Imagine spending hours setting up bank accounts for your new practice — only to discover your lockbox isn’t HIPAA compliant, and the “solution” your bank offers costs more and requires starting the entire process over again.

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That’s exactly what happened to Prax Health, an incredible solution that enables nurse practitioners to start and run their own independent practices. As their founder learned the hard way, traditional banks weren’t built for the realities of healthcare operations.

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The Challenge: Legacy Banking Systems

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‍Prax Health initially turned to its established bank for a lockbox. The bank assured the team that, in addition to checking accounts designed for a dual-entity MSO-PC, it also offered a full suite of healthcare lockbox services. That turned out to not be the case.

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• Friction-Filled Setup — Trusting the bank, the Prax team went through a time-consuming process of setting up checking accounts for its PC entities. Only after completing this effort did the team learn that the healthcare lockbox services were actually subcontracted to another, external bank.
  
  
• Lack of Healthcare-Specific Services — The team was then told that setting up these external lockboxes would take at least another two weeks. In addition, the cost was twice as much as originally communicated because healthcare-compliant lockboxes were required. Even worse, the lockbox services were extremely limited.
  
  
• Account Re-Work — The final straw was learning that using this external solution meant the original checking accounts had to be scrapped. New accounts had to be set up—with higher fees and significant set up time.

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As the founder explained: “We had already spent hours setting up the first accounts. The idea of starting over—at a higher cost—was unacceptable.”

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The Solution: Anatomy’s Modern Healthcare Lockbox

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‍Instead of continuing to wrestle with legacy banking infrastructure, Prax Health turned to Anatomy. With Anatomy’s healthcare-specific lockbox, the experience was entirely different:

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• Seamless onboarding — Opening bank accounts took minutes. There were no wasted hours redoing account setup and dealing with a buggy platform. As the founder described it: “Setting up our bank accounts with Anatomy was a literal dream compared to the onerous, bug-filled platform issues we were dealing with before. Anatomy just works.”
  
  
• Core functionality in place — Every piece of mail, from checks to EOBs, is digitized and secured in a compliant facility. The lockbox proved invaluable not only for revenue cycle management but also for handling miscellaneous paperwork from payers. As one team member noted: “The same day deposit of paper checks is dreamy.”
  
  
• Incredible value — According to the team: “Best value in the market, bar none. Bulge bracket banks were charging twice as much for half the functionality and five times the hassle. We’re never going back.”

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The Result: Modern Healthcare Lockbox Services That Work

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The impact for Prax Health was immediate:

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• A high-quality, compliant, healthcare-specific lockbox that integrates seamlessly with RCM, banking, and other systems
  
  
• Improved revenue through better reconciliation, detailed tracking, and automated depositing of paper remittances
  
  
• Mail and payments handled compliantly without additional operational overhead as the team scales

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“We are Anatomy super fans. So few back office systems in healthcare are a joy to work with, and Anatomy is an intuitive, high-performing, delightful system that allows us to track and manage our paper checks, EOBs, and other mail with ease. We love it. I actually cannot imagine using another lockbox solution at this point.” - Meghan Jewitt, CEO and Co-Founder of Prax Health

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Takeaway

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For fast-growing healthcare practices like Prax Health, legacy bank lockboxes create more problems than they solve. Anatomy provides a simple, compliant, and affordable alternative — one that turns hours of founder frustration into a seamless setup.

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