When it comes to invoicing and billing employers for health insurance and benefits, it may seem straightforward. The reality is much different, however. The number of health insurance and employee benefit options is staggering. Employers have to choose between thousands of different options to purchase from brokers. All of the available products and services require different backend administration systems and are challenging to integrate with. Employers expect to receive one bill at the end of the month for the entire package of insurance and benefits products.
At TPA Stream, we regularly discuss invoicing and billing challenges with administrators and brokers who are looking for a streamlined approach. We’ve discovered that while some use proprietary software that might work for them today, it often does not support new capabilities that employers are looking for. While some administrators and brokers are looking to manually aggregate employer invoices and consolidate them into one document, others are looking for industry-specific solutions that were purpose-built to solve this very problem.
When invoicing employers for health insurance and benefits, we have found there are many unique billing situations that need to be addressed.
Over the next several weeks, we’ll be diving into issues we’ve identified with existing employer invoicing processes:
- Multiple Product/Service Billing
- Collecting Data for Billing
- Fixed Fee vs. Variable Fee Billing
- Multiple Parties Responsible for Paying Different Parts of an Invoice
- Ways to Automate Complex Billing Situations
What challenges do you encounter when billing employers for insurance and benefits? Are there any specific requirements or feedback you regularly hear from employers regarding billing? We’d love to hear more! Comment below or send an email to [email protected]
Are you a broker or administrator looking for a way to streamline and consolidate all of your employer billing? Our Employer Invoicing solution provides a push-button tool to generate invoices that can be emailed or downloaded and printed, then sent to employers for payment. Invoice tracking can be easily monitored in the platform and allows for quick and easy follow up on outstanding payments.