Challenge

A leading fast-growth high-tech company needed additional HR and Benefits administration support. The challenge was managing benefit changes with a highly distributed and dynamic workforce. The HR and Benefits teams had to retrieve, audit, reconcile, and approve numerous individual Carrier invoices across the company and then send each one to Finance for monthly processing. Also, some of the processing required self-billing based on a complex tiered pricing structure that was frequently wrong.

The Solution

Working closely with the client’s Chief People Officer, HBSC helped establish and execute a new outsourcing arrangement, which greatly simplified and streamlined the process. 

Audit Process

• Customize the service based on the organizational needs
• Request HRIS, Carrier, and Benefit Plan information
• Review contracts and Summary Plan documentation to understand the plan offerings
• Gain Read-only access to the Client’s HRIS and Benefits Systems – so that we can audit the roster and new enrollments
• Directly access and reconcile the carrier bills to confirm the accuracy and ensure timely payment
• Validate the initial billing reconciliation report(s)

On-going Reconciliation

• Resolve baseline discrepancies to ensure accurate opening balances
• Reconcile bills monthly to ensure accuracy and simplify the process of fixing errors
• Audit all carrier bills against the HRIS system
• Review monthly discrepancy report with brokers and carriers
• Preparation of all self-bill 

Benefits

The HBSC Billing Reconciliation Solution significantly improved the organization’s financial accuracy, payment discrepancies, and scalability requirements.

• Alleviated long hours and headaches for HR / Benefit teams
• Reduced Benefit Administration rework and on-going financial adjustments
• Provided unlimited flexibility and a service scalability 
• Increased benefit enrollment accuracy 
• Improved relationships between the HR, Benefits, and Finance Team