Managing and reconciling premiums across multiple insurance carriers has become a tiresome and difficult act for many employers. As a result, employers have either limited employee benefits or have stopped performing audits entirely. NueSynergy offers a Combined Billing system that saves time and eliminates the stress employers often have when monitoring, reconciling, and submitting payments for their benefit carrier bills. Here’s how employers can utilize our service, plus the steps involved.
How Combined Billing helps employers
- Avoids managing premiums from multiple carriers
- Monitors their carrier bills for accuracy
- Reconciles their carrier bills and avoids overpayment of premiums
- Consolidates all carrier premiums
- Only submits one payment for all of their carriers
Steps taken
Step 1: NueSynergy receives initial and ongoing enrollment information from your benefits administration system into our proprietary software.
Step 2: Monthly statements from each carrier are pulled and audited using our software.
Step 3: The employer receives a single bill for all carriers along with a detailed report that includes enrolled employees, their benefit elections, individual premium amounts, and any identified discrepancy.
Step 4: NueSynergy will initiate one ACH debit to all carriers and remit payments in the amount due to each carrier.