22 May Compsol eCOIDA Ticks All The Blocks
Following a rigorous and competitive process, Port Elizabeth-based company eCOIDA, a division of injury-on-duty specialists CompSol, was selected as one of 10 winners in the Barclays Accelerator Class of 2017. Powered by Techstars, the competition extended to 52 countries across the globe, including a wide range of FinTech companies.
CompSol MD Fritz Lüttich is delighted with the selection, partly for the prestige and benefits that go with the recognition but mostly for having developed a solution which will benefit thousands of South African’s every year.
“The Injury-on-Duty (IOD) or Workman’s Compensation (WCA) arena is complex and can be cumbersome if effective processes and systems are not in place. Inefficient processes can result in patients having to wait for months or even years before being fairly compensated. Inefficiencies such as incomplete, incorrect or mislaid documentation among others have unintended consequences for all parties. For example, if essential medical service providers have to wait extended periods for their payments, this has a negative impact on their cash flows. Unfortunately but understandably, this has resulted in some medical service providers preferring not to treat IOD patients,” says Lüttich.
In order to smoothen the lengthy employer – injured employee – medical service providers – Workman’s Compensation Fund chain, CompSol facilitates the process by pre-funding the medical invoice and managing the process. To understand the scale of such an operation, CompSol services 1300 medical service providers and has processed over R11 billion in IOD claims since 1999.
“Our current process is effective and does make a difference, but the burning need was to develop a solution with a central database which connects all players real-time. Refined and tested over the past five years, the eCOIDA platform offers an accurate, real time and fraud-free workflow of paperless claims,” says Lüttich.
Being selected as a Barclays Accelerator winner has provided eCOIDA with exciting opportunities such as potential access to 12 million customers of the Barclays Africa Group across 10 African countries as well as gaining access to Techstars’ worldwide market.