How often are you able to rest assured that your employee benefit billing administration is done accurately and on time? Do you ever think, that with all our recent technological advances, that there has to be a better way?
Here are seven tips for minimizing errors in your billing administration.
The first tip is to Partner with the Right Technology Platform.
We find that many organizations struggle due to the limitations of both legacy systems and the existence of multiple systems that do not share data. Make sure the organization you’re working with has the right platform and capabilities to give you easy access to share data efficiently, accurately, and securely.
Have you been considering adding new voluntary benefits to attract and retain valuable employees?
Adding new voluntary benefits to employee benefit packages can feel overwhelming to those who are responsible for their onboarding and administration.
Which brings us to the second tip – Manage ALL Health & Voluntary Benefits Billing in ONE Place.
And yes, this is possible! You can simplify the administration of multiple benefits using the AdminaHealth Billing Suite® SaaS platform.
For those of you who want to reduce cycle time and costs by replacing Excel spreadsheets for onboarding and billing, you are going to love the third tip on minimizing errors in your premium billing administration – Automate Enrollment and Vendor Invoice Reconciliation.
What? You ask. Is that even a possibility?
Yes, it is, and we would love to show you how we accomplish this task with the AdminaHealth Billing Suite®. AdminaHealth supports all billing types for healthcare and voluntary benefits and reconciles enrollment and invoices resulting in an accurate, simplified bill.
Do you manage the administration of employee benefits for multiple groups of constituents?
Our fourth tip on minimizing errors in your premium billing administration is to Automate Invoice Consolidation.
Consolidating invoices saves you both the time and expense of processing separate invoices for each member or vendor group. When used along with our #3 tip on automating enrollment and vendor invoice reconciliations, it gives you one invoice, covering all of your benefits vendors, that is fully reconciled and accurate.
AdminaHealth’s Billing Suite® SaaS platform gives you this capability. It allows you to generate and view fully automated unified bills consolidating all healthcare and voluntary benefit premiums for each of your benefit providers. We can also “white label” invoices for brand consistency as required.
Do you ever wish you could wave a magic wand and all of your HR, enrollment, payroll, and billing data would update itself?
Our fifth tip on minimizing errors in your premium billing administration is to Make Accurate and Timely HR Updates for Adds, Life Events, & Terminations.
The AdminaHealth Billing Suite® closes the loop, ensuring that any new hire, employee status change, or life event change are accurate, up to date, and are reflected in your benefits costs across all of your vendors.
What is the best method of payment to your benefit providers to ensure that there is no lapse of coverage for your employees? Checks require manual processing and are subject to delays and other issues.
In order to decrease the likelihood of errors and latency in employee premium billing, we suggest tip #6, which is to Generate Consolidated Digital Invoices and Payments to Each Vendor.
The AdminaHealth Billing Suite® allows you to generate a consolidated invoice regardless of plan complexity. AdminaHealth supports any type of list bill or self-bill for each coverage. Through the federal banking system, the platform can make financial transactions on your behalf through wire or ACH transfer. You will have an electronic record of the monthly consolidated invoices and/or payments, making tracking much easier with all of your historical transactions in one place.
How do you pay for the items you order on Amazon, for your AAA coverage, or for individual life insurance coverage?
Although most employee benefits are handled by payroll deduction, many of the newer voluntary benefit premiums are handled through a direct bill including credit card payments. This requires the employee to pay the premium based on the required frequency outlined in the plan.
Our final tip to minimize processing errors and delays in your premium billing administration is to Incorporate Direct Pay for Voluntary Benefits.
This capability will ensure that all your benefits are current whether paid through payroll deduction or direct bill.
This concludes our Seven Error-Free Premium Billing Tips. We would love to invite you to our next live demo: