A lockbox is a bank-operated mailing address to which the medical practice directs its insurance carriers and patients to send their payments. This includes EFT, paper checks, and all correspondence sent by carriers.
The bank opens the incoming mail, deposits all received funds in the practice’s account, and scans the payments and any remittance information. The scanned images are posted to a secure website which our billing service accesses daily. We use the images to apply payments to outstanding accounts receivable and respond to carrier requests for information.