Navigating the Employee Benefits Billing Intricacies with Soluta’s Innovative Solutions
A prominent capital investment firm, faced a tough challenge managing the complexity of employee benefits billing. To address their specialized needs, the investment company turned to Soluta.
ABOUT
Industry: Capital Investment Firm
Lines of Coverage: Group Accident, Group Critical Illness, Group Hospital Indemnity and Group Short-Term Disability
Annual Premiums: $1.8 million
Ben Admin: Employee Navigator
CHALLENGE
The investment firm has 16 divisions that each require individualized invoices, billing contacts and 5 distinct payroll calendars — with employee transfers between cycles.
OUR APPROACH
Soluta tackled the challenge by meticulously analyzing the investment company’s requirements and tailoring a solution to address its specific needs. Leveraging the flexibility of its platform, Soluta set up the company as a Divisional List Billing Case with Cycle-adjusted configuration. This allowed for granular control over invoicing and billing contacts at the divisional level. Additionally, the largest of the 16 divisions was set up under the True Deduct (self-billing) option, streamlining the reconciliation process, all housed within one case in our system and branched under the investment company.
SOLUTA DELIVERED
Customized Invoicing: Soluta generated separate invoices for each division with billing portal access for billing contacts to facilitate efficient communication and billing discrepancy resolution.
True Deduct Reconciliation: Soluta set up our True Deduct reconciliation process — that allows for payments, underpayments, suspense, and adjustments to be tracked at the individual level plus minimizes payment application issues — to deliver accuracy and efficiency across the company’s largest division.
RESULTS
By partnering with Soluta, the investment firm has achieved significant enhancements in their employee benefits billing process. The tailored Divisional List Billing Case with Cycle-adjusted configuration, coupled with True Deduct reconciliation down to the employee and plan level, has streamlined invoicing and reconciliation across the organization’s diverse divisions.
With Soluta’s solution in place, the investment company can now efficiently manage its employee benefits billing, ensuring accuracy, transparency, and compliance with regulatory requirements.
Get Started With Soluta
Contact us to schedule a meeting or get a demo to learn how Soluta can help your company streamline complex employee benefits billing.
Soluta is transforming how benefits billing gets done.
