Electronic Data Submissions Systems Inc., a Colorado Springs-based company, has recently created an alliance with National Wireless Holdings Inc.
EDSS is one of the country’s leading health care electronic data interchanges, and it is ranked as Colorado’s largest provider of electronic transmission of medical claims. The company has implemented a system that expedites the tedious and often lengthy process of medical claim filings.
EDSS was founded in 1989 with a determined approach toward reducing the country’s health care costs. With the company’s technology, transactions can be processed in seconds, benefiting the entire healthcare system. The company’s major step was to establish its own electronic data interchange solution, the HECET System. The system is a revolutionary program that can process medical transactions on any system, no matter the size of the particular system.
National Wireless Holdings is a Palm Beach, Fla.-based holding and strategic resource company organized to finance the development and management of wireless cable systems in local markets throughout the country. A mover in the expanding market of wireless communications, the company was organized in 1993. In March 1994, an initial public offering was completed.
With offices in New York, Florida, and Chicago, National Wireless reported revenue of $1.78 million for the third quarter ended July 31, 1996.
Under the new agreement, National Wireless will have the option to purchase 50% of EDSS. Terms of the conditions will be announced at a later date.
Joe Truscelli, EDSS president, is pleased with his company’s new link with National Wireless Holdings.
"The new partnership with National Wireless will enable EDSS to provide an expanded range of products and services to our trading partners, including payors, providers, and managed care entities as well as to capitalize on our core strengths and our plan for controlled geographic expansion," said Truscelli.
The company’s expansion rate has been phenomenal, with EDSS realizing a 480% growth in claim volume and an average of five additional health insurance payors per month. Currently, EDSS works with 300 companies, enabling payors and providers to rapidly exchange important and sensitive health care information.
EDSS has also entered into a venture with Prudential HealthCare, whereby the two entities are providing complementary installations of the HECET Systems, a software program for claims processing.
Under the agreement, Prudential will pay EDSS an upfront fee, normally charged to physicians, which includes installation, service and support, registration, and program updates.
EDSS’s workforce has grown by 400% in the last four quarters, with growth expected to accelerate in the upcoming year.