Spreadsheets can make the task of reviewing benefits invoices challenging, tedious, and error-prone. Inaccurate data can create a benefits liability for your company and cause issues for your employees. However, when you automate your benefits reconciliation, the right system will catch errors, save time, and help you manage your total benefits spend.
THE PROBLEM WITH MANUAL BENEFITS RECONCILIATION
A study by the Aberdeen Group concluded that 12-15% of all benefits carrier billing contain errors. These numbers rise significantly if you’re reviewing carrier billing manually. When all those errors begin to accumulate, you can be stuck with carrier overpayments, underpayments, and other costly mistakes.
You also waste valuable time when reconciling benefits manually. Depending on the number of employees, benefits plans, and carriers in your benefits program, your monthly reconciliation process can take days. Spending that much time reviewing invoices against elections and deductions takes your focus away from other work that could contribute to supporting your workforce.
REASONS TO AUTOMATE BENEFITS RECONCILIATION
Benefits reconciliation doesn’t have to be so time-consuming. Thankfully, CSP partners with EverythingBenefits to overcome these challenges and offer you an automated tool that streamlines this process. Our Benefits Reconciliation solution is a fully automated solution that matches carrier invoices against employee premiums and enrollment data. Our solution also checks for billing discrepancies and uncovers hidden premium leakage to save you money.
With automated benefits reconciliation, you no longer have to spend hours going back and forth between carrier invoices, payroll records, and benefits data. Instead, our solution reduces the process from hours to minutes. Here are three top ways benefits reconciliation helps to improve your benefits administration process:
GIVES YOU MORE CONTROL OVER BENEFITS SPENDING
When you rely on manual reconciliation to identify and keep track of errors, you create undue costs for your company and employees. For example, if a carrier fails to make a timely premium change after an employee changes coverage levels or dependents, you end up paying more for benefits than you should. Automated benefits reconciliation addresses this challenge by highlighting any discrepancies in carrier billing and sending you a notification so you can follow up and take corrective action.
ADDS TRANSPARENCY TO YOUR BENEFITS BILLING
Automated benefits reconciliation gives you more transparency and control over your benefits billing process. The EverythingBenefits solution lines up costs, deductions, and elections for each employee, and gives you full visibility with an intuitive, customizable dashboard. You can also view premium, enrollment, and payroll history changes over time.
HELPS YOU SAVE TIME & IMPROVE PRODUCTIVITY
You already have enough demands for your time, and manual benefits reconciliation only stretches you further. Through automation, you can boil down your reconciliation process workload, allow your team to be more productive, and focus on other areas of the business.
Why spend several hours every month performing benefits reconciliation the old-fashioned way? With automated benefits reconciliation, you can say goodbye to spreadsheets, boost efficiency, and manage your benefits costs with greater ease. To learn more about how we can help you with your benefits, visit us at www.csphcm.com.