Accurate Benefits Invoicing: A Deep Dive into TPA Stream Consolidated Invoicing vs. Beneration’s Verifiabill

TPA Stream Vs Ben


Between balancing employer interests and safeguarding employee welfare, third-party administrators (TPAs) have a lot on their plate when it comes to benefits administration. From accurate employee benefits invoicing to adhering to strict timelines, providing employer updates and more, it is no secret that keeping everyday operations running smoothly and efficiently remains an ongoing strain. 

For TPAs, the choice of benefits administration software can make all the difference in accurately and efficiently completing their responsibilities. The right software solution can be the deciding factor in whether benefits invoicing errors are reduced and processes are optimized — or whether recurring delays, inaccuracies, and processing issues persist. 

As TPAs navigate the ever-evolving landscape of benefits management, we hope to empower them to make better, more informed decisions on their next benefits administration software solution. In our article, we give a breakdown of two prominent consolidated billing platforms in the industry: TPA Stream and Beneration’s Verifiabill. By examining the key features, benefits, and challenges of each platform, we aim to provide valuable insights to help organizations make informed decisions about their next benefits management solution.

TPA Stream: An Initial Overview

We’ll start by providing an initial overview of both platforms to provide you a bit of background on their core functionality. With TPA Stream, you’ll find a suite of solutions designed to simplify and automate employee benefits management. At the core of TPA Stream’s platform stand three key solutions: Claims Harvesting, Consolidated Invoicing, and Communications. 

With Claims Harvesting, TPA Stream automates data collection by securely gathering claims files and Explanation of Benefits (EOBs) from insurance carriers, reducing processing work for TPAs and streamlining benefits administration. Through the power of Claims Harvesting, they are able to provide Consolidated Benefits Invoicing that generates accurate invoices from multiple data sources into a single, easy-to-understand format. This automation is proven to save time, reduce errors, and enhance billing accuracy for TPAs.

A stand-out feature of this benefits administration software remains their Integrated Communications tool. This additional feature empowers TPAs to email and engage employers more effectively, with the added benefit of ensuring that email segments are always accurate. By leveraging data insights and automation, TPA Stream enables TPAs to deliver personalized and timely communications to employers, fostering better communication and understanding.

Beneration’s Verifiabill: An Initial Overview

Beneration’s Verifiabill software is another solution in the benefits administration space, offering a range of features aimed at simplifying benefits billing processes. Key features within this platform include consolidated Carrier Invoicing, Benefits Cost Allocation, Reconciliation, Self-Bill Compilation, and Customizable Billing Solutions.

Similarly to TPA Stream, Verifiable provides consolidated carrier invoicing that allows employers to receive a single invoice summary. In addition to consolidated invoicing, they provide benefits cost allocation specifics in one consolidated report to help employers track and manage their benefits spending effectively.

Where Verifiabill stands out is in their benefits Reconciliation Solution, which identifies discrepancies between carrier invoices and company enrollment data. By automating the reconciliation process, Verifiabill helps employers pay only what they owe, supporting accuracy in benefits billing.

Challenges with Beneration’s Verifiabill

Despite a few of its differentiating features, including Benefits Reconciliation, Verifiabill still faces several prominent challenges that impact its accuracy and effectiveness in meeting the needs of TPAs and employers. This includes file processing time issues, slow response to employee changes, and invoicing inaccuracies due to the lack of timely updates. 

Delays — And Inaccuracies 

Critically, users of Verifiabill have encountered delays in processing files, particularly concerning enrollment changes over time. Verifiabill’s invoicing system takes up to a week to reflect changes related to qualifying life events, such as employee terminations or additions to benefits. 

Without timely updates, TPAs and employers struggle with inconsistent enrollment accuracy. The slow response time and inaccurate enrollment data can result in significant delays and discrepancies in invoicing, potentially leading to billing errors, and causing frustration and dissatisfaction among employers.

TPA Stream’s Benefits Administration Solutions

On the other end, TPA Stream prioritizes user experiences through its comprehensive and responsive customer support, ensuring timely assistance and resolution for all user queries and concerns. Whether TPAs, employers, brokers, or app developers encounter queries or concerns, TPA Stream’s dedicated support team is readily available to provide timely assistance and resolution.

Notably, their ability to deliver daily updates ensures invoicing data accuracy and completeness within a 24-hour timeframe is in stark contrast to Beneration’s week-long process. Their swift file processing capabilities minimize delays in handling enrollment changes, enhancing overall operational efficiency. With overnight system updates, TPA Stream ensures prompt updates of any employee changes, including qualifying life events, within ongoing invoices, eliminating delays and discrepancies.

TPAs and employers alike can trust TPA Stream’s to maintain high standards of enrollment accuracy to ensure that invoices promptly and accurately reflect any changes. By upholding enrollment accuracy standards, TPA Stream empowers employers to avoid billing errors and discrepancies, fostering trust among both employers and their employees.

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Finding The Most Efficient and Accurate Benefits Administration Solution

When comparing benefits administration solutions, TPAs face an important decision: selecting a software that meets their immediate needs vs selecting a software that guarantees long-term success and support. Through our summary of TPA Stream and Verifiabill, it becomes clear that one solution stands out in ease of use, TPA trust, reliability, and the assurance of accurate and seamless operations.

For those that prefer a holistic suite of benefits administration solutions, TPA Stream is a reliable and comprehensive solution to explore. With its unwavering commitment to customer support, swift file processing, real-time updates, and meticulous enrollment accuracy, TPA Stream is a dependable solution TPAs and employers can count on.

If you are curious to learn more about the ways in which TPA Stream stands out in its support, be sure to also review some of our additional resources. For those looking for a benefits software that leads with a solutions-oriented mindset, be sure to dive into the insight shared by our industry experts, from our webinars to our routine industry updates.

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Why TPA Stream

TPA Stream is a thriving, innovative insurance technology company committed to empowering better benefits by connecting systems, transforming data, and helping TPAs unlock more revenue.

Learn more about TPA Stream here.

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