Anatomy Launches AI Healthcare Lockbox in Partnership with CheckAlt

Anatomy's lockbox enables full financial digitization for healthcare organizations, eliminating the manual processing and data entry for the 27% of insurance payments that come on paper checks

SAN FRANCISCO, May 6, 2024 /PRNewswire/ -- Anatomy, a platform to automate financial operations for healthcare, today announced the launch of its modern AI Healthcare Lockbox. The Anatomy Healthcare Lockbox is purpose built for healthcare organizations, automating check digitization and converting Explanation of Benefits (EOBs) into standardized 835 electronic remittance advice documents.

Healthcare organizations today receive 27% of insurance payments manually and the percentage of manual payments is actually increasing, up from 24% 3 years ago¹. This creates a big issue for groups that need to manually type remittances into practice management systems and cash checks, not only in labor required but also delayed cash flow. The Anatomy Healthcare Lockbox leverages a strategic partnership with CheckAlt, a recognized leader in technology-enabled lockbox solutions. This collaboration brings together Anatomy's AI-based EOB to 835 conversion and automated reconciliation with CheckAlt's expertise in efficient check processing and HIPAA secure facilities.

Colleen Kinlund, COO at Vail Summit Orthopaedics and Neurosurgery shared her experiences with paper processes. "The paper mail is a pain to manage, and I was thrilled when I first heard about the Anatomy lockbox that converts EOBs to 835s. With the issues at Change Healthcare, there is an even bigger need to digitize paper remittances across the healthcare industry. We are excited to automate these processes and accelerate our cash flow, so we can focus on delivering exceptional care to our patients."

"We are thrilled to partner with CheckAlt to deliver this transformative lockbox solution to the healthcare industry," said Sasha King, Co-CEO of Anatomy. "In healthcare, a quarter of insurance payments to providers are on paper checks. With an AI-powered lockbox, we can enable full digitization of financial workflows for healthcare organizations. We were looking for a technology forward lockbox partner who is continuing to invest in their lockbox technology, and CheckAlt's technology platform and customer centricity are best in class."

Shai Stern, CEO of CheckAlt, added, "We are excited to join forces with Anatomy to provide a modern lockbox solution specifically tailored to the needs of healthcare. Our customers have been asking for EOB conversion for some time and finally, Anatomy can solve that pain point. Our combined expertise will ensure a seamless and secure experience for healthcare providers."

Healthcare organizations - medical or dental practice, digital health services, or billing companies that bill insurance - can sign up for a demo of Anatomy's Healthcare Lockbox here.

About Anatomy Financial, Inc:

Anatomy is on a mission to automate financial workflows for healthcare. Today, healthcare providers receive a quarter of payments and remittances on paper, and siloed banking and practice management systems make it difficult to get clarity into insurance revenue that is paid versus needs follow-up. Anatomy automates these financial workflows using AI to convert EOBs to ERAs, modern lockbox solutions to digitize payments and mail, and seamless integrations to automate bank reconciliation and posting. For more information about Anatomy, visit www.anatomy.com.

About CheckAlt, LLC:

As an experienced provider of lockbox processing solutions, CheckAlt processes both paper and electronic payments for approximately 1500 clients nationwide. CheckAlt thrives at the convergence of payments; we pride ourselves on our full suite of item and payment processing solutions which address all major payment methods across all deposit channels, while focusing on additional value-added services specific to aggregation, automation, and the acceleration of payments. For more information, please visit www.checkalt.com.

¹ CAQH 2023 Index Report

SOURCE Anatomy