Stedi Lockbox

Many payers still mail paper checks and paper remittances instead of sending Electronic Funds Transfers (EFTs) and 835 Electronic Remittance Advice (ERAs). Paper remittances include Explanations of Payment (EOPs) from commercial payers and Standard Paper Remittances (SPRs) from Medicare and Medicaid. Processing this mail by hand means opening envelopes, matching checks to remittances, and depositing each check at the bank.

Stedi Lockbox automates this process. Stedi gives each billing entity a dedicated mailing address, called a lockbox. Stedi scans every item of mail that arrives at the lockbox and deposits paper checks into the billing entity's Stedi Treasury account automatically.

Stedi Lockbox is available to every account with Stedi Treasury. Contact Stedi Support to request access to Stedi Treasury.

How it works

1

Set up Stedi Treasury.

Stedi deposits checks into a Stedi Treasury account, so you must set up Treasury before you create a lockbox.

2

Create a lockbox.

Create a lockbox for each billing entity in the Stedi portal. Stedi assigns it a dedicated mailing address. Learn more in Set up Stedi Lockbox.

3

Direct mail to the lockbox.

Put the lockbox address in the pay-to address on your claims.

4

Stedi scans the mail.

Each item of mail appears in the Stedi portal's Mail inbox with a scanned PDF that you can review and download.

5

Stedi deposits checks.

When a mail item contains a check, Stedi deposits it into the billing entity's Treasury account. The check appears on the Payments page alongside EFT payments, and Stedi pays it out to your external bank account after the funds settle. Learn more in Manage lockboxes and mail.

Checks

When a lockbox receives a paper check, Stedi deposits it into the Treasury account for the lockbox's billing entity. You don't need to take any action.

Check deposits take longer to settle than Electronic Funds Transfers (EFTs) because Stedi's partner bank holds the funds for a period before releasing them. Stedi starts the payout to your external bank account after the funds settle, the same way it does for EFTs.

Paper remittances and other mail

Stedi scans every item that arrives at the lockbox, including Explanations of Payment (EOPs), Standard Paper Remittances (SPRs), and letters from payers. You can review and download each scan in the Stedi portal.

Stedi doesn't take any action on mail that isn't a check. For example, if a payer mails a request for medical records, you review the scan and respond to the payer.

Stedi keeps the scan of every mail item, so you can review and download it at any time.

Availability and pricing

Stedi Lockbox is available in production for every account with Stedi Treasury. It isn't available in test mode.

For pricing, visit Stedi pricing. Check deposits also incur Stedi Treasury payment processing fees.

Next steps

Set up Stedi Lockbox

Create a lockbox for a billing entity and add its address to your claims.