Consolidated Billing
Employers often provide a variety of benefits from multiple carriers and vendors, which is great for the covered employees. Unfortunately, this can create a monthly headache for the Accounts Payable team when it is time to remit payment.
Our Consolidated Billing services take the burden off of Accounts Payable’s plate and provide one simple, streamlined invoice for all lines of coverage. Each employee’s coverage is listed as a separate line item, so any duplicate coverage or other errors can be identified quickly. Typically, the errors we bring to light with Consolidated Billing save most of our clients from hundreds to thousands of dollars on the first invoice alone. The employee vs. employer contributions are also broken out for easy-to-read payroll deductions, and the bill can be divisionalized for cost accounting purposes, as well. For convenience, the Consolidated Bill is available as a PDF or as an Excel spreadsheet. The Accounts Payable team makes one easy payment to our office, and then we remit the appropriate amounts to each carrier and vendor on the employer’s behalf.
Bill Reconciliation
Most employers receive several monthly carrier and/or vendor invoices with multiple charges per employee. But reconciling each carrier invoice against actual employee eligibility changes or an HRIS system can be an administrative headache for an HR or Accounts Payable team.
Our Billing Reconciliation services help employers outsource this time-consuming auditing process. Our team compares each of the carrier/vendor bills against the employer’s eligibility record or HRIS system, and then provides the HR and/or Accounts Payable team with a monthly reconciliation report. Armed with this information, the HR team can be certain whether changes simply missed the billing cutoff date, or whether there was truly an eligibility oversight, so they can take action immediately and avoid potential financial losses.
These services are available separately, but can also be bundled for additional savings.