|
No longer will you need to process multiple applications and send them to various locations. For example, imagine that you have hired a new employee who is now eligible for benefits. The HRIS4U system will alert the employee, and the supervisor, and direct him/her to the comprehensive benefit enrollment web site provided by HRIS4U. They will be requested to enroll online or call our office with any enrollment questions (any technical benefit question will be forward to the broker). After the employee completes the online enrollment process, which includes all lines of group coverage as well as Cafeteria plan and 401(k) election, your new employee will receive a confirmation from our local office. We then provide the information to all of the insurance carriers, set up their Flex Plan and 401(k) accounts, and send the required COBRA notification to their home. The employee will be immediately listed on the consolidated billing. Payroll deduction files are provided to payroll in order to begin the employee payroll deduction without delay. Your premium bill auditing process now only requires that you review one statement each month for new and terminated employees, rather than one for each carrier. You may receive your monthly bill for your employee benefits by email or in a traditional invoice. All of your coverage is incorporated into this bill and broken down by individual employees. The bill is already formatted and departmentalized to represent the different profit/cost centers in your company. You will no longer be required to fill out
the forms, contact each carrier, fill out the changes of each insurance carrier's bill, and handle the COBRA billing.
If an employee The HRIS4U consolidated billing module encompasses the tasks of billing, collection, reconciliation, and disbursement of group and voluntary benefit plan premiums. Premium administration is often referred to as the Consolidated and/or Single Point Billing process. In essence, we are in the business of simplifying the task of paying and collecting premiums. We generate a single billing statement for multiple products and/or multiple carriers to reduce the burden to the premium payer, often referred to as the client. The number of products we incorporate into a singe bill helps to reduce the client’s bill paying chores. With simplification in mind, we pioneer and incorporate innovative technologies such as our web-enabled Consolidated Billing system to provide cost effective solutions and expert service. Pricing is considerably less then the time your current staff spends, and the savings from premium leakage will give your company 100% ROI within the first few months. Contact us or one of our Value Added Resellers for a quote.
What is consolidated billing? Premium consolidated billing administration has several aliases. These include consolidated billing and single slot administration. Regardless of what you call it, the benefits can lead to reduced headaches. Premium administration includes the consolidation of multiple products from (potentially) multiple providers onto a single bill. It subsequently involves the receipt, reconciliation, and breakout of the collected consolidated premiums with ultimate remittance to the respective providers. Premium administration offers the sponsoring organization (employer or association) relief from the administrative burdens incurred with multiple benefit programs. A single deduction can be made for any number of benefits. Premium remittance to the premium administrator is often in the format most convenient to the sponsoring organization. Premium allocation, reconciliation, reporting, and data transfer is typically on an established protocol basis with the insurer(s). The premium administrator acts as a “control panel” protocol translator, providing a simple and user defined interface to both the sponsoring organization and the insurer, while performing complex tasks at a cost savings to both. Premium administration encompasses a number of related functions. These functions, often used synonymously, differ in the following ways: Common Biller: Presenting multiple bills from
multiple providers to the premium payer. In essence, this is a
clearing-house function typical of EBP (electronic bill presentment)
operations and Print & Mail houses.
How is premium allocated to the carrier? Premium allocation is not an arbitrary administrative function. The money received does not belong to the administrator and every penny must be accounted for. HRIS4U's sophisticated system, designed to orchestrate both mundane and complex tasks, simplifies the consolidated billing process. Billing statements are generated per the requirements of the sponsoring organization and the insurer. Premium is received and allocated per employee deduction authorization agreements. Differences are resolved and reported to the appropriate insurer along with final remittance and supporting data. Changes are incorporated into the system for future billing and the cycle is repeated.
What if the payment received is insufficient to pay billing with multiple products? If premium payment is insufficient, it is allocated to the primary benefit first (i.e. medical insurance, dental, etc). This places the burden of accurate record keeping on the premium payer in line with his or her fiduciary responsibilities. The client is contacted immediately in order to resolve the issue as quickly as possible.
What is the length of time from receipt of premium to remittance to the carrier? Checks made payable to the insurance carrier or wire transfers are processed within in 48 hours as a rule. Since all information should be available online or via a pre-arranged payroll file import, this makes reconciliation of eligible information immediately available to process. Typically the turnaround time is within 24 hours after funds are cleared.
What are the reconciliation procedures? We reconcile and allocate to the policy holder level based on the current payroll file import. Premium payments are expected to match current eligibility. Otherwise, exception reporting is expected. Instant feedback items include:
HRIS4U systems generate the eligibility and verify that the payment equals the billed amount. If not, a quick summation of reported adjustments is applied to verify the adjusted totals. If it still does not reconcile on this scale, the party responsible for payment on behalf of that client is contacted immediately via phone and email. Once the necessary adjustments are identified, payment is applied. The results of applying adjustments is returned to the account administrator for final inspection and preparation for remittance to the insurance carrier.
How is money handled? Controls Incoming checks, wire transfer, or ACH are received and recorded by account administrators. Deposits are made into f/b/o accounts and posted online. Security Checks Only authorized individuals can sign checks up to $25,000. Two signatures are required for checks above $25,000. Account balance and bookkeeping is handled by a separate department. Members of this department have no administrative duties related to the account(s). Timing Deposits Deposits are made within 24 hours of billing reconciliation.
How is your administrative system structured? Administrative tasks are performed using the HRIS4U Web database application, which was created and is maintained by HRIS4U. This system is fully web based and uses a Microsoft SQL Enterprise relational database management system, along with an integrated electronic document imaging and management system. This technology enables us to efficiently and accurately handle reams of paperwork and numerous billing transactions. Each participant is assigned to a location. Billing is done at the location level, and can include any number of participants and products. An activity log is maintained for each location to record activity and flag open items. All pertinent location related documentation is stored here and available on demand. All payment histories and billing documentation are available online, all the time.
How do you handle communications? All communication to participants and any member organizations is done in a manner that promotes the sponsoring organization via phone, email, instant massager, or fax. This approach is used to strengthen the relationship that exists between these entities, as well as to promote further recognition for the program being offered.
|
leaves the company, you only need to fill out the employee termination form and fax it
to our office. We will immediately begin the process of notifying the
individual carriers and the COBRA process is initiated. A letter is sent
to their home notifying them of their rights under COBRA. If they do elect
COBRA, the enrollment and payments are processed by our office and sent
directly to the carriers.