When you generate invoices manually, you’re not getting every penny you could for rendered services. Unlock more revenue for your TPA with powerful automation tools.
Your team has worked hard throughout the month to provide the contracted services and flawless customer service along the way. If you’re invoicing manually though when the end of the month rolls around you’re not generating all the revenue you could. There’s added cash flow locked in each one of those invoices your team is manually creating in Excel or a Microsoft Access program. Below, we outline areas where you can unlock more revenue when you automate.
Five Ways to Unlock More Revenue for your TPA
1. Invoice for each and every service you’ve rendered.
We’ve heard from many clients about how they rarely felt 100% certain that their manual invoices included all services rendered and their calculations were accurate. They were juggling the manual work of dealing with WEX Health or Alegeus to determine participant volumes and work performed, running calculations based on broker requirements and the nuanced, complex agreed-to terms they used to win the contract. You’re introducing potential errors anytime you’re performing individual calculations manually.
Did you include everything? Were all participants included? Are the fees correct? Did you forget to charge for a replacement debit card? When you use a system that does this for you directly from the source data, there’s no question. You’re invoicing for each and every service you’ve rendered.
2. Finally have time for accounts receivable activities.
Instead of spending 40+ hours a month generating invoices, your accounting and servicing teams can shift their time and attention to accounts receivable. They’d have the time to follow up with overdue invoices, work with account managers on proactive payment strategies, and identify new and innovative improvements to accounts receivable and servicing. We’ve heard from many of our current clients that before using TPA Stream, they never had time to proactively do any of this! For every invoice sent out, you’ll collect more as a percentage of work billed. Your team has time to send more frequent invoices as well, resulting in a higher on-time payment rate.
All accounts receivable work becomes easier. According to our internal data, our clients reduce the amount of time spent on billing by 80%. Imagine what your team could do with that added time to close more of those outstanding funds.
3. Use meaningful insights for better accounts receivable results.
TPA Stream provides you with invoice insights designed to improve deliverability and ultimately the payment of invoices. We provide reporting on if your invoice was delivered, opened, and by whom. Ever hear that excuse for an unpaid invoice: “Sorry, I never saw the invoice?” With TPA Stream Employer Invoicing, on your dashboard, you can see that it was opened or not and be able to have meaningful conversations that result in prompt payment. We’ve heard from our clients that this feature is extremely helpful when there are multiple billing contacts — maybe a colleague forgot to follow up and the primary contact can quickly handle payment immediately now that they know it’s an issue.
4. Eliminate the manual ‘one off’ custom reports or invoices. Consolidated or detailed invoices – either is easy.
Brokers may want to receive one consolidated invoice or groups of consolidated invoices. That’s hard to automate every month – and while one or two is no big deal when your team has to meet various broker requests, the minutes quickly turn into hours. You can invoice on a very granular and detailed level, or provide simply the roll-up statement based on the requirements of that particular agreement or broker preferences. This not only improves your accuracy of the consolidated invoices (hello, no manual work) but also it’s a huge value to the brokers! The detail they need is presented in a clear, concise manner.
Gone are the days of the back and forth dissecting each line item. Instead, you’re billing for the services rendered at the level of detail they’d like. This can contribute significant value to your brokers, and generate more revenue for your TPA.
5. Easily ACH with NACHA (two acronyms we all love for getting more dollars out of those invoices).
Reduce your processing fees, time to payment, and risk when you switch your clients to ACH payments. Now, using TPA Stream, it is esay to generate a NACHA file for all ACH transactions at once, instead of processing individual ACH requests. Even when dealing with a small client base, this is a huge time saver for your team. When your team is doing any manual work around your invoicing process, you’re leaving cash flow locked in the invoices you’re sending out.
Simply, you’re not generating the revenue you could. Implementing Employer Invoicing from TPA Stream is easy. The platform connects directly to Alegeus and WEX Health to receive the data. The data is securely hosted in a HIPPA-compliant SOC II database. Your invoices link to leading accounting software tools like QuickBooks, Sage, and Microsoft Dynamics GP. It’s the missing automated link in your process. The next time your team sends out manual invoices could be the last. What would you do with all that extra cash?
Automate Employer Invoicing with TPA Stream
There’s a simple solution that helps your administration team: TPA Stream. TPA Stream’s Employer Invoicing solution securely automates the manual week-long data matching and entry task of your team in just one hour. TPA Stream instantly creates invoices that meet the most complex of broker requirements instantly. Our customers have told us they’re able to reduce errors exponentially, resulting in better service for their clients. Let us learn about your needs and show you how we can help – Schedule a demo with us!
More Resources:
- Download your free checklist for Unlocking More Revenue
- Check out our recorded, on-demand webinar: “Disrupting ‘That’s the way we’ve always done it’ with Automated Employer Invoicing”. In this webinar, we chat with two of our existing clients about why they made the switch and how it’s positively impacted their bottom line.