The Benetech Advantage
It's lonely in HR. Never fear! Benetech's team of seasoned experts provides the wisdom, technology insights, and healthcare regulatory updates that keep under-staffed and over-tasked HR departments informed, in compliance, and running lean!
Payroll or Benefits Management Software: Both vendor categories have raised their hands to take on the hefty administrative burden of providing Affordable Care Act Administrative services. At the end of the day it begs the question: Who is best suited to service the client? If we’re evaluating the ability of payroll vendors versus benefits management systems to perform the administrative requirements of the Affordable Care Act, there are 2 main categories to assess: relevant ACA data accessibility and regulatory knowledge.
Completing Obamacare 1095-C reporting can be broken down into four steps: Data Collection Testing Analysis Reporting The data collection is the longest process, but translating the information into the reporting forms is the hardest. Anyone who has gone down the path of hiring a TPA to complete their ACA Reporting is familiar with the immense data-dump that comes with the service partnership. And a one-time dump isn't enough. There is on-going monthly eligibility tracking, enrollment management, and hours-accruals that can make for some redundant spreadsheets and administrative processes. How does an online benefits enrollment system streamline and simplify the ongoing Obamacare data-gathering and annual reporting process?
With rising healthcare costs and increasing compliance demands, benefits management software is emerging as a must-have system in the HR technology suite. Whether you are a healthcare broker looking to provide some added solutions to their clients, or HR professionals beginning their search for the best online benefits enrollment system, here are 10 feature considerations that make the difference between a one-trick pony and a true cost-cutting business solution.
Recently had a disgruntled HR Director on the phone. Conversation went as follows… Me: “Can you describe to me your open enrollment process?” Her: “It’s all paper, it takes up too much time, it’s a mess, and I hate it every year.” For most people, November and December brings on thoughts of turkey, family, and Holiday cheer. For the rest of us with January renewals just around the corner, tis the season to be pushing paper! For the HR professional looking at ways to streamline their benefits open enrollment in the coming year and reduce the amount of labor and opportunity costs associated, here are 5 tips that have cut open enrollment timelines by 75% and returned nearly a month of productivity to HR departments.
With all of the HR technology resources that have come to the market to streamline standard administrative processes, moving to an online enrollment benefits enrollment system seems to be one of the those modern transitions that many employers have put off. With the advent of the Affordable Care Act, and the increasing need to have accessible data for completing annual IRS 1095-C forms and track healthcare expenses, online benefits enrollment software is having a larger role to play in ongoing HR administrative processes than mere annual surges during open enrollment periods. For those that are curious about the immediate and long-term return on investment (ROI) in online enrollment software, the following blog will highlight some areas of reduced manual labor, increased automation, and decreased operating costs that can result from making the transition from paper to online benefits enrollment.