Medical Payment Lockbox
The UMB Medical Payment Lockbox is a specifically designed, cost-effective system for processing patient and insurance payments.
We understand that healthcare payments require a different processing configuration. By working closely with clinics, hospitals and practices, we’re able to ensure your payments are processed according to your unique instructions. You’ll have the complete confidence that your deposits will be timely and your payments will be processed without disruption to your accounting system.
We’re also up-to-date on the latest industry issues and trends, fully understanding our role as a Business Associate as defined by the Health Insurance Portability and Accountability Act (HIPAA).
How It Works
Your patients' and insurance payments are redirected to a new post office box accessed by UMB. We make frequent trips to the post office to pick up your items. Our pick-up schedules are designed to minimize mail float. Due to the frequency of our trips to the post office, we are able to significantly improve your ability to access your funds as quickly as possible.
Once the items reach our medical lockbox processing center, the mail is sorted, envelope contents are removed and checks are deposited. Our focus is on getting the checks in the collection process as quickly as possible. We process the items according to your specific operating instructions.
Copies of all checks and accompanying documents including explanations of benefits can be returned to you.
Medical Lockbox Features
- UMB’s lockbox locations offer Image Wholesale Lockbox. Checks as well as accompanying paper are imaged before returning the information to you. Your items are available for viewing the same day via the Internet.
- Through UMB's automated lockbox system, we can perform data entry functions for you as well. You provide us with the key information you need to update your receivables system and we enter that data and transmit it directly to you to update your records.
- For our clients already using an internal image workflow system, we can transmit a file with the images we processed to import into your system.
Benefits of Lockbox Services
- Lockbox processing of healthcare payments helps reduce your administrative costs, so you save on salaries/benefits, training, space and equipment.
- We can help your health care organization meet the transaction processing and information privacy requirements of HIPAA.
- With UMB picking up your mail multiple times a day and ensuring same day deposit of those items, your money is available to you more quickly.
- In addition to gaining greater accuracy and reliability, you also reduce the risk of loss, theft or forgery.
- Utilizing a lockbox frees valuable time and resources to post payment and receivables, as well as a number of other important tasks allowing you to better utilize staff.