How can a benefits administration platform help you with carrier invoicing?

The benefits management platform is a software system that manages employer-provided benefits for employees, and in some cases, employees can manage them themselves. These systems streamline general human resource management tasks and automate eligibility for benefits, empower users to elect benefits, and provide users with the opportunity to enroll in health insurance and secondary options.

Benefits management technology automates the process of selecting and managing traditional benefits for employees. Rather than going through the paperwork to select employer-organized benefits, employees can choose to use a digital system that automatically covers them after approval.

Employees typically choose benefits during the open enrollment, when they join a company, or when they experience a qualifying life event. Employers’ common types of benefits include health and life insurance, dental and vision insurance, short and long-term disability insurance, identity theft protection, pets benefits, etc.

Benefits administration software offers many different benefits for employers, employees, and HR.  Companies with manual benefits administration can use up to one hour of work per entry, such as duplicate data entry, answering employee questions, and preparing benefit packages. However, managing benefits on paper does not only mean trouble for HR, but employees and carriers also feel overwhelmed. 

Automated benefits management automates data entry, significantly reducing errors when reading forms and completing other processes manually. In addition, the data collection process is integrated with the carriers, considerably reducing the possibility of error.

Automated benefits management allows employers, employees, and other stakeholders to access benefits information anytime, anywhere. It will enable employees to involve others in the decision-making process, update their benefits when they qualify for life events, and answer their questions.

Benefits administration software can do more than facilitate enrollment. One of the most critical modules in this system is consolidated invoicing. For employers with a substantial number of employees, it can be troublesome to manage the invoice of each carrier for each employee.

It could take up a lot of time and energy to settle each invoice separately. Therefore, benefits administration software will also help create a consolidated invoice for all insurance carriers in a single report so that payment is automated and straightforward.

Along with benefits reconciliation, there are minimal chances of errors, and the process is streamlined so that it saves you a lot of money and time.

Suppose you are looking for an integrated benefits management solution or need a consolidated invoicing system to manage your carrier invoices. In that case, you can go with the solutions offered by Tabulera. To learn more about their consolidated invoicing model, visit https://tabulera.com/technology/consolidated-invoicing to facilitate your organization’s benefits administration.

Alternatively, make a list of three to four providers that appear to meet your criteria and explore the features each solution offers, such as customer support, pricing, training, and scalability, etc. 

You can also request a product demo by contacting the vendors on your list, and do not forget to clear all your doubts.

Discuss with your team and limit your choice to one or two options. Write down all of your questions and concerns for each solution. Compare the options and select a final seller from your shortlist. Once the paperwork is complete, the training, execution, and deployment process can now begin.

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