Treasury Management Services
Medical Lockbox
How it works
- You provide your patients and their insurance companies with a new post office box number assigned by Compass Bank.
- Your patients and their insurance companies then remit their payments to the new P.O. Box address. (They won't know they are sending their payments to Compass Bank.)
- Compass makes several mail pickups throughout the day, each coordinated with mail availability at the post office.
- Our highly trained lockbox processors handle your remittances according to your specifications. The staff levels in our lockbox areas are coordinated to coincide with peak volume periods, so you can be assured your remittances will be processed accurately and on time.
- We deposit the checks submitted by your patients and their insurance companies to your Compass Bank checking account.
- Compass then puts together your daily lockbox package. This includes:
- A copy of the deposit slip
- Images of the checks that were received
- Any EOBs that were returned with the payment.
- Any non-payment items (correspondence)
With our optional Lockbox Imaging Service you can receive images of your remittance checks and related Explanation of Benefits (EOBs) via:
The deposit detail information is available via:
- Fax
- Compass e-Transmit® or
- Connect:Mailbox.
Our processing approach is flexible and focused on meeting your practice's unique needs.
