VerifiaBill’s audit reports highlight every premium discrepancy between carrier invoices and company enrollment data.
Benefits Premium Reconciliation
Our audit reports highlight every discrepancy between carrier invoices and company enrollment data.
Lower Risk. Higher Accuracy.
Pay exactly what you owe, lower financial risk, and ensure access to care when and where you need it.
Carrier invoices and enrollment system data are rarely a match – inaccurate carrier charges, adjustments, and complicated HRIS plan setups all mean that invoice audits are more important than ever.
How It Works
Your carrier invoices are collected and imported into our VerifiaBill platform. We then compare that data to enrollment information in your benefits administration or payroll system.
We’ll automatically identify every single premium discrepancy that exists between your invoices and your benefits administration system. Whether it’s missing names, terminated employees, or outdated salaries — we’ll catch it.
Our audit reports save money and ensure employees have access to care. The data from our audits show that 5% of all monthly premium spend is in error. Those savings add up.
Employee benefits reconciliation, or premium reconciliation, is the monthly process of comparing an employer’s carrier invoice data to the enrollment data within their benadmin or payroll system to identify discrepancies that may exist between the two.
To reconcile employee benefit charges against enrollment data, every carrier invoice must be consolidated for their data, which is why benefits reconciliation goes hand in hand with our invoice consolidation. Our VerifiaBill software system intelligently audits the benefit billing data against the enrollment information of an employer’s benadmin or payroll system. It then automatically identifies every single premium discrepancy that exists between the invoices and the enrollment information, and a team of data analysts verify the discrepancies.
Once complete, VerifiaBill generates a report for employers called a “Discrepancy Identification Report,” which outlines all of the discrepancies that were found in that month’s data.
Historically, across all of our clients, we’ve observed just over 5% of premium spend to be “in error” from month-to-month. That provides a good indication as to the impact that our services provide, but it shouldn’t be counted as “savings” without digging further into the nature of the discrepancies themselves.
Billing discrepancies come with varying degrees of financial impact – some represent critical data inaccuracies, but no monetary discrepancy, while others may ultimately incur a net cost rather than savings. As an example, let’s say Jane elected a medical plan with a January 1st start date. The medical carrier doesn’t bill for Jane on either the January or February invoice. Jane’s employer now owes 2 months of coverage whereas the discrepancy may have gone unnoticed without our services. Yes, this discrepancy costs Jane’s employer money, but money that they do owe and are likely happy to pay.
So let’s get it back to savings – our clients typically see a positive ROI on our services, although the exact amount to expect is difficult to define. We like to talk in terms of impact – an employer with $100,000 of monthly benefit spend can expect us to identify $5,000 worth of discrepancies each month, each of which will have different monetary implications.
Absolutely! Contact us at firstname.lastname@example.org for a custom quote.
Payroll deduction auditing is not a standard component of our VerifiaBill service — we’ve observed an increasing trend of integrated payroll-benadmin systems, or systems that combine both payroll and benefits in one place – negating the need for any auditing. If you require a regular payroll deduction audit against benefits administration enrollment data, we are able to customize a solution to meet your needs.
Yes! Biweekly invoices are no problem at all — neither are weekly, quarterly, bimonthly, or otherwise. If you have an invoice that is billed in arrears, we audit it properly, using data from that specific time period to accurately identify any discrepancies that exist.
Solutions. Support. Expertise.
Cut Through the Chaos and Start Saving
Learn more about how Beneration’s benefit billing solutions can make everything you do easier and more accurate.