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.
"'Pay As Deducted' is a gamechanger for
taking reconciliation to the next level."
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/adminahealths-new-employee-benefits-payroll-reconciliation-feature-disrupts-the-status-quo-302128936.html
SOURCE AdminaHealth