Managed Benefits ACE Service includes plan building assistance, carrier management, and benefits compliance consulting.
CARLSBAD, CALIFORNIA, UNITED STATES, March 25, 2021 /EINPresswire.com/ — Accomplish EP, the leading HR software solution provider has announced the launch of its new services offering, Managed Benefits ACE. The new service offering will simplify the complexity of running and administering benefits plans for small and mid-sized companies, allowing them to save time, money and reduce costly billing errors. Managed Benefits ACE will be offered as a bundled package comprising of Plan Building Assistance, Carrier management, and Benefits Compliance Consulting Services.
Employee benefits are considered a key differentiating factor when it comes to attracting and retaining top talent. Most companies extending benefits packages to their employees make it competitive with diverse offerings, including health, dental, vision, and retirement plans. Managing these benefits and interacting within a network of carriers and benefits brokers is an exhaustive understanding, especially for companies with limited human resources and budget.
Typical benefits challenges faced by companies include billing errors, higher plan costs, poor compliance, benefits communication, and HR overburden. HR professionals also reported submitting health insurance claims, negotiating medical billing, and building cost-optimized benefits packages among the most stressful tasks. Further complicating the employee benefits landscape is frequently changing legislations (such as ACA and COBRA) around it.
Plan Building Assitance
Companies struggling to uncover cost drivers in their benefits packages can entrust Accomplish EPs’ plan-building assistance services. Accomplish EP has partnered with certified benefits advisors with years of experience who will provide one-to-one consulting and strategic advice to businesses, struggling to build efficient benefits packages.
Using our flagship benefits administration software, our experts identify cost drivers, conduct benchmarking surveys, and perform budget projections to build packages that fit our clients’ needs.
Our employee benefits experts also provide educational pieces to clients so they remain fully informed about their plans. Further our experts also negotiate insurance renewals, analyze past claims, and tackle billing issues on behalf of clients.
Exchanging benefits information with multiple insurance carriers is a tedious process. Companies using paper or digital enrollment forms spent hours tracking and updating employee data. As per industry sources, a company with 250 employees pays an average of $250,000 per year due to billing and reconciliation errors. With its new service offering, Accomplish EP will transfer benefits enrollment data changes across the client organization to insurance carriers in a secure, automated, and compliant manner via its smart EDI benefits communication engine.
The Head of Operations at Accomplish EP said, “The clients will be able to track their benefits spends, reduce billing errors and identify cost savings options with our carrier management services. Our integrated HR, benefits, and online payroll software deliver quarterly reconciliation reports comparing the clients’ benefits costs against their carrier invoices to uncover discrepancies. This reduces the risk of errors that can lead to benefits budget overrun for our clients.”
Benefits Compliance Consulting
Benefits compliance enforces companies to adhere to local, state, and federal laws while delivering benefits to their workforce. Failure to comply with such regulations can result in severe penalties by the IRS and Department of Labor. Benefits compliance consulting is a specialized service that goes beyond the standard ACA support present in Accomplish EP.
Under the ACA module, clients can view last year’s ACA reporting status, monitor FTE eligibility, generate & download 1094/95 forms, and much more. With Benefits Compliance Consulting clients also get personalized recommendations and advice on how to resolve common reporting and filing errors, ensuring compliance at every step.
Accomplish EP is the leading cloud-based human capital management (HCM) platform for small and mid-sized companies. It offers HR, payroll, time tracking, benefits, performance reviews, and compliance capabilities under a single concept application. Accomplish EP empowers businesses to manage all their HR data in one place and make data-driven decisions about their workforce. The HCM platform differentiates itself from other HR vendors by offering personalized services and expert support anytime, anywhere. It blends cutting-edge technology smart data insights and self-service tools together to deliver the most comprehensive, intuitive HR experience to employers. For more information, visit www.accomplishep.com