The Medical Lockbox: Legacy System or Innovative Platform?
The Medical Lockbox is an essential part of the AR process as it is the first touchpoint where paper-originated insurance remittances, payments, and patient payments are received.
However, recent new technologies like AI and Deep Learning are evolving the once legacy system into a high-valued, innovative platform that provides healthcare payments professionals with the ability to handle myriad payments and remits efficiently while facilitating automated, straight-through processing (STP) and payment posting across all areas.
At our 2019 Healthcare and Check Payment Technology Conference, hosted at the Charlotte Marriott City Center this past May, industry leaders from athenahealth, Technology Management Resources (TMR), and Deluxe Corporation provided their fresh perspectives on what is clearly an optimistic future for the medical lockbox. You can hear their perspectives by watching the video below.
So What is The Medical Lockbox of the Future?
As referenced in our recently published white paper, THE MEDICAL LOCKBOX OF THE FUTURE: DELIVERING INTEGRATED RECEIVABLES, the medical lockbox of the future will:
- Be more electronic with a migration toward native EDI files, but also leverage AI technologies to convert remaining remits into images and data to achieve 100% electronification.
- Further leverage cloud computing.
- Offer more flavors and configurations including fully outsourced, SaaS, in-house via cloud, or other hybrids.
See full list by downloading the white paper.
The medical lockbox environment of today is a challenge in many ways. Innovations must take place for the medical lockbox of the future to prosper and to integrate more tightly with receivables.
There are many opportunities to utilize AI and other technologies to drive process automation for complete electronification and straight-through processing. Better utilization of clinical and administrative/financial data can be used for reconciliation, as well as expanded treasury management services. Best-of-breed enhancements will enrich this process and drive a new revolution of services to providers.
This blog contains forward-looking statements. For more information, click here.