About London Health Administrators
London Health Administrators, based in Rhode Island, specializes in administering employee health benefits and consumer health spending accounts such as HRA, FSA, and HSA programs. They also offer services in billing administration for COBRA and retiree billing programs. They have used Employer Invoicing since 2020 to support their customer billing function and help them grow.
When London Health Administrators first approached TPA Stream in 2020, their billing process was incredibly manual and time-consuming. The inefficiencies in their invoicing system meant that they had to heavily resource this area due to the people-power required to serve their clients every quarterly billing cycle. Each invoice required data that was spread across different databases and administrative platforms, which made fulfilling specific customer requests incredibly difficult. They also wanted to be able to have an easy-to-use self-service portal available so clients could find the information they needed for their records quickly and easily, without relying on them to forward invoices again.
London Health was exploring invoicing options when they discovered Employer Invoicing, which was built especially for the needs of the third party administrator marketplace. After deciding to proceed with the Employer Invoicing solution, implementation started. Sometimes migrating to a new system can seem intimidating but according to Chris Cote, Executive Director, “It could not have been easier.” TPA Stream’s experience in migrating new clients made the process as simple as possible. The company also provided comprehensive training for the team.
“As soon as we went live in January [of 2020] we were able to just flip a switch and in three months end our manual process and start with automating our invoicing,” Chris said. “Our employers were pleasantly surprised not only with the automation but also the additional resources that were available to them,” like the self-service employer portal.
Chris and the team also really liked the “ability to customize how we want to build to meet our client’s expectations.” This helped the team expand into offering more complex administrative services like ICHRAs. According to Cote, “The TPA Stream service team [has] basically acted like an extension of our finance department” to meet complex client expectations, as the industry sees increased administrative complexity.
The move to Employer Invoicing improved margins and helped generate more revenue.
“Since we’ve had TPA, our retention percentage has increased and one of the components is the improved and streamlined billing process.” London Health Administrators has been able to reallocate more of their people to revenue-generating projects rather than administrative tasks. Margins have improved: “Through TPA Stream, we’ve been able to increase our margins by taking on less work so now we can redistribute a lot of those resources to more revenue-generating responsibilities.”
As an indirect result, moving to Employer Invoicing spurred internal innovation: it has led to “strengthen[ing] other departments within the business which then had a chain reaction” of providing better service to their clients and increasing their margins.
We are pleased to have London Health Administrators as a valued customer and support their growth. To learn more about London Health Administrators, visit their website.