Cloud-based solution offers insights into billing processes and discrepancies, helping benefits administrators save time and money while lowering risks of premium leakage
GREENWICH, Conn.–(BUSINESS WIRE)–AdminaHealth LLC, a leading provider of technology and financial solutions for benefits administrators, today announced the release of its Consolidated Billing & Benefits Reconciliation platform, to be unveiled at the upcoming SHRM 2018 Annual Conference & Exhibition, June 17-20, 2018, in Chicago.
AdminaHealth’s cloud-based platform, an extension of the company’s robust portfolio of payment-processing and self-funded solutions, integrates with an organization’s existing technology systems. In doing so, it offers a seamless user experience to benefits administrators and brokers who need real-time visibility to drive decisions and ensure they are paying the correct amount for employee benefits.
The platform is intuitive and easy to use, offering both self-funded and fully insured organizations key insights into issues such as premium leakage, coverage changes, and missing coverage. It does this through the use of sophisticated back-end algorithms that can comb through records to detect and resolve billing discrepancies. In doing so, it alleviates the massive headache of navigating manual processes to identify costly problems. According to recent estimates put out by Covered California, premium increases could range from 12 to 32 percent in 2019, in absence of federal action. With healthcare benefit costs continuing to rise, minimizing or reversing this trend is top of mind for organizations.
“Organizations are looking for new ways to drive value and cut costs, without cutting back on benefits, which not only significantly impacts employee morale but is also one of the largest expenditures of any organization,” said Robert Bull, CEO and founding partner of AdminaHealth. “Premium overspending, in particular, is a huge problem for most organizations, who can lose thousands of dollars when dealing with discrepancies such as paying for a former employee’s benefits after the employee or their dependent has left the plan. Typically, benefits administrators spend significant time each month dealing with such billing issues or worse, never deal with them at all as they simply do not have the resources or ability. In automating this reconciliation, AdminaHealth’s solution allows organizations to ensure they are paying for exactly the benefits their beneficiaries are enrolled in and are not losing money to inaccuracies.”
AdminaHealth’s Consolidated Billing & Benefit Reconciliation platform includes the following features:
- An automated system for ensuring organizations are getting the services they are enrolled in, and not paying for ones they are not
- Consolidated bill view of all health and benefit expenses – including Self-Bill, List Bill (pay as received and short pay)
- Reports on period plan changes (true-up additions/deletions/retroactive adjustments)
- Comprehensive workflows for changes, reconciliation, approval, and payment transactions
- Integration with HRIS & accounting systems
- Automated notification, approval, and payment framework
- Wire and ACH payment transactions
- 834 enrollment and 837 claims EDI integration
- 24/7 back-end support
- Accurate benefit charge backs to subsidiaries, divisions, or P&Ls
AdminaHealth will be launching its Consolidated Billing & Benefits Reconciliation platform at Booth 2719 at the SHRM18 Annual Conference & Exhibition, June 17-20, 2018, in Chicago.
AdminaHealth LLC is a cloud-based solutions provider that develops technology and financial solutions for the benefit and insurance marketplace. The company provides unique operational, reporting and financial solutions to brokers, TPAs, captive managers, and the employers and associations they serve to gain efficiencies that reduce costs while maintaining or even increasing coverage levels.
Christian Morris, 203-973-7515
Director of Sales and Marketing