GREENWICH, Conn., July 2021 /PRNewswire/ — This week, AdminaHealth, an insurtech offering a premium billing SaaS platform for the healthcare, employee benefits, and insurance industries, released the findings of their 2021 Premium Billing Survey: Being Exceptional in the New Way of Work. The findings highlighted differences among market segments, opportunities for automation, and initiatives that organizations can adopt to stay competitive.
Responses were collected between April and May of this year and encompassed the market segments for member employer plans from small (under 50) to enterprise (over 10,000+). More than 300 industry executives involved in sales of employer plans, billing operations, benefits consulting, HR operations, enrollment, and benefits administration participated—representing a diverse group of agents, brokers, carriers, TPAs, captive managers, associations, and technology firms.
Key survey findings include:
- Billing issues dominate concerns and significantly contribute to the loss of revenue for brokers, TPAs, and carriers—which can be manifest in the inability to renew plans or generate new business.
- Over three-quarters of respondents still rely on spreadsheets and error-prone manual processes for premium billing.
- Three of the most pervasive operational errors are associated with inaccurate and manual processing.
- More than two-thirds of respondents indicated a strong interest in introducing API integration in 2022.
“In our experience, billing issues are often cited as the #1 reason customers move to a new broker relationship,” says Robert Bull, CEO and co-founder of AdminaHealth. “We identified the markets’ need for an automated premium billing solution early on. These findings reinforce why we created the AdminaHealth Billing Suite® SaaS platform and the value we provide in enabling transformation and creating a competitive advantage for our partners and customers.”
“We appreciate these important insights from our survey participants—professionals who experienced dramatic workforce disruption and operational challenges due to the pandemic,” says Frank Bianchi, Chief Sales and Marketing Officer of AdminaHealth. “These organizations are tasked with introducing new voluntary benefits while also implementing automation of core business functions, ensuring winning renewals and growing new business. Fortunately, to mitigate these risks in a very competitive environment, firms can migrate business to our AdminaHealth Billing SuiteTM in just weeks. The new world of work demands the end of old-school spreadsheets and embracing modern technology solutions.”
Read the complete survey report and discover how you can streamline your consolidation, reconciliation, and payment management. Request the report below.