The Clinicient lockbox and EOB Conversion Solution is a secure service that automatically converts paper checks into electronic files to speed processing and eliminate the manual work and potential errors associated with paper-handling. This next generation solution not only digitizes paper-based payments, it also:

• Converts paper remittance advice to electronic remittance transactions
• Automatically indexes all correspondence
• Matches payment to original claims
• Prepares a posting file for easy import into an administrative system

Once a payment is received in the Lock Box, it will take between 24 - 48 business hours for the funds to be transferred to your personal bank account. Timing is subject to when payments are received in the Lock Box. For example, funds may take longer to transfer if the payment was deposited into the Lock Box over the weekend or a holiday.

The EFT deposit transfers from your BNY Mellon bank account will be identified as VERA-FUND LLC COF CREDIT. Clinicient will show you how to determine which payers the funds are from using your Waystar deposit transaction summary.

Note: Do not list payments from VERA-FUND LLC COF CREDIT on your deposit coversheet. Lock Box payments should not be included in your normal deposits. See Will I still need to provide a deposit coversheet to Clinicient? below for more details.

After Go Live, you will begin to receive BNY Mellon Bank statements the first week of each month. Paper statements will be mailed directly to your clinic address.

Yes, you will have full visibility to all payments received in your Lock Box and can download deposit activity daily via the Waystar portal. Clinicient will provide training on how to view payments in your Lock Box account.

Yes, you will still need to provide a deposit cover sheet for all payments received at the clinic or directed to your personal bank account (i.e., EFTs).

Note: It is important that you do not list Lock Box payments in your deposit coversheet. Clinicient has access to all Lock Box information, and if payments are listed in your deposit coversheet AND in Clinicient’s Lock Box reconciliation information they may be posted twice in error.

However, any Virtual Credit Card payments (VCCs) received through the Lock Box must be listed on your regular deposit coversheet, after you have deposited the funds. Clinicient will fax all Virtual Credit Card payments received through the Lock Box to you. After you have run the VCC, please list the payment in your next deposit and include any EOB information so that Clinicient can then post the payment to the patient's account in INSIGHT.

Upon receipt of your completed lockbox paperwork packet and schedule A, it can take up to 6-12 months for us to start seeing payments and/or correspondence show up in your Lock Box. This is dependent on several factors, such as the time it takes for paperwork to be completed and sent to payers, and how long it takes payers to process the request. Some payers act more quickly than others, and some payers will require additional forms of authorization, which can delay the process.

The time it takes for the payers to make changes to your Pay To Address can vary significantly. We see some as quickly as 30 days from the change request date. Please note that payers will not necessarily notify you when they have made the change to your Pay To Address. This process is entirely dependent on the payer.

We will start the Lock Box set up process as soon as your credentialing or ownership change is finalized with all payers.

You must complete the Lock Box authorization form and provide a copy of a check or bank letter made out to your new bank account to Clinicient either by fax or secure email. It will take 7-10 business days once Mellon receives the authorization form for your bank account number to be updated.

If payers reach out to you directly asking you to update your pay to or billing address, please advise your Clinicient Lock Box specialist and fax the request form to them.

The financials are requested due to the Treasury Services – Know Your Customer requirements. Since the Lock Box process requires setting up a new business checking account, banks are required to verify the businesses they establish accounts for to help prevent money laundering and other illegal activities.

There is a $250 Lock Box cancellation fee for all clients.

If you decide to continue using Waystar as your clearinghouse you can keep your existing Lock Box. However, there may be fees associated with transferring the Lock Box that you will want to discuss with Waystar and/or your new billing services company.