FileSolve’s Lockbox solution automatically extracts critical operating data from your incoming mail and sends that data directly to your systems. Doing so helps eliminate the need for you to either pay for manual key-entry labor or deal with its inherent headaches. As just one example, consider the ways we help the medical industry, where many of our clients have outsourced their mailroom and electronic remittance collections to our fully HIPAA-compliant production facility.
FileSolve’s lockbox expertise includes processing and extracting data from:
- Insurance Explanation of Benefit (EOB) Forms and Payments
- Patient Payments and Remittance Documents
- Case Management Forms and Participant Correspondence
- Vendor Invoices
- Retail Lockbox Remittance Payments and Coupons
Up to 40% of healthcare costs involve the administrative race to reconcile complex EOBs back to the correct medical claim. Outsource the mailroom and data capture functions to us, and we’ll align all paper and electronic remittance data to your claims database. This allows your accounting and billing departments to focus solely on exceptions management, collecting more claims dollars and correcting small problems before they have a chance to become big ones.
Let your accounting department focus on protecting your revenue through denial research and correction tasks rather than data entry. By utilizing our medical lockbox solution, you’ll be able to:
- Automatically reconcile fragmented remittance with your claims data to take advantage of straight-through claims processing
- Convert paper EOBs to one standard virtual EOB formatted image
- Convert paper EOBs and check data to electronic 835 posting files
- Re-associate ACH or check payments with ERA remittance files
- Automate workflow for denial and remark code processing
- Automate reporting function to simplify accounting practices
The FileSolve lockbox solution accelerates revenue and processes for a variety of industries. This is especially true when it comes to revenue cycle management. Letting FileSolve electronically capture your company’s information regardless of the format in which it comes to you, allows you to immediately use the data and capitalize on processing speed, increased savings and revenue collections.