What is consolidated invoicing for employee benefits?
When it comes to employee benefits, it’s common practice for employers to use different insurance carriers for different lines of coverage resulting in numerous monthly invoices – often delivered through various methods (i.e. mail, email, online portal).
The process of consolidated invoicing, or consolidated billing, centralizes all carrier invoices into one place and provides a single monthly invoice summary. This helps employers streamline their monthly employee benefits billing and payment processes.
Many employers combine their consolidated invoicing service with a carrier bill-pay service, allowing them to make one single payment each month for all carrier invoices.
How does consolidated invoicing work for employee benefits billing?
When employers use software like VerifiaBill for consolidated invoicing, the employer sets up access to their carrier portals. Every month, each carrier invoice is collected and imported into their online portal. Employers can view the actual invoices themselves along with a summary that lists the total charges, invoice due dates, and remittance addresses.
The software converts the invoices into a consolidated spreadsheet detailing line-by-line employee charges and adjustments that it then uses for Cost Allocation Reporting and Discrepancy Identification Reporting.
Additionally, if the employer elects Beneration’s Carrier Bill Pay service, they’ll receive one invoice for the total amount due allowing them to cover all charges with one single ACH transaction.
What are the benefits of consolidated invoicing?
For many employers, managing employee benefits billing usually involves too many vendors and payments. Consolidated invoicing is often the first step in simplifying the entire employee benefits accounting process. Here’s how employers benefit from consolidated invoicing:
- Save time – no more collecting, downloading, or converting invoices.
- Centralize bills and invoices in one place
- Don’t ever miss an invoice
- Simplify the carrier payment process
What does a consolidated invoice look like?
A consolidated invoice summary lists total charges for each carrier, invoice due dates, and remittance addresses. The example below shows how VerifiaBill’s consolidated invoice summary provides an employer the details of every carrier invoice in one place:
Ready to save time with consolidated billing?
The variety of carriers, plans, and bill delivery methods creates repetitive monthly tasks for HR and Accounting departments. VerifiaBill by Beneration provides a consolidated invoicing solution that allows you to streamline manual processes and save time every month. As if that’s not enough, it also audits your monthly invoices, delivering cost allocation and benefit discrepancy reports – saving even more time and eliminating wasted expenses for your company. Contact Beneration if you’re ready to learn more.