Did you know that as many as 15% of your Benefits Invoices may contain errors?
According to an Aberdeen Group study, as many as 12-15% of your carrier invoices may contain errors in the form of overpayment, underpayment, under-and-over deductions, employees enrolled in wrong plans and other errors. The onus is on your team to catch and correct these inconsistencies before they result in thousands of dollars lost in premium leakages as well as increased liabilities.
*According to the 2019 SHRM Report Employers Benefits Costs are nearly $15,000 Per Employee Annually
**The Aberdeen Group study reported that 12-15% of carrier bills have errors.
***ERISA penalties legislation (ERISA)
With the right technologies and processes, there is a way to substantially decrease your compliance exposure and financial risks related to billing irregularities. Join the growing ranks of organizations that have gotten an upper hand by taking advantage of benefits reconciliation using our automated platform, request to see a demo today.