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With the announcements of our two new PEO partnerships this year- with PrismHR and PayPlus Software - we wanted to share some of the ways we help PEOs transform benefits administration for their own members and customers.
It is widely known that PEOs have a substantial impact on HR administration for small and medium-sized companies. According to the National Association of PEOs (NAPEO), today's 907 PEO organizations service over 175,000 businesses, helping their clients achieve as much as 35% savings in HR administration costs. Our benefits automation technology enables PEOs to streamline benefits management, identify and correct carrier billing errors, and automate COBRA - all while giving their clients a more satisfying and seamless benefits experience. Below is a look at some of the ways we work with PEOs.
Benefits Reconciliation:
The monthly task of reconciling employee enrollment and payroll data with carrier billing is a time-consuming task. It’s a process that can’t be overlooked, especially when you consider that as much as 12-15% of carrier invoices contain errors. For PEOs, who often reconcile invoices for dozens of plans and thousands of employees, monthly benefits reconciliation can take days to weeks to complete each month. Our automated Benefits Reconciliation solution saves a significant amount of time by automatically identifying and flagging errors and invoice inconsistencies, helping PEOs quickly identify and eliminate over-payments, under-payments, and other invoice issues. One of our partners, PropelHR, realized an 85% reduction in the time it took to complete their monthly benefits reconciliation. Another client was able to catch and correct carrier invoice errors quicker, leading to more than $10,000 savings annually in recovered overpayments to carriers.
COBRA Administration
With its exacting notification deadlines, eligibility requirement, and state-by-state variations, COBRA administration can be burdensome for many companies. While many PEOs are experienced in managing COBRA administration or work with knowledgeable third-party COBRA administrators, many arrangements aren’t automated and don’t include integration with PEO system of record. Our COBRA solution automates the entire COBRA process while keeping PEOs in compliance at all times. From an employee’s qualifying event to COBRA enrollment and eventual termination, our COBRA Administration solution helps our PEO partners do the following:
- Track qualifying events
- Meet coverage requirements and deadlines
- Reduce or eliminate COBRA non-compliance fees
- Report on reinstatements, terminations, and other adjustments in coverage
One of our newest partners, PrismHR, has introduced our COBRA Administration platform to their network of members, helping them streamline the delivery of COBRA benefits and improve compliance.
Carrier Connectivity
The benefits space has a wide array of carrier forms such as enrollment, changes, and termination of coverage - which all spells a lot of one offs and manual work for PEOs. With our Carrier Connectivity solution and tools, our PEO partners can communicate sensitive employee and benefits data quickly and automatically. Our larger partners can leverage EverythingBenefits technology to generate their own EDIs and digitized forms, enabling them to communicate more seamlessly with over 600 carriers nationally. Smaller organizations can use our proprietary Smart Form solution to achieve the same results, and establish an automated connection with carriers in a matter of days. Instead of feeling lost in a sea of forms and one-off communications, our partners can experience a smooth and worry-free open enrollment process and automated benefits administration throughout the year. Best of all, our carrier connectivity solution works for organizations of any size.
Our unique blend of technology solutions makes it easier for PEOs to provide tangible value to their customers. We look forward to continuing to offer our PEO partners unrivaled service and solutions that allow them to stay in compliance and deliver a better benefits experience to their customers.
Click here to learn more about how we work with our PEO partners or contact our team to schedule a meeting.
