Unfortunately, there is no escaping benefits bills and invoices month after month. Oftentimes you're required to dedicate hours, if not days, out of your month to reviewing and preparing carrier payments, reconciling invoices, and ensuring all payments are properly allocated. Manual benefits invoicing and billing can be both tedious and time-consuming, not to mention leaving you open to errors and discrepancies. And when multiplied over several different benefits plans and carriers, the process is sure to be a headache.
Fortunately, today’s available tech solutions can dramatically improve your monthly billing and invoicing process so you can stay on top of all invoices and bills, ensure accuracy, and get everything paid on time. Here are the top ways automated billing solutions can support more efficient benefits administration in your organization:
Streamlines Benefits Invoicing
Keeping up with different carrier invoice formats and schedules can be a lot to manage. You're at risk for user error and there can be tons of manual calculation involved. Lose the manual process and automate.
- EverythingBenefits can generate all invoices automatically on a specific schedule and in the correct format, allowing for a “set it and forget it” experience for the client.
- Reduced risk of user error that typically comes with manual generation
- No need to calculate adjustments manually
- Capability to add custom rules such as rounding rules or the addition of admin fees for certain products automatically.
- All data stored in the system can be reported on for greater insight into benefits costs.
- Invoices can easily be pulled into our Reconciliation module
Benefits Invoicing generates all invoices automatically and in the correct format according to each carrier bill template. It calculates the necessary adjustments and can account for custom rules, or additional administrative fees for specific products. Instead of having to spend time manually gathering benefits data and reviewing each line item for accuracy, automate the workflow and have your bills automatically generated and prepared for payment each month.
Consolidates Bills for Greater Transparency
When you work with multiple benefits carriers, each with its own invoicing method, billing period, and process for handling overpayments and catch-up premiums, it can be a hassle just trying to keep all the invoices organized. Moreover, when you add new benefits, it can be challenging to fit additional invoices into your monthly process.
Billing Consolidation™ automatically pulls together all carrier invoices and lines of coverage into one single report, so you don’t have to manually track each invoice or run the risk of missing a payment. With billing consolidation as your go-to tool for organizing all invoices, you can manage any number of core and voluntary benefits more efficiently.
Enables On-Time Carrier Payments
Despite your best efforts, sometimes you can unintentionally overlook a carrier invoice or submit a late payment due to accounting delays. When this happens, you end up receiving a barrage of late notices and email notifications from carriers, not to mention late fees and the risk of dropped coverage.
Carrier Remittance takes the worry out of monthly carrier payments. It works in tandem with the Benefits Invoicing and Billing Consolidation™ solutions, providing an easy way to consolidate and pay all carriers on time. Whether you make self-billing or traditional invoice payments, the carrier remittance solution combines them all into one lump sum. Then, it distributes accurate payments to individual carriers by the applicable due date. In addition, a customizable report engine gives you full visibility into all past and current bills and invoices, so you’re never more than a few clicks away from viewing and analyzing your billing and payment trends.
Managing employee benefits is challenging enough without having to worry about billing accuracy and on-time invoice payments. With our easy-to-use billing solutions, you can automate your invoicing and payment processes, and will have more time to spend on the activities that matter most to your organization. Our seamless integrations support many carriers and types of benefits plans, so you can avoid billing headaches and have a smooth benefits billing process every month.
Contact our team to discuss how our billing solutions can help improve your benefits administration processes.