Technology Newsbyte - Billing Reconciliation
Let’s explore the differences between a true benefits administration solution and an enrollment tool. Not all benefits administration solutions are created equally, and we want to break down some of these differences so you’re better equipped to evaluate benefits administration technology.
When a client talks about “billing reconciliation," it always requires further discussion because it means different things to different people. One client's process can be simple: paying each monthly bill as it's received. While another client is more complex. A true Benefits Administration system should be able to take most, if not all, of the due diligence process off of your clients’ plate.
A Benefits Administration vendor will offer the service of consolidating and reconciling the carrier bills so all a client has to do is review, approve, and pay that one bill from the vendor. The system will easily be able to generate a self-bill report as well as a report for list bill reconciliation. The vendor will do the rest.
A few weeks ago, I spoke with a large client (~6,000 employees) and their Benefits Administrator told me she was spending 40 hours each MONTH reconciling their bills. This is a significant pain point for many clients and they can save a LOT of money by outsourcing. But, you have to really understand what their process looks like and how technology can automate it.
Author: Josh Hoover, Director of Client Relations & Strategic Initiatives, Benefit Technology Resources, Hickok & Boardman HR Intelligence Technology Team