GREENWICH, Conn., April 26, 2024 /PRNewswire/ — AdminaHealth®, the leading provider of Software-as-a-Service (SaaS) solutions for employee benefits billing and payment, today announced the expansion of the AdminaHealth Billing Suite® payroll comparison capabilities with its new patented “Pay As Deducted” reconciliation. The new payroll reconciliation feature identifies discrepancies between employee payroll deductions and employer enrollment data, increasing the accuracy of benefits budgeting and premium payments for employers, carriers, and employees.
Enrollment data that fails to be synchronized among employer, payroll, and carriers can lead to costly errors for missed or incorrect employer-sponsored and employee-funded voluntary benefits deductions and disrupts employee service delivery. By comparing HR and payroll data and correcting any mismatches before the information is sent to the carriers, it greatly improves the likelihood that service will be delivered appropriately. Employees who experience prompt delivery of benefits enjoy higher overall job satisfaction, while delays can cause unfavorable impressions of the employer.
‘Pay As Deducted’ applies purpose-built patented technology to identify inconsistencies and enables employers to fund carrier invoices through deductions throughout the plan year. The innovative feature collects employee contribution data from existing payroll data. Companies can now identify discrepancies between enrollment data and payroll deductions before passing the enrolled data onto the carrier, thereby avoiding potential carrier service delivery issues. Given the month-over-month nature of reconciliation, the billing data gets progressively more accurate with each cycle.
Benefits of “Pay As Deducted” Payroll Reconciliation:
- Enhanced Accuracy: Ensures more accurate carrier premium payments and avoids billing discrepancies.
- Reduced Administrative Burden: Automates manual tasks and streamlines reconciliation processes.
- Increased Transparency: Provides real-time insights into payroll deductions and billing details.
“We continually look for new ways to provide greater functionality and value to our customers,” said Robert A. Bull, CEO and Founding Member of AdminaHealth. “‘Pay As Deducted’ is a gamechanger for taking reconciliaiton to the next level.”
For more information about the AdminaHealth Billing Suite®, visit adminahealth.com.
About AdminaHealth
AdminaHealth is the leading provider of patented billing and payment solutions for the insurance industry. The company’s innovative platform simplifies the administration of benefits and streamlines payment processes for brokers, carriers, employers, and third-party administrators.
SOURCE AdminaHealth
