Press Releases
Guidewire and WorkComp.NET Streamline State-Mandated Claim Reports Through Electronic Filing
Partnership delivers insurers high standards for accurate, electronic, and timely reporting of workers' compensation claims
CLARKSVILLE, VA and SAN MATEO, CA, June 15, 2005 - Red Oak E-Commerce Solutions, Inc. (ROES), an EDI and E-Commerce workers' compensation solution provider, and Guidewire Software, Inc., a leading provider of solutions to property and casualty and workers' compensation insurers, today announced a partnership to streamline claim reporting. With the joint solution, workers' compensation insurers, using Guidewire ClaimCenter, can electronically file state-mandated claim reports. The reports are submitted to the states through WorkComp.NET, an EDI clearinghouse managed by Red Oak E-Commerce Solutions, Inc.
Workers' compensation carriers are required to file information with state regulatory agencies during the lifecycle of a claim, including First Reports of Injury (FROI) and Subsequent Reports of Injury (SROI). Traditionally, the required forms were filled out manually, through a laborious and error prone process, before being sent to the state. States are better able to monitor activity and compliance efforts and perform statistical analysis of their workers' compensation programs by using EDI because the data is accurate, easily stored, and readily available to them. A growing number of states are making electronic submission a requirement, with several states issuing fines for non-compliance with EDI requirements. Today 15 states require electronic submission and an additional 11 states accept voluntary electronic filing.
While electronic submission offers potentially lower costs to insurers, it also presents new challenges. The electronic claim file must capture all required data elements in relation to the reason for filing, and submissions that fail state-specific edits must be processed through an error correction process. Multi-state carriers must also conform to the differing requirements of each state in which they do business.
"Together with WorkComp.NET, we provide our customers added convenience as they transition to electronic reporting," said Stacy Bruzek, principal product marketing manager, Guidewire Software. "Our partnership makes it possible for insurers to realize efficiencies by streamlining their workers' compensation state reporting process while setting high standards of accurate, electronic, and timely reporting."
Now, instead of requiring adjusters to manually fill out paper forms or key data into electronic forms, ClaimCenter captures all required data elements and transmits this information to WorkComp.NET, ROES' EDI clearinghouse, for transmission to states that require FROI/SROI reporting. WorkComp.NET handles the work of reformatting the claim to meet the reporting requirements of different states, and then transmits that data to those states via a secure network.
"The combination of Guidewire's claims management expertise and ROES' EDI and E-Commerce expertise provides a comprehensive, seamless option to insurers looking for an electronic data filing solution," said Shawn Maloney, president and CEO at ROES. "Insurers will benefit from increased ease of reporting, improved accuracy, and an overall reduction in data filing costs. Integration of EDI into claims management systems is the next logical step in the EDI process and many insurers are requesting such functionality. We are pleased to add Guidewire to our growing list of claims management systems partners."
About Red Oak E-Commerce Solutions
Red Oak E-Commerce Solutions, Inc. (ROES) offers a full range of products and services to meet the Electronic Data Interchange (EDI) and E-Commerce needs of the workers' compensation industry. ROES' products and services are available to claim administrators, insurance companies, self-insured / self-administered employers, and state agencies. Products and consulting services are tailored to meet the industry's critical e-commerce reporting needs. ROES supports over 25 states' FROI, SROI and Medical Bill electronic filing requirements utilizing its WorkComp.NET product line. WorkComp.NET offers superior intake, editing, sequencing, and error correction processes to streamline EDI for our clients. Our state-of-the-art technology allows us to quickly adapt to the ever changing EDI environment and allows updates to reach our clients in an accurate and timely manner. For more information, please visit www.roesinc.com.
About Guidewire Software
Guidewire Software is a leading provider of modern technology solutions to property and casualty and workers' compensation insurers. Guidewire delivers proven software to run mission-critical insurance operations, including underwriting, policy, and claim management. Guidewire ClaimCenter and Guidewire PolicyCenter provide a modern, web-based platform for all lines of insurance. For more information, please visit www.guidewire.com.
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NOTE: Guidewire Software and Guidewire ClaimCenter are registered trademarks and Guidewire PolicyCenter is a trademark of Guidewire Software, Inc.
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