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Eligibility & Premium Reconciliation Administration provides our clients with a comprehensive, fast, and efficient way to manage health insurance enrollment transactions and carrier premium payments. By functioning as the liaison between the client and its benefit plan carriers, Admin Strategies is able to reduce workload on client staff and resources, enabling them to focus on more strategic functions.
Premium Billing Reconciliation
Admin Strategies Premium Reconciliation Administration Service provides a cost-effective process for centralizing, consolidating, analyzing, identifying and resolving all issues related to making carrier premium payments. We edit client data for accuracy and consistency, calculate premium rates and adjustments, and verify the data before forwarding to the client for payment.
The task of reconciling carrier premium invoices is rarely a simple task. Each carrier has unique billing formats and administrative rules that govern how corrections are to be processed. For example: each carrier has specific rules that determine how far back they will allow termination credits (typically a maximum of 30 to 60 days). In addition, most carriers will allow only 31 days to enroll a newly eligible employee. This makes the timely tracking of changes, new hires and terminations critical. Many companies lose money on lost refunds on a regular basis and don't even realize it. Our billing reconciliation services assure that you get the credits you deserve.
As part of the initial due diligence Admin Strategies instructs the carriers to change the billing address to our office. We receive the premium invoices directly from the carriers, reconcile the data and provide our clients with a concise billing reconciliation report each month. This report summarizes premiums by month, as well as pending charges and credits expected on future billings that will be applied retroactively. These reports have been designed for our client's to quickly and efficiently monitor exactly what they are paying without actually doing any of the work. We literally take the work out of your office and bring it into ours.
Premium Payment Monitoring
To insure the timely and accurate payment of all premiums, Admin Strategies requires copies of all checks that are submitted to the insurance carriers. Our diligent follow-up during the premium grace period effectively prevents loss of coverage due to inadvertent non-payment of premium.
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