In an article for Benefits Pro, Beneration's Chief Strategy Officer Evan Rakowski discusses how employers can leverage technology to manage billing discrepancies and ultimately save thousands in the process.
Automated, technology-driven solutions offer a clear path to eliminate costly billing discrepancies, streamline administrative processes, and provide deeper financial insights, ultimately safeguarding against overspending and driving long-term savings.
Rising personnel costs are pushing employers to find new ways to control expenses while remaining competitive. Employee benefit costs are a top concern for CFOs (67% cite health care spend as their biggest worry), making collaboration between Finance and HR on cost-saving strategies essential—starting with accurate benefits billing.
Employee benefit management is often an HR function, while benefits billing is managed by Finance. However, at the intersection of those two functions is an overlooked, significant source of potential savings. Enrollment errors, outdated data, and manual calculations lead to significant billing errors and overpayments that often go unchecked. By adopting an advanced, technology-driven, and collaborative approach to benefits billing, organizations can eliminate unnecessary spending.
