Read this eBook to see how managing eligibility “Leakage” can save you millions of dollars
Deciding whether to outsource your benefits administration system can be a daunting task. Empyrean makes it easier with this handy guide.
There are many reasons for an employer to consider outsourcing benefits administration, but hereâ€™s one that many overlook in their search for an outsourcing partner: Are you covering the right people under your benefit plans?
Thatâ€™s because far too many organizations today are spending substantial claims dollars on ineligible employees and dependents. In fact, the loss of revenue due to the payment of ineligible claims is so prevalent that there is a term for it in the industry: leakage. Leakage typically represents between 1% and 4% of all claims paid—and that adds up to hundreds of thousands, even millions of dollars each year.
This eBook illustrates the issue with a hypothetical case study that shows $2,550,000 in projected annual savings for a company with 10,000 employees and 9,000 dependents covered. The substantial cost savings associated with outsourcing benefits administration come from three key areas:
- Direct reductions to claim costs from improved eligibility management
- Administrative and transactional cost reductions
- Reductions in time and effort to demonstrate compliance
Learn more by reading this free eBook, and see how much you could be saving by outsourcing your healthcare benefits administration.