After VerifiaBill identifies billing discrepancies, how do I resolve them?
We work hard to reconcile each carrier invoice for you, identifying every discrepancy that exists between your invoices and your benefits administration or payroll system. Once we’ve found a billing error, you should work directly with your insurance carrier to have the charges adjusted on your next invoice. If we’ve identified an error in the way that your benefits administration or payroll system is configured, you should work with your platform’s customer service team to correct it.
How much money can your service save us?
On average, our initial audit has identified 5% of monthly premium spend as being in error. A company that spends $200,000 per month on employee benefit premiums will typically save $10,000 each month, or $120,000 per year!
How do you collect carrier invoices?
We prefer to collect invoices by downloading them directly from carrier portals each month. This is possible with most carriers, although in some cases we may have to collect them via email distribution lists. We know when invoices are made available each month and it is of the utmost importance that we collect your bills and deliver them to you as fast as possible.
How long does it take to provide your audit and cost allocation reports?
We always deliver our reports 5 business days (or less) after all of your carrier invoices are made available.
Do you license VerifiaBill so that we can use it ourselves?
At this time, we do not license our VerifiaBill software.
Are there any carriers that you can’t work with?
We haven’t found one yet! Sometimes, we do encounter bi-weekly invoices or plans that benefits administration/payroll systems cannot accurately calculate premiums for. In those instances we will run what we refer to as an “enrollment-only audit.” This means that we check only to make sure that an individual is enrolled (or not enrolled) in coverage where (and when) they should be rather than comparing monthly premium rates. Additionally, if you decide for any reason that you’d like us to exclude any line of coverage from auditing services, we can handle that too.
Can you run one-time audits on my carrier invoices?
Yes! Contact us at firstname.lastname@example.org for a custom quote.
I’m an insurance broker and I’d like to offer your service to my clients, can I brand your reports with my own logo?