Is there a tool to consolidate billing for employee benefits?
Yes! A few tools exist to help employers consolidate their monthly invoices for their benefit plans. For example, an HR tool like VerifiaBill consolidates all of an employer’s carrier invoices into their online portal and creates a single monthly invoice summary that displays the total charges, invoice due dates, and remittance addresses of all their benefit plans.
Some HR tools like VerifiaBill go beyond the traditional consolidated invoicing service, and use the monthly invoice data to allocate every benefit charge to an employer’s specific cost centers and audit invoices against the employer’s Benadmin data to identify billing and coverage discrepancies – providing employers a full-service billing solution.
How does consolidated billing work for employee benefits?
Consolidated billing, or consolidated invoicing, is the monthly process of centralizing all carrier invoices into one place with a single invoice summary of total charges, invoice due dates, and remittance addresses. This process is typically done with an invoice consolidation software tool. For a full breakdown of consolidated invoicing for employee benefits, read “What is Consolidated Invoicing for Employee Benefits?”
What is the purpose of a consolidated invoice?
It’s typical for employers to use different insurance carriers for different employee benefit plans. This results in numerous monthly invoices, with potentially different delivery methods of each one.
Instead of having to download and compile separate invoices, convert invoices into the same format, and keep track of varying payment details, a consolidated invoice summarizes every carrier’s monthly billing details into one invoice, enabling employers to streamline their employee benefits accounting and payment processes. Using an invoice consolidation software tool ultimately saves time for HR and accounting departments.
Ready to save time with consolidated billing?
The employee benefits billing process creates a variety of 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 to learn more about VerifiaBill!