Lockbox in Medical Billing
A lockbox is a secure banking service used by healthcare providers to receive and process payments from patients and insurance companies.
Lockbox in Medical Billing Explained
In medical billing, a lockbox is used to streamline the collection and deposit of payments. Payments are sent directly to the lockbox, where the bank processes them and deposits the funds into the provider’s account. This reduces the handling of payments by the provider’s staff.
For example, a healthcare provider uses a lockbox service to receive and process checks from insurance companies.
See common acronyms and abbreviations in Medical billing glossary.
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