Benefitfocus Streamlines Insurance Billing and Payment

Wednesday 19 January 2005 20:58 CET | News has launched Benefitfocus eBilling a comprehensive and dynamic electronic invoice presentment and payment (EIPP) application designed specifically for insurance carriers and their customers.

Benefitfocus eBilling features three primary components: web-based invoicing, automated reconciliation, and online bill pay. The application delivers robust capabilities combined with a simple, intuitive interface-designed to streamline processes, lower costs, and improve cash flow. This unique solution integrates with legacy billing systems for flexible and scalable deployment in complex organizations. It also communicates with enrollment systems and seamlessly integrates with the award-winning Benefitfocus Enrollment Application. This enables eBilling to rapidly transmit changes in benefits and generate more accurate, timely billing statements. By replacing slow, error-prone paper processes, eBilling saves insurers an estimated $9.50 for every invoice generated, which quickly adds up to a significant ROI. The Challenge As political debates put a spotlight on the national healthcare crisis, insurance carriers are under increased pressure to become more efficient and minimize costs. Analysts say the primary challenge is to reduce the heavy administrative burden, which accounts for 31% of all healthcare expenditures, according to the U.S. Census Bureau. This workload includes the demanding day- to-day handling of enrollment, billing, reconciliation, and payment. Reconciliation alone is a significant cost, and according to a survey of major insurance carriers, approximately 50-60% of all health insurance bills are disputed. These same carriers estimate the reconciliation process costs $30 for every bill in dispute. While struggling to reduce these costs, insurance companies are also under pressure to meet a new set of customer demands. In the current economy, most employers are operating on tight budgets, and yet many insurance plans are time-consuming and costly for employers to manage. In some cases, for example, employers have to process separate invoices for HMO, PPO, vision, dental, life, and other voluntary products. At the same time, billing statements are often complex, difficult to understand, and worst of all, out-dated. This requires employers to invest time and money to reconcile bills with the most current enrollment information. Due to the slow, cumbersome manual process, invoice adjustments are often untimely and error-prone. Ultimately, for the insurance carrier, this results in delayed payments and reduced cash flow. The Solution - Benefitfocus eBilling With proven expertise in enrollment and benefit solutions, Benefitfocus has a comprehensive understanding of the industrys complex business challenge. Building on this knowledge, the company has developed Benefitfocus eBilling to deliver accurate, timely electronic invoices, resolve billing disputes through automated reconciliation, and securely collect payments online. The complete solution offers the most comprehensive set of capabilities for the entire billing process. Key Features Benefitfocus eBilling provides a wide range of features designed specifically for insurance carriers to efficiently process invoices-from beginning to end. Key features include: * Online Invoicing -- enables carriers to easily create and quickly deliver electronic bills so employers receive the most timely, accurate statements * Consolidated Invoicing -- creates one consolidated monthly invoice, saving employer groups and individual customers the time and difficulty of managing multiple invoices for HMO, PPO, vision, dental, life, and voluntary insurance products * Easy-to-Use Interface -- presents an intuitive interface and logical workflow to simplify the complex invoice presentment and payment process * Automated Invoice Adjustment -- resolves premium collection disputes by reconciling invoices with employee enrollment lists * Enrollment and

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Categories: Payments & Commerce | Payments General
Countries: World
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