If your organization is manually reconciling their benefits carriers’ invoices, then you’re probably well aware of how painful this process is. Ensuring that employees enrolled in benefits match up with the carriers’ information is essential, but it doesn’t need to be stressful and time-intensive.
Having transparency into employers’ fastest growing cost-driver is critical for any organization. Until now, manual benefits cost reconciliation has been a game of spreadsheets and line-by-line comparisons that sap weeks of productive time and offers little in the way of actionable insights for employers.
Enter our latest product, automated Benefits Reconciliation solution - the answer to every HR's manual benefits reconciliation pains! We’ve put countless hours into ensuring that our solution matches carrier invoices to employee census records from payroll, benefits, or accounting platforms. Once that’s done, any data discrepancies are flagged to ensure you have a clear view to take any corrective action.
Reconciliation of benefits is a crucial task for every organization, and it’s essential to use the tools that can help you perform the process as efficiently as possible. We’ve pinpointed what we believe to be the top five reasons why you should implement an automatic solution for benefits reconciliation.
1. Save Time
Manual reconciliation can be one of the most time-consuming (and grueling!) tasks that an HR Benefits specialist does over the course of a month, but it doesn’t have to be that way. Our powerful technology enables you to reduce what was once a painful and lengthy process down to a few hours (or minutes!). Simply put, our automated platform will drastically change your organization's approach to reconciling benefits - in a good way.
2. Gain Insights
Our platform will carry out a trends analysis on your data to compare your deductions against carrier invoices. In short, this will allow you to make insightful and reliable conclusions about whether your current process is improving or not.
3. Accuracy of Data
Running a single cleanup of your data to check for initial discrepancies in your information is fine, but ideally, you’ll ensure that this becomes an integral part of your reconciliation strategy. Using our platform, you’ll be able to give your data a ‘spring cleaning’ every few weeks - minimizing the opportunity for errors and liability risks.
4. Take Action on your Insights
It’s all good and well deciding to analyze your current data to assess whether it aligns with the carrier's invoice, but it’s a whole different game putting your findings into practice. Whether you will have to adjust your enrollment process, audit deductions, or give your carriers a ring, the insights you receive from our platform ensure you’re provided with actionable steps.
All you then need to do is merely implement them and start streamlining your operations and reduce those unnecessary costs.
5. Be a Winner
Give your employees, and other organizations the appearance that you’re a winner by not only opting to implement innovative technology but by also driving it across the whole company. Ultimately, it’s not difficult to push best practices across an entire organization once people see the benefits and with our automated reconciliation technology, the results speak for themselves.
If you would like to join the growing ranks of companies who are already taking advantage of benefits reconciliation using our automated platform, request a demo today.