If you run the finance side of a medical group, you have probably heard both names. Anatomy and Lemma both promise to clean up the back office of healthcare. They overlap, but they start from different places. Anatomy sits on top of your existing bank and automates the paper and claims flow around it. Lemma is the bank account, with that same automation built in.

This is a side-by-side look at how each one handles banking, lockbox, reconciliation, and pricing, so you can match the right tool to the way your group actually operates. All product, rate, and pricing details below reflect publicly available information from each company as of the publish date of this post.

What each platform actually is

Anatomy is a financial automation layer for healthcare. It converts paper EOBs into ERA 835 files using AI, matches bank deposits to claims with a smart reconciliation engine, and runs a modern lockbox through a partnership with CheckAlt. In June 2024, Anatomy launched its first embedded banking partnership with Live Oak Bank, so customers can also open operating accounts that are held and serviced by Live Oak. The product is targeted at medical and dental practices, MSOs and DSOs, billing companies, and digital health providers.

Lemma is a healthcare-native bank account with that automation layered on top. Banking is provided by Core Bank, Member FDIC. Lemma is built for MSO-PC structures from day one, with virtual accounts per entity or location, automated daily sweeps between PCs and the MSO, and a consolidated dashboard. The same account includes an AI-powered medical lockbox, ERA 835 matching, and same-day deposits.

Banking and account structure

With Anatomy, banking is delivered through Live Oak Bank. Those accounts are held at and serviced by Live Oak Bank, and the product is exclusively available to customers on the Anatomy platform. Public details on rate, transfer fees, and per-entity structure are limited, so most groups will quote those directly with Anatomy.

With Lemma, the banking terms are published. Account opening is free and takes about 5 minutes. ACH is $0, wires are $15 flat, and balances earn 1.75% APY. FDIC coverage runs up to $10M per entity through the IntraFi sweep network. If you run an MSO-PC, Lemma onboards the full structure in 5 to 10 days and gives each location its own virtual account number for payment routing, all under one banking relationship.

Lockbox and payment automation

Both companies offer a healthcare lockbox that turns paper checks and EOBs into digital data. Healthcare still receives roughly a quarter of revenue by paper, so this is the workflow that quietly eats hours every week.

Anatomy's lockbox runs through CheckAlt. According to Anatomy, the product captures paper payments, converts EOBs to 835s, and removes roughly seven minutes of post-processing work per claim. Pricing is not publicly listed.

Lemma's Medical Lockbox is built into the account at $2.50 per check. According to Lemma, the lockbox delivers same-day deposits, OCR for paper EOBs, automatic ERA 835 matching, and 99.9% accuracy, and is designed to replace 2 to 3 billing FTEs at scale.

Reconciliation and ERA workflow

Reconciliation is where both platforms aim to remove manual work. The starting point is different.

Anatomy's Smart Reconciliation pulls in bank data and claims data, applies no-touch matching, and surfaces smart match suggestions in a work queue for the rest. Because it sits on top of your bank, it has to integrate with whoever is holding the money.

Lemma reconciles inside the same dashboard that holds the deposits. Remits match to bank activity automatically, multi-entity routing is built in, and every transfer carries a full audit trail. For groups that already work in an MSO-PC structure, sweeps run daily based on threshold rules you define, so excess cash moves between PCs and the MSO without a person doing it.

Pricing, onboarding, and security

Anatomy does not publish pricing, and onboarding depends on which modules you adopt and how the Live Oak banking relationship is structured. Compliance and PHI handling are part of the platform, and custom API access is available for tailored integrations.

Lemma's pricing is transparent: $0 ACH, $15 flat wires, 1.75% APY, $2.50 per check on the lockbox, and free account opening. Authentication is handled with PIN and password, RFID and NFC, mobile MFA, role-based access controls, and full audit logging. Single-entity accounts open in about 5 minutes; full MSO-PC structures onboard in 5 to 10 days.

Which one fits your practice

If you already have a banking relationship you do not want to leave, and your biggest pain is the volume of paper EOBs and claims-to-deposit matching that your billing team is doing by hand, Anatomy is built for that problem. The smart reconciliation and EOB-to-ERA layer can ride on top of your existing setup, with Live Oak as the embedded banking option when you want it.

If you want a single healthcare-native account that already includes the lockbox, the ERA matching, and native MSO-PC structure, Lemma is built for that. The pricing is published, the cash sweeps between PC and MSO run automatically, and each location gets its own account number under one relationship.

Both can move a healthcare back office off paper and spreadsheets. The right pick is mostly about whether you want the automation on top of your bank, or whether you want the bank and the automation to be the same thing.

Disclosures and sources

This post is published by Lemma. All product, pricing, rate, and feature details are drawn from publicly available materials at anatomy.com and getlemma.com, plus public announcements such as the June 2024 Live Oak Bank embedded banking partnership and the CheckAlt lockbox partnership. Information is accurate as of the publish date and is subject to change. Rates, fees, and product availability should be confirmed directly with each provider before any banking or vendor decision.

Anatomy, Anatomy Financial, and related marks are trademarks of Anatomy Financial, Inc. Use here is for identification and comparison only and does not imply endorsement. Lemma is a financial technology company; banking services are provided by Core Bank, Member FDIC. Anatomy banking services referenced are provided by Live Oak Bank, Member FDIC, under Anatomy's published partnership. FDIC pass-through coverage through IntraFi sweep networks is subject to network terms and balance limits at each underlying bank. APY is variable and subject to change.

This article is informational and is not financial, legal, tax, or banking advice.