Leveraging The Power Of Healthcare Technology
Employers currently face a number of challenges when providing competitive healthcare benefits to their employees. This includes an ever-evolving compliance landscape, the new reporting requirements, emerging cost factor, and the ongoing employee retention issues due to frequently job-hopping millennials.
With huge investments done on healthcare each year, the technology used in this sector still lacks that spark and is often outdated. Information that can be easily accessed with the use of updated technology; takes a long time to get from employers or private marketplaces to healthcare carriers. This has resulted in an immediate adoption of integrated health care benefits technology for employers.
With the right technology in hand, an organization can easily
Comply with ACA Mandates
More and more employers are turning their ways towards a technology assistant as the complexity of the 1094/1095 tracking and reporting obligations becomes apparent and they can’t afford to neglect any of it. ACA has transformed the traditional annual open enrollment benefits decision into a monthly affair that needs regular tracking and reporting. While a professional front-end design can help in engaging employees, employers also need to ensure the accuracy of benefits information and uninterrupted usability. One misstep and you will be way beyond the expected compliance mandates, paying significant financial penalties.
Make The Process Seamless & Error-free
A typical healthcare data travels a long way, right from an employee to employer to the benefits administrator and then to the insurance carrier. Even to make a minor change in the employee healthcare data, the entire process needs to be repeated. If any of these systems still make use of the manual processes to update data, the entire process becomes lousy and open to errors. As the volume of information is extremely high, manually taking care of the data or using an obsolete technology can lead to potential errors, which can cause serious HIPAA violations and slowness in process.
Related - ACA Compliance & IRS Reporting Made Simple
Cater Multi-Generational Workforce
Today’s employers are witnessing 4 generations of employees working alongside each other, which simply mean that one size cannot fit all. While a baby boomer looks for an easy to use technology (due to his/her technological backwardness), millennials wish for a latest technology which they can use on the fly. Thus, employers need to adopt a flexible benefits technology that caters the requirements of all employees, along with a multi-generational healthcare strategy.
ACA tracking and reporting requirements goes beyond what an organization’s core technology systems can provide. Thus, to successfully comply with the ever-evolving ACA regulations, it is essential that the technology you adopt is extremely flexible to fit-in the regularly incoming changes.
When an organization adopts such an efficient benefits technology, it is sure to experience much improved communication between the stakeholders, enhanced mobility, a huge drop in the administrative costs and an overall efficient system.
