The insurance billing industry can be filled with complicated and scary acronyms such as EDI. Electronic Data Interchange (EDI) is the electronic interchange of business information using a standardized format; a process which allows one company to send information to another company electronically, rather than using paper. In the billing industry, EDI connections must be established with each insurance payer through a series of detailed and lengthy applications.
Think of it this way – if you wanted to send a quick little note to your spouse letting them know you were running a few minutes behind – would it make sense to pull out a pad of paper, jot it down, stick it in an envelope, address it, put a stamp on it, take it to the post office, and wait for it to arrive several days later….. OR, would it make more sense to type a text message and press send? Which one receives a quicker response?
Insurance claims work the exact same way and the quicker you get them to the payer, the quicker you get paid. In the insurance industry, it is a rather common practice of sending Medicare and commercial claims electronic (although most physical therapy billing companies make their clients complete the paperwork themselves).
However, the vast majority of physical therapy billing companies do not have the resources and technology to send workers compensation claims and clinical documentation electronically.
At StrataPT, we are a true all in one system. Because of this, we are able to send your workers compensation claims electronically. Our system scans daily for your clinical documentation and attaches it to an electronic claim, which is then sent directly to the insurance payer – no printing, no stuffing envelopes, no stamping, no post office runs and no extra days spent sending your claims via snail mail.
Additionally, our team works daily to set up EDI for every single one of your insurance payers where an EDI connection is available. If you add a new payer to your accepted insurances, our team immediately sets up the EDI for you. We are true believers that time is money and you shouldn’t be waiting on payments because of the inefficiencies and archaic actions of your billing company.
As outlined in our light-hearted video, our best advice to clients is to not fall for Honest Abe’s diversionary tactics that are costing you money. If you are not currently sending your workers comp claims electronically, we encourage you to reach out to us for additional details on how we can start getting you paid quicker.