In the last few weeks, we had a great time streaming Live Product Demos for Benefits TPAs. It was a great opportunity for us to share how our Claims Harvesting and Employer Invoicing solutions help TPAs across the country automate manual processes to save time and cut costs, allowing them to focus on growing their business.
For those who couldn’t make it, here’s a recap of what you missed.
What are we hearing from TPAs?
The stress of signing new clients is enough for any business to handle. Add to that the hard work it takes for TPAs to meet all specific broker demands and the endless hours spent on invoicing, and you can understand why many are looking for a better way to manage their workload.
How can TPA Stream serve top business priorities?
Most businesses focus on 3 main priorities: Growing their business, automating back-office operations, and retaining customers. Our solutions are tailor made for Benefits TPAs to help address these priorities.
Grow your business
- Offer new products
- Get to more finalist meetings
- Attract more brokers
- Better compete against
- Integrated offerings by health plans
Automate back-office operations
- Streamline processes
- Eliminate manual errors
- Reduce support calls and emails
- Improve compliance
- Leverage automation in pre-tax administration system
- Increase satisfaction
- Increase stickiness
- Respond to broker requests easily
Claims Harvesting – Automate substantiation and reimbursement with claims and EOB data
Claims Harvesting securely collects claims files and EOBs from insurance carriers on behalf of your participants and makes them accessible in a web app for easy processing of substantiation and reimbursement. Using our software, reimbursement is quick, payments are accurate, and administration is a lot simpler.
To use Claims Harvesting, simply connect your participants via our EasyEnrollment process and start automatically collecting EOBs directly to your TPA Stream account.
Our system will send your participants an email with your branding encouraging them to connect their insurance carrier to you, the TPA. This is a quick setup on their part to enable you to provide them with speedy and quality service moving forward.
When a participant clicks the link in the email, they’ll be guided by on-screen prompts to provide their credentials and connect to their insurance carrier.
First, they select their carrier. TPA Stream currently supports 200+ carriers, and the list grows as we support new client needs. Once selected, they will be prompted to input their credentials and click submit. After validating their credentials in real time, claims for that participant/carrier will be available on your end for easy processing.
Claims management in TPA Stream’s Administrator Portal
From your Admin Dashboard, you can easily view new claims, login issues, employers, and group member information.
View the Claims Harvesting segment from our Live Demo:
Visit the Payers Page to see detailed information of all the payers that we integrate with, including detailed information about what the participant enrollment experience is like per payer. This information is useful in many ways, including supporting the enrollment process for your group members.
On the Claims Page, view all detailed claims information and documents for the participants of your connected groups. Filter and search options make it easy for you to find exactly what you’re looking for, or browse through all collected claims files sorted by your selected field. If needed, create custom filters to suit your own business needs. Click on an entry to view the details of that document. Click again to immediately view the original document, with the option to save the file as a PDF.
The Integrations Dashboard, on the Integrations Page, lets you manage imports and exports.
Employer Invoicing – Automate detailed participant-level invoicing from leading benefit administration systems
Invoicing is one of the most important functions for a TPA. Accurate invoicing ensures that your business gets paid for all services rendered, maximizing your profit potential. Providing clients with an organized, detailed invoice can also reduce inquiries and time spent answering questions.
Benefits of TPA Stream’s Employer Invoicing tool
Employer Invoicing enables you to manage complex fees with a single process. Preview summaries and details quickly and easily. Manage reports needed internally, for employers, and for brokers – all in a matter of minutes.
Many of our clients used to spend 40+ hours each month on their invoicing process.
Usually this includes a complicated and lengthy process which requires you to use multiple platforms. For example, you may need to pull information from your benefits administration platform, put that information into Excel, and transfer those numbers into Quickbooks or similar software before being anywhere near sending an invoice out to a client.
With our expertise in integrations, we automate the collection of data from pre-tax benefits administration software, COBRA administration software, and Claims Harvesting details and pull it all into a beautiful, detailed invoice you can send to employers and brokers. Choose what level of detail you want to include per recipient and use our wide range of customization options to meet any demands you or others may have. Eliminate error-prone manual processes can often be overwhelming.
TPA Stream’s Employer Invoicing Dashboard
All those you assign billing permissions will have access to TPA Stream’s Billing Dashboard. In this section, they can view and manage all details related to invoicing.
View the Employer Invoicing segment from our Live Demo:
On the Invoices Page, you’ll be able to view all your invoices. Use advanced filtering options to quickly find what you need, when you need it. View or download an invoice with the click of a button. Detailed invoices can be downloaded as a PDF or CSV file.
Track when a recipient receives and views invoices, including how often an invoice was viewed. This helps minimize complications that could come up between sending an invoice and having it paid, helping you get paid faster.
Manage Sales Entities, including storing and updating details like billing information and employee counts. Set up Recurring Fees with our easy-to-use wizard and generate invoices in just a few clicks. Simply view and manage Commission Reports and keep fee minimums updated in the Contracts section.
Automation in Employer Invoicing
Connect to your accounting software, like QuickBooks Online and QuickBooks Desktop, to automatically pull information needed to generate invoices.
You can also store information within TPA Stream, like an employer’s billing information and employee count, to help automate invoice generation.
In response to clients requesting help to simplify the payment process, we also provide the capability to house employer bank account information. By storing this information within the platform, we can help support NACHA payments to further streamline the billing process.
A look at a sample invoice
In the Bill To Section, you can see the recipient’s contact information. This information is pulled automatically, either from QuickBooks or another accounting platform (if linked to your TPA Stream account) or from the details that you set up for that entity within the TPA Stream Portal.
The Summary Section lists all services rendered by your TPA. You can choose to include an open balance, which can be updated automatically from your linked accounting software.
In the detailed section of the invoice, you can see a full fee breakdown, including a list of participants. Include annual fees (broken down by pay period), monthly fees, participant fees, monthly minimums, stacked fees, one-time fees, and more. You can also include the ability to customize and/or group fees per division.
Bill for CDH and COBRA all in one neat, consolidated invoice. Assign different fees to different billing entities if needed, and choose how often you want to generate and send invoices.
Depending on how you have your accounting system set up, you can also provide a direct payment link.
The Employer Portal lets your employers access invoices at any time. This enables them to view and download current and previous invoices. They can also update their information, like their employee count, to help ensure a more smooth and accurate invoicing process.
Want to learn more?
We’re excited about giving TPAs across the country the tools they need to save time and make their jobs easier. Leave us your details and let one of our experts talk to you about how our solutions can help your business grow.
More from our blog:
ICHRA benefits administration: How to stand out in growing ICHRA plan segment
How TPAs can generate a consolidated bill to improve their operational efficiency and margins
COBRA Administration Trends for Third Party Administrators in 2023
ChatGPT and the implications of AI for benefits administration