Better Manage EDI 834 File Automation with This Solution
Managing EDI 834 files is essential for benefits enrollment, premium billing, and claims processing. However, it can be a complex, time-intensive task for benefits administrators. The volume of these files can lead to data consistency, delayed processing, and additional administrative overhead.
What is the EDI 834 File?
The EDI 834 file is the electronic transaction format used for healthcare enrollment information. The file includes the following information
- Member names and identifiers
- Demographic information like address, date of birth, and gender
- Coverage and benefit information
- Effective dates of coverage and enrollment
- Member-related events like changes to coverage and termination of enrollment
Third Party Administrators use the EDI 834 file format to receive enrollment data from employers and transmit it to insurance carriers. They may also use the file to do data validation, reconciliation, and benefits reporting for their employer clients.
How TPA Stream Solves EDI 834 Management Challenges
Data Transfer Automation
TPA Stream software automatically handles all data transfer, which reduces the need for manual handling. This ensures timely and accurate enrollment updates during the busiest times of the year.
In fact, TPA Stream can considerably reduce the amount of time it takes to transfer data. In a recent webinar, Eric Sukalac, TPA Stream’s Chief Product Officer, said:
“And as TPA Stream has advanced over time, we’re processing quite literally millions of rows of data per day. We’ve made a concerted effort over the past few months to address the speed at which that’s processing. Overnight run jobs are now happening really, really quickly. Things are all done before you ever get into the app in the morning.”
As your business grows, 834 file automation will be increasingly important in reducing the time it takes to process data. And we can help.
Error Reduction
Automation can minimize data discrepancies and ensure consistency. Thus, this reduces the admin burden and manual handling of enrollment information. In fact, automated data entry boasts an accuracy rate of 99.959% to 99.99%. Human data entry accuracy ranges from 96% to 99%. When you’re dealing with thousands of data points, that small percentage can eliminate countless incorrect entries.
Data Security and Compliance Assurance
TPA Stream is focused on secure file handling. Using the latest technology, we ensure that all enrollment data is processed in line with HIPAA regulations, minimizing the risk of legal or financial issues.
Improved Scalability for TPAs
TPA Stream helps TPAs scale their operations during peak times, handling more data without compromising on speed or accuracy. An astounding 76% of businesses use automation for standardizing or automating daily workflows. And these organizations are reaping the benefits.
88% of small business owners say automation allows their company to compete with larger organizations. This is because automation allows businesses to streamline repetitive tasks, saving time and money. While these are great benefits, they’re not the only reasons to switch to automation.
65% of knowledge workers are less stressed at work because they automate manual tasks. Automating repetitive tasks allows employees to focus on more meaningful work, which increases happiness within your organization.
Overall, adding automation into your everyday operations not only saves time and money, but can improve the overall mood within your business.
The Future of EDI 834 File Management
TPAs who invest in automation benefit from time savings, allowing them to focus on higher-level tasks instead of administrative work. EDI 834 file automation can save TPAs countless hours of dull administrative work. When you rely on our software to assist in your operations, you can minimize errors and reallocate resources into other areas of your business. Book a demo with our team to learn more.
About TPA Stream
In 2014, TPA Stream was founded to make health benefits easier for employees and administrators. One of our co-founders, Eric, experienced issues when his employer changed their benefits package. In order for all the employees to take advantage of a pretax account to pay for out-of-pocket medical expenses, they needed to send all their claims to a TPA for processing. Additionally, they needed to send the information to Eric for reimbursement.
After the first month, Eric found that he was collecting his claims data manually and the process was prone to errors and delays. Instead of continuing to submit his claims manually, Eric wrote software to collect and submit his claims to the TPA. He knew he couldn’t be the only one struggling with this problem, and that first piece of software grew into TPA Stream’s Claims Harvesting product that revolutionized claims processing for TPAs. Now, the product has expanded into Consolidated Invoicing, Communications, and a Software Development Kit. If you’re looking to streamline your operations, TPA Stream has the solution for you.