed payments in strategically located facilities where they are sorted, processed and rapidly deposited into your existing banking accounts. All payments are automatically posted to your facility’s patient billing system dramatically improving efficiencies.

How Emdeon Patient Lockbox can accelerate your patient revenue

Virtually eliminates unneccessary administrative costs

The constant flow of patient payments received in the mail is certainly critical to your healthcare business; BUT the overwhelming volume can be expensive to manage. One benefit of using Emdeon Patient Lockbox is that your staff no longer wastes time sorting and opening mail, posting patient payments, creating deposit tickets or even making trips to the bank. Emdeon Patient Lockbox increases operational efficiencies by eliminating the management of complex paper payment processes which saves your staff time and saves YOU money.

Even if your organization currently uses a traditional bank lockbox service to process patient payments, you still might be paying for unnecessary administrative costs since exceptions must be reviewed and handled manually. Emdeon Patient Lockbox provides automated exception handling that significantly reduces exceptions and web-based decision tools that enable your staff to efficiently post any remaining exceptions.

Reduces costly payment posting and billing errors
Manually processing patient payments received through the mail can lead to common administrative errors such as posting payments to the wrong accounts, misplacing documentation, filing errors and keystroke mistakes. All of these can lead to delayed or incomplete payments deposited to your bank account. Since Emdeon Patient Lockbox automates and streamlines cumbersome payment processes, billing errors are nearly eliminated and process quality improves.

Another advantage to using Emdeon Patient Lockbox is that unlike traditional bank lockbox services, you’ll also receive the patient payment information in an 835 file format which can quickly and accurately be posted to your patient billing system, bypassing cumbersome IT manipulation.

Simplify billing and payment processes
Emdeon Patient Lockbox can be used in conjunction with Emdeon’s complete, integrated patient billing and payment solution, Emdeon Patient Connect. This enables you to have one single system to bill, track, and receive all paper and electronic patient payments and communications within one efficient system.

If you would like to learn more about Emdeon Patient Lockbox and accelerate your patient revenue, you can call 877.EMDEON.6 (877.363.3666) or visit www.emdeon.com/AcceleratePatientRevenue/.

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