What if you knew about every billing error on your carrier invoices?
You no longer have to search for a needle in a haystack. Every month, our team collects your carrier invoices and imports them into our VerifiaBill system. We then compare that carrier invoice data to the enrollment information that you have in your benefits administration or payroll system.
We’ll automatically identify every single discrepancy that exists between your invoice and your benefits administration system. If someone is missing from the bill, or if they should have been terminated months ago, we’ll tell you about it. If your carrier doesn’t have updated salaries, you’ll know right away, and even if your benefits administration system is configured incorrectly with the wrong premium rates – we’re going to tell you.
You’ll use our audit reports to save money and ensure that your employees have access to care. On average, our initial audits identify 4% of monthly premium spend as being in error. A company that spends $200,000 per month on employee benefit premiums will typically save $8,000 per month, or $96,000 per year!
The Mechanics Behind Invoice Auditing
VerifiaBill was built specifically for employee benefits.
VerifiaBill’s programming takes into account the fact that legitimate adjustments may exist and not every billing discrepancy is actually an error. When VerifiaBill finds mismatches between your invoice and benefits administration data, it first looks at relevant calendar dates to determine whether the discrepancy should merely be tracked or if it is a legitimate error.
For instance, if an employee was terminated after an invoice was run, VerifiaBill is smart enough to know that this discrepancy should be resolved on the next invoicing run with a balanced adjustment. What makes VerifiaBill extremely powerful is that we only show you the errors that you really need to pay attention to each month.