In 2006 we recognized the fact that the Workers Compensation payments market was saturated with providers and gauging the industry from a transactional pricing perspective. We saw opportunity to streamline processes and lower costs, while expanding functional capabilities and service offerings.
WorkCompEDI was a direct spinoff of Tesia-PCI, that grew to become the leading supplier of clearinghouse solutions for the workers compensation, auto & personal injury markets. Serving as an aggregation gateway for payors, providers and vendors, WorkCompEDI openly promoted the exchange of EDI transactions across industry vendors as the growth of EDI usage grew across the country.
The company progressed from processing over 1 million workers compensation billings annually to processing over 7 million billings in 2015. This gave WorkCompEDI the critical mass needed to a broad range of vendors, submitters & receivers to create a market ecosystem. We negotiated exclusive contracts with leading healthcare provider and payor networks to serve as a sole source vendor for both sending and receiving information on their behalf which forced our competitors to actually send data, documentation and information to us for processing. We also owned our own printing facility called WCEDI Management solutions which allowed us to provide lower printing costs while competitors had to outsource printing services with bloated costs.
In 2018 we had our most major stress test! A leading healthcare systems provider Sedgewick had just committed $10 million and had written a check for $2 million to an off shore company in India to create a connecting platform to link existing systems in house. This would be an extensive undertaking involving over 35 vendors providing bundled and unbundled offerings linking the industry in new ways.
The offshore company projected 8 years to achieve Sedgwick’s objectives. We provided a solution that could do this in 8 months! We created a solution called Resolution Manager which could provide Sedgwick their own clearinghouse ecosystem and ended up leasing the system back to the offshore provider.
Our stress test came when the core technology and workflows we’d built were to be tested by Sedgewick live in real-time. The Sedgewick CISO would not allow us to use live data to train our models and identify needs to customize any workflows. So, when they opened up the flood gates with millions of real-time live data points instantly flowing through our pipes, we had to adapt on the fly! Every successful start-up has these “stress test” moments that test the teams’ fortitude, stamina, agility and resolve. In this critical time, seconds matter, minutes, hours and days fly by as you give everything you’ve got to meet your commitments to the customer and pave the way for your future. Fortunately, we were able to withstand the stress test and go on to even achieve even bigger and better things as a team and organization.
From 2015 to 2022 we became a one-stop vendor for the P&C market. Through replication, customization, continued product development and design we were successful in bringing several solutions to market to solve for various pain points for existing and new customers. Our first offering, Resolution Manager, was a turning point for our company. We continued to modernize our technology by moving from physical servers to virtualized environments through use of next-gen Microsoft VMWare solutions. This allow us to copy the technology we’d built, put it on it’s own new environment and leverage existing code to allow for customization without impacting our bulk clearing house processes.
We continued to bring products and companies to market to serve a range of niche market needs. Through WorComp EDI and WCEDI we brought the price gauging that existed for transactions to prices less than a first class postage stamp. Through CompFax, dtmEDI, CompLink, Comp EDI, iReview EDI and WorkCompPay we broach solutions to market that not only streamlined hundreds of workflows but likely saved millions of trees through reduced printing, enhanced scanning & OCR, increased turn-a-round times and customized workflows. We also brought other niche solutions to market through companies like Accident EDI, Group Health EDI, medihawaii, IMS Link and WCEDI.
In 2021, in the midst of the COVID Pandemic, I had the opportunity to meet with two P&E firms over dinner. The years of sweat equity, hard earned business growth and market expansions lead to the unlisted, private sale of WorkCompEDI and several parent companies to Thompson Street Capital. Ironically Thompsons Street Capital own Data Dimensions which was one of our main competitors in mailroom business. They saw WorkCompEDI as a bridge to become technology services provider versus paper mailroom vendor for major government entities moving from paper to electronic delivery and changing profit margins to enhance revenue growth.
Proud to announce one of our privately held companies in our enterprise of companies has been recognized by Inc Magazine in their "Inc 5000" listing of the "Fastest Growing Private Companies" in America.
