| "By comparing enrollment to the generated claims, we were able to save money for our clients. As an example, one year we caught up to $50,000 in claims that should not have been paid due to clients' employee turnover."
Les Logsdon, CFO of the HDH Group
On Monday, September 29, 2003 the Wall Street Journal published an article titled “Health-Care Costs to Rise in 2004.” The article states that “on average, health-care costs for each active employee will total $7,308 . . .”
If you are a 200-employee organization paying this much per employee, wouldn’t you want to make sure this $1,461,600 annual expense is being managed effectively?
Benefits are an organization’s second largest expense – and probably the most complex to manage. This is where HROffice steps in.
HROffice grants human resources departments control.
- Control over HR policies, eligibility, procedures and rules
- Control over benefits costs through automated technology that ensures compliance
- Control over the 7% inaccuracy rate in insurance carrier invoices through simple reconciliation of carrier bills
- Control over security and who can access HROffice and employee information
- Control over accuracy of information
- Control over time and cost savings
Despite the best of efforts, small yet costly mistakes are made as carriers enter data from handwritten, photo-copied and faxed enrollment forms. HR departments don’t have the tools or enough time to accurately reconcile insurance carrier invoices against their own benefits eligibility information. HROffice’s reporting wizard can create a “benefits reconciliation report” that calculates an organization’s benefits costs and easily identifies discrepancies between the company’s records and the carrier invoices. The report can also be used for self-billing.
Based on the numbers mentioned above, a 7% inaccuracy rate could be as much as $102,312 annually. HROffice pays for itself in just months. This is something that all CFO’s need to know.
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