Streamlining Multi-Carrier Benefits Billing with PlanSource

Managing multi-carrier benefits billing can be challenging, especially for HR teams working with multiple providers. By using the PlanSource platform, businesses can simplify billing, reduce mistakes, and save time. Let’s explore how PlanSource makes benefits billing more efficient so you can focus on what really matters: your employees.

Handling benefits billing with different carriers often means juggling information from many providers, which can lead to mistakes, wasted time, and financial issues. Errors in billing can also upset employees — especially if there are incorrect deductions on their paychecks.

PlanSource makes multi-carrier billing easier by centralizing everything in one place. The platform automates much of the process, providing a single interface for billing, payments, and adjustments. This reduces the risk of human error and ensures the data is accurate and consistent.

PlanSource has built-in tools that help solve the challenges of billing with multiple carriers:

• Automated Billing Reconciliation: PlanSource’s platform makes it easy to track and match invoices from different carriers. This removes the need to manually verify each bill and ensures the right amount is taken for the right services. Learn more about how PlanSource helps with billing reconciliation.
• Consolidated Invoices: Instead of dealing with separate invoices from each carrier, PlanSource provides a consolidated billing statement. This summary combines data from multiple carriers, making it easier for HR and finance teams to review and process payments.
• Automate Adjustments: Making changes to billing for life events like marriage or having a baby can take a lot of time. PlanSource automates these adjustments for all carriers, ensuring timely updates without manual data entry. This feature also supports multi-entity billing, which is important for large companies.

With PlanSource, companies can be much more efficient by automating carrier billing. Here are the main benefits:

• Save Time: Automating billing means fewer manual tasks. Your team can avoid repetitive work and focus on more important HR projects.
• Reduce Mistakes: Automation helps prevent human error, especially during billing reconciliation.
• Better Data Accuracy: PlanSource connects directly with carrier systems, keeping data synced in real time. This keeps information accurate and helps avoid costly errors.

For more details on how automation can help your HR team, check out our success story with Brandsafway.

Managing multiple carriers requires smooth integration. PlanSource provides an integrated system where carrier relationships are managed centrally:

• Carrier Connectivity: PlanSource has direct connections with leading insurance carriers, ensuring that data flows smoothly between platforms. This integration is critical for syncing employee data, managing billing, and making changes to benefits. For more details, visit our Carrier Integrations page.
• Unified Carrier Experience: By unifying the experience, PlanSource enables HR teams to easily add, remove, or change carriers without disrupting the entire billing system.

If you want to know more about the trends shaping the future of benefits, see our 2024 Benefits Trends Report.

Many large companies have multiple entities or locations that handle benefits billing separately. PlanSource allows you to automate and combine multi-entity billing, so each entity’s needs are met while keeping the process streamlined. This type of billing provides flexibility for companies that need to customize benefits and billing for different parts of their organization.

One example is our work with Ingevity, where we enabled them to manage a diverse group of employees more efficiently. You can read about the results in our Ingevity case study.

Incorrect billing can be a big problem for employees. Imagine seeing a mistake on your paycheck related to your health insurance or other benefits. PlanSource ensures that employees are billed correctly, leading to happier employees and fewer complaints. Automated systems help prevent mistakes, so employees feel confident about their benefits enrollment and coverage.

To see how PlanSource helps boost employee engagement and satisfaction, check out our Drive Employee Engagement video.

Having real-time data is important for managing billing effectively. PlanSource provides HR teams with detailed reporting tools to see benefits spending, carrier costs, and other essential metrics. You can make better decisions with accurate, up-to-date data.

Our InsightsIQ tool helps you visualize data across different carriers, making it easier to spot trends, adjust budgets, and improve efficiency.

Open Enrollment is one of the busiest times for HR teams, especially when working with multiple carriers. PlanSource’s open enrollment tools help automate the process, including adjusting benefits and billing in real time as employees make their choices. This removes the need for extra manual data entry and ensures smooth coordination across all carriers.

To see how PlanSource can support your next open enrollment, visit our Open Enrollment Experience.

By using PlanSource for multi-carrier benefits billing, companies can cut through the complexity and focus on providing the best benefits to their employees. PlanSource offers a complete solution—integrating multiple carriers, automating processes, and improving accuracy—which leads to a better experience for both HR teams and employees.