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Q&A: Using a lockbox for bank deposits

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Our practice is considering a lockbox arrangement. What are the basics?

Q: Our practice is considering a lockbox arrangement. What are the basics?

A: With a lockbox arrangement, you make deposits in a post office box maintained and controlled by the bank. It's a sound method to get your deposits into the bank faster, and it provides a measure of third-party security when handling checks. There are a few ancillary issues to consider (what to do with copies of information and checks, cost, payer notification, etc.), but many medical groups take advantage of this service. Your local Medical Group Management Association chapter should be able to give you advice on this matter. Also, most banks will provide a tour of their lockbox area, so you can visualize the operation.

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