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The problem with premium reconciliation

The problem with premium reconciliation

The problem with benefit reconciliation 

Group insurance premiums are constantly changing. One day you onboard a new hire, the next you terminate an employee and next an employee has a qualifying event. How do you keep record of these changes while making sure the carrier issues your bill using the proper benefits enrollment and eligibility data?

Some businesses offer premium reconciliation services or a software solution as a way to update incorrect bills, but that's just not enough. Here's why you need more than just a premium reconciliation Band-Aid:

 

The band-aid

Some companies offer premium reconciliation services in order to correct monthly premium invoices for employers. While these solutions can address the problem at hand, they do not provide an actual solution to inaccurate premium billing. Reconciliation services address problems after fact which results in a waste of time, effort and resources. Essentially, these solutions pass the burden onto someone else for an additional cost.

Likewise, other premium reconciliation providers offer software-driven solutions for this problem. While these platforms do eliminate human input, they still add an unnecessary extra step to billing. Why does that extra step matter? The transfer of information from one database to another makes your information vulnerable to error. If you adopted this reconciliation software, the whole purpose was to eliminate these errors. So why would you pick a solution that doesn’t resolve your problem in its entirety?

 

The solution for benefits invoice reconciliation

The best solution is to act proactively rather than retroactively. Don’t just fix incorrect billing, but eliminate it altogether. Select carriers partner with BerniePortal  to offer BernieBill. Using BernieBill, carriers can issue bills directly from BerniePortal--for no additional cost to employers. Because carriers use benefits data already in BerniePortal when issuing  bills, employers can eliminate the extra ‘correction’ stage and ensure up-to-date billing.

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