This week, our team hosted a webinar on Benefits Reconciliation, a solution that revolutionizes the benefits invoice reconciliation process. Instead of spending hours cross-referencing carrier bills each month, the process is automated for you. Simply upload the carrier invoices for a side by side comparison that flags underpayments, overpayments and other billing discrepancies.
In case you missed our webinar, below are top 3 things to know about EverythingBenefits' Benefits Reconciliation solution. You can also replay our webinar to get a guided look at our platform or schedule a one-on-one demo here.
Why Should I Automate My Benefits Reconciliation Process?
- With a 12-15% industry error-rate in benefits carrier invoices, manual reconciliation of the data costs employers days or weeks of non-productive time and resources.
- Manual reconciliation contributes to increased liability, errors and compliance risks.
- The larger the company, the more complicated and time-intensive it becomes to audit benefits premiums each month. With annual turnover rate at around 19%, and as such, significant number of new employees joining, leaving or changing their benefits - it becomes increasingly difficult to track premiums manually.
- Many give up on carrier invoice reconciliation altogether, allowing over-payments, under-payments, and under-deductions,whichdrive up unnecessary premium leakage costs.
What does EverythingBenefits’ automated Benefits Reconciliation™ solution offer?
Our Benefits Reconciliation™ solution automates the entire process - from hours down to minutes. Using your uploaded invoices, it compares your monthly billing invoice against your carrier (for the same time period) to flag for discrepancies. Our solutions drastically shortens the reconciliation process through the use of advanced matching logic and a user-friendly customizable interface. You'll be an expert in no time!
Here are the Key Features:
- Integrated Data Sources. Our relationships and integrations with HCM platforms and benefits carriers allow users to pull-in and combine data from a system of record automatically.
- Matches & Compares invoices in seconds. Data can be automatically matched based on SSN, employee or plan name, and other variables.
- Gain Actionable Insights and securely export your follow-up notes to other team members, a broker or benefits carriers to address irregularities.
- Executive Analytics allow organizations to understand plan utilization trends across multiple products, review plan enrollment history, and make better future decisions.
What does the dashboards look like?
Inside the dashboard, you can:
View a side-by-side comparison of individual employee invoices
Invoice discrepancies are flagged, making it easy to identify issues and take corrective action using the available tools
Easily search for any employee records using the search bar at the top of the window
Quickly view your progress as the reconciliation is completed
Ready to get one more thing off your To Do list? Give us a call for a personal tour of our Benefits Reconciliation. We promise you'll never look at the reconciliation process the same way again.