According to the american Medical Billing association, the average healthcare provider has more than $150,000 in outstanding accounts receivables. a digital Lockbox can improve the availability of this cash. SNB has developed an estimator to help a practice understand how it might benefit from using a digital Lockbox to improve its revenue cycle. for the scenario presented in this model – a small practice receiving 100 checks per month – the annual savings estimate is over $40,000. The savings come from these areas...
The cost of sending someone to the bank to deposit the practice’s checks is virtually eliminated, since your payments go directly to the SNB Digital Lockbox Operations Center. It is not unusual for a practice office manager to spend 40 minutes a day preparing a deposit ticket and taking the deposit to the bank.
Productivity benefits:
The largest single area of benefit. An SNB Digital Lockbox provides your staff with the ability to find documents online in a matter of seconds instead of searching for filed paper copies. Tools to significantly streamline the task of working secondary claims also contribute to the productivity gains associated with using a Digital Lockbox.
Cash flow benefits:
The model considers the impact of eliminating desktop float – what it costs to have your practice’s cash sitting on your desk undeposited instead of in your account available for use. While every practice manager understands the value of making deposits daily, the reality is that it often doesn’t happen.
The estimated savings are, of course, offset by the cost of the Digital Lockbox service. In this example, the expense of a Digital Lockbox amounts to about $15 per day and delivers over $40,000 of cost savings per year. These savings grow for larger practices that receive more checks. If your practice does not yet use a Digital Lockbox to improve your revenue cycle, contact SNB and ask for a pro–forma analysis that shows the costs and benefits based on your practice.
