Consolidated Carrier Billing
Know About Every Billing Error
VerifiaBill’s proprietary software does the job for you, identifying and notifying you about every billing error on your carrier invoices. Each month, the VerifiaBill team collects your carrier invoices and imports them into their VerifiaBill system and compares that carrier invoice data to the enrollment information that you have in your benefits administration or payroll system.
VerifiaBill automatically identifies every single discrepancy that exists between your invoice and your benefits administration system. If someone is missing from the bill, or if they should have been terminated months ago, they tell you about it.
If your carrier doesn’t have updated salaries, you’ll know right away, and even if your benefits administration system is configured incorrectly with the wrong premium rates – they’re going to tell you.
VerifiaBill’s audit reports save you money and ensure that your employees have access to care. On average, their initial audits identify 4% of monthly premium spend as being in error. A company that spends $200,000 per month on employee benefit premiums will typically save $8,000 per month, or $96,000 per year!
The Mechanics Behind Invoice Auditing
VerifiaBill’s programming takes into account the fact that legitimate adjustments may exist and not every billing discrepancy is actually an error. When VerifiaBill finds mismatches between your invoice and benefits administration data, it first looks at relevant calendar dates to determine whether the discrepancy should merely be tracked or if it is a legitimate error.
For instance, if an employee was terminated after an invoice was run, VerifiaBill is smart enough to know that this discrepancy should be resolved on the next invoicing run with a balanced adjustment. What makes VerifiaBill extremely powerful is that they only show you the errors that you really need to pay attention to each month.
Benefit Cost Allocation
If you have multiple locations, EIN’s, divisions, or any other kind of business unit – you probably care about allocating monthly benefit spend. With multiple carriers, multiple invoices (usually in paper or PDF) and multiple payment portals, gathering and accounting for carrier invoices is extremely difficult and time consuming.
VerifiaBill can do it for you. They allocate every charge from every invoice to its appropriate code or account. You’ll receive a spreadsheet with employee-level billing details from every carrier, as well as departmental summaries. They provide this monthly report to your accounting department within 5 business days from the date that they receive all carrier invoices.
How It Works
Once VerifiaBill is connected to your benefits administration or payroll system, they collect all of your invoices, no matter how they are delivered. Those invoices are then fed into the VerifiaBill system and automatically converted into powerful data.
Their algorithms match the employees on your invoices to the employees listed in your benefits administration or payroll system. Their team always reviews to ensure that the invoices have been imported properly.
A Simple WorkflowUsing the services provided by VerifiaBill makes the consolidated carrier billing process a whole lot easier.
1. Gather Bills:VerifiaBIll receives all bills from carrieres.
2. Generate Self-bill:If necessary VerifiaBIll can generate self-bills so HR doesn’t have to
3. Consolidate Invoices:Invoice PDFs and a summary report sent to HR.
4. Pay Carriers (optional):Submit the grand total to VerifiaBIll. They pay the carriers.
5. Audit & Allocate (optional):Invoices are processed & audited to patch payroll. Then allocation reports are delivered.
6. Repeat Each Month:VerifiaBill will do this on time every month.
A Full Suite of ServicesMembers of the Acrisure network, our national and global partners give us superior reach into insurance markets, allowing us to offer best-in-class products to our HR colleagues.
Employee BenefitsProvide your employees with thoughtful, competitive, and best-in-class benefits packages no matter where they work.
Benefits TechnologyWe are technology agnostic consultants familiar with leading payroll, HRIS, and benefit administration platforms.
PEO BreakawayRely on us to help you bring your HR activities in house once you have outgrown the need for an external PEO.
Retirement & 401(k)sGet solutions for all of your 401(k) and retirement needs, regardless of the maturity of your plan assets.
Individual Life & HealthCount on us to assist you with individual health, life, and disability insurance as well as tax strategy and planning.
Workers’ Comp & Business LiabilityWe offer products that fit your needs today and offer the flexibility to adjust as you evolve and grow.
HR ComplianceFrom ACA to ERISA, COBRA, 5500 filings, and more, our HR Support Center provides the expertise, solutions, and tools you need.
Income ProtectionGet tailored disability and life insurance strategies to give your employees and their families peace of mind.
The Bedrosian & Associates team has been an exceptional partner of The Jordan Harbinger Show. They have helped us manage and determine the most competitive insurance products for our ever-changing needs.
The Jordan Harbinger Show
The Bedrosian & Associates team has been a great partner. They've helped us grow, navigate uncertain stretches (like COVID) in ways that helped honor our commitments to the team and prepare us for the future.
Founder + CEO
Bedrosian & Associates has been a valued partner of PlusPlus since our inception. They have assisted us with our HR, compliance, and infrastructure needs and are always a resource navigating the ever-changing benefits and HR space.