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AdminaHealth® Achieves “Single Payment” for Benefit Plan Billing

Simplified Billing and Payment

Much of today’s digital transformation investment is currently focused on front-end customer experience. This ensures the achievement of multi-channel sales as well as self-service and contact center service objectives. There also remains a significant opportunity to transform administration and financial processes that have a considerable customer or member visibility.

Billing, bill consolidation, reconciliation, and payments in support of employee benefit administration are excellent examples of a significant industry challenge. Billing is not a core competency of many of the organizations providing solutions to the industry and requires accuracy, data integrity, and quality to achieve high customer satisfaction. Employer plans vary from simple to very complex with a very diverse range of benefits and insurance coverages.

What if some of the administrative efficiencies can be realized TODAY, and include other coverages within a benefit plan such as life insurance, disability, and AD&D?

For an employer benefit plan, the process of billing, reconciliation, and payments is currently complex and complicated. There are several benefits providers and carriers involved in administering healthcare and the various voluntary insurance benefits programs. The rules vary across segments, products, and types of coverages, and range from simple to complex.

AdminaHealth is giving the employee benefits industry “first-mover advantage” at being able to achieve such a “single payment” type scenario focused on the administrative, service, and operational components.

Our AdminaHealth Billing Suite SaaS platform transforms the billing, reconciliation, and payment processes through automation that eliminates tedious, error-prone manual tasks and leverages digital technology to generate electronic, reconciled invoices and payments.

In a typical scenario where Healthcare benefits may be assigned to one or more providers, Life and AD&D to another provider, and disability to potentially another provider, Simplified Billing and Single Payment is now a reality leveraging our platform.

Even the most elaborate plan rules can be supported with the AdminaHealth Billing Suite SaaS platform. Many of the transformative benefits such as significant cost savings, customer experience improvements, and data quality enhancements can be achieved NOW.

How We Do It?

AdminaHealth processes enrollment data, bills, and other related feeds through our data exchange algorithms, leverages plan rules from our rule-based architecture and generates a simplified, reconciled consolidated bill.  We also can generate the payments directly to the benefit provider while updating ERP and Financial Systems.

Achieving Straight Through Processing (STP) for this recurring manually-intensive process offers significant benefits. The AdminaHealth platform deploys a robust rule-based architecture along with automation, analytics, and a highly secure, HITRUST & NIST certified SaaS platform to integrate with customers or third-party applications. The system can process plans of any size.

Reaping the Benefits!

Imagine a scenario where you are no longer comparing multiple spreadsheets and mixing and matching data from various sources with the hope of reconciling invoices to meet customer requirements. Now invoices are accurate, reconciled, and reflect your correct employee count, including new hires, coverage updates, and terminations. You have reduced the risk resulting from delays in evidence of insurability, and reduced your liability because payments are no longer being made until synched with eligibility.

This and much more can be a reality with the AdminaHealth platform!

  • Insurance Carriers realize significant operational cost savings, improve customer experience, and improve retention of employer plans.
  • Brokers and Consultants realize dramatic improvements in their customer service process and reduced cost in the size of their support team troubleshooting errors, incorrect invoices, and addressing customer satisfaction issues.
  • Self-insurance organizations achieve operational efficiencies and service improvements, which drove their decision to self-insure.
  • TPAs also realize the efficiencies needed to meet the processing SLAs and cost-targets they need to perform at.
  • Last but not least, Captives and Associations are provided the tools to efficiently handle all related financial administration unique to their organization and membership. 

What’s Next?

AdminaHealth is going through a period of rapid expansion and providing solutions directly to Brokers, Employers, TPAs, Insurance Carriers, Captives, and Association Administrators, as well as partnering with Third-Party Software Providers.  While we offer a robust, highly secured platform, we have a vision and technical roadmap that will allow us to continuously optimize and incorporate new functionality to meet our growing customer needs.

AdminaHealth is an active industry participant for Employee Benefit, InsureTech, Healthcare, Broker, TPA, Captive, Association, and Self-Insurance forums. We were initially founded in 2014 as a risk-mitigating financial liquidity product under the name Salus Finance. The liquidity product gave more groups the ability to take advantage of the benefits of self-funding; however, we quickly realized that the standalone value of the capabilities of the platform that we developed could help businesses far beyond just those transitioning to self-funding. We launched AdminaHealth in 2016 as a wholly-owned subsidiary of Salus Finance specifically focused on bringing these standalone software capabilities to market. In 2018, AdminaHealth relaunched the former software on an extremely flexible platform to support a scalable SaaS solution with enhanced capabilities to be able to service operations serving fully-insured, self-funded and hybrid plans from any enrollment partner. The liquidity offering remains available for companies transitioning to Self-Insured.

If you would like to learn more, please visit our website at www.AdminaHealth.com or click here to schedule a meeting with a sales representative.

About the Author:

Frank Bianchi

Frank Bianchi is the Chief Sales and Marketing Officer at AdminaHealth. He is responsible for leading and growing the Sales and Marketing team, overseeing marketing strategy, and establishing and maintaining relationships and partnerships with key stakeholders. Frank brings over 20 years of experience in the insurance benefits industry, where he has had a track record of implementing digital transformation, platform modernization, process automation, and competitive differentiation.

About AdminaHealth

AdminaHealth is a cloud-based provider of powerful technology and financial solutions for the benefit and insurance marketplace – making easy work of bill consolidation, reconciliation, and payment management for Brokers, TPAs, Captive Managers, and Employers.

Contact us today to see how the AdminaHealth Billing Suite can automate your benefits reconciliation, bill consolidation, and streamline your payment management across the landscape of employee benefits.

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