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Companies
today are looking for effective ways to increase revenue, decrease
expenses and improve productivity as it relates to the bottom line.
Outsourcing
non-strategic, specialized functions can achieve these goals and allow
your Staff to work with the company's largest asset – its Employees!
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•The
average cost to administer benefits in-house is $27.42
per employee per month based on a survey done by the U.S. Chamber of
Commerce.
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•The
average manual open enrollment process costs $77.58 per
employee. Automation can
decrease the amount to $31.25 per employee based on the
2000 Hunter Group HR Survey.
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••$54
Billion is spent on duplicative paper processes in the sales
and administration of group insurance products each year based on a
survey done by BancAmerica Robertson Stephens.
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The
cost of providing health care benefits will increase an average of 15.4%
next year and expenses for plan sponsors will double in five years if
current trends continue according to Hewitt Associate’s Health Value
Initiative.
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61%
of
employees surveyed in the 1996 Workplace Pulse Survey were willing to
pay more for benefits if given more choice.
Compliance
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•HIPAA
changes became effective April, 2003.
Document revision and insuring compliance has consumed many
companies.
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COBRA
initial rights notification requirements changed April, 2003 due to
HIPAA changes.
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Bills
that have been passed allow carriers to deny refunds for late
termination.
is a Business Solutions Partner that specializes in helping businesses
increase efficiency in Benefits with cost-effective Benefit
Administration programs.
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