EDI Service Implementation – Process Excellence Leads to Financial Gains
With consistent success and significant growth, a global insurance provider was needing a strategic partner who could help them convert all their daily medical receipts received from members around the globe into a standardized EDI 5010-837 format. Their members submitted multiple claims from various providers during their length of stay overseas in one single claim packet. Additionally, 20% of the claims were in foreign languages, making the conversion to EDI 5010-837 extremely difficult.
On an annual basis, the company received roughly 235,000 claims from the over 380 plans they provide for international travel insurance. . Due to the fact claims can have multiple images (when an insured files a claim, they may send more than one image via their smartphone and other devices for each incident), this can equate to more than 450,000 images in total. Once the claims arrive, it can take approximately 10 – 14 days to get through their system. The company was expecting a three- to four-day turn-around, coupled with industry leading results.
Looking for the right partner, the company contacted Vee Technologies for advisory and consulting due diligence to help identify the proper steps to take.
Project Approach and Results
From the beginning, Vee Technologies and the client’s project management teams worked hand in hand to develop the rollout plan and met regularly to ensure that each team knew the appropriate next steps. Given the project’s complexity, scope and the sizable number of necessary resources, the highly collaborative approach was central to a successful rollout.
Within 120 days of implementation, Vee Technologies was successful in demonstrating to all levels of the client’s management hierarchy that we had the understanding and expertise to efficiently convert their medical receipts into a standardized EDI 5010-837 format.
This drastically impacted the client’s organization and allowed them to actively allocate necessary resources to other parts within the organization. In doing this, the financial impact that Vee Technologies created was immediately noticed and created the foundation for future success.
In these unprecedented times, Vee Technologies is committed to doing our part to help those in need. With the ongoing spread of COVID-19 (coronavirus) and the incredible speed at which things are changing around us, organizations are continually adapting their operations and business structure. Vee Technologies has the experience and capability to help your organization through this difficult time. We've expanded our continuity plan and infrastructure to accommodate the current business needs. Please do not hesitate to contact us when your need arises, our implementation team can have you up and running quickly and efficiently.