Brokers can elevate their client advisory role by addressing the billing issues no one’s watching.
Traditional employer financial risk-mitigation concerns usually focus on maintaining compliance with healthcare regulations and other federal requirements, along with investing in stop-loss coverage.
However, an unlikely source for employer financial risk is hiding in plain sight—benefits billing infrastructure and processes.
Errors in billing and reconciliation frequently go unaddressed because they’re buried in scattered data and hard to catch without the right tools. Left unmanaged, they can easily accumulate and result in massive financial setbacks.
As intermediaries between businesses and insurance carriers, brokers are uniquely positioned to help clients identify and solve billing errors before they can become major concerns that damage relationships, reputations, and operations.
