NEW YORK, April 22, 2020 /PRNewswire/ --Namely, the leading HR platform for mid-sized companies, today introduced a new service offering, Managed Benefits Pro. Managed Benefits Pro simplifies how mid-sized businesses administer and run their employee benefits programs, saving time and money and reducing billing errors. The new service offering includes a powerful combination of Carrier Invoice Reconciliation Services, ACA Consulting, and a Healthcare Concierge that is powered by TouchCare.
Employee benefits are considered essential and can differentiate an organization as an "Employer of Choice." Most companies extending benefits packages to their employees include healthcare, dental, vision and even life insurance. Managing these benefits, especially the complexities of interacting with the network of brokers and carriers behind the scenes, is an overwhelming initiative—especially for companies with 50 to 500 employees, who might lack the dedicated full-time benefits teams typically found in large enterprises.
Benefits challenges faced by mid-size businesses often include costly errors, employee stress and anxiety, and compliance. According to the 2019 Aflac WorkForces Report, responding employees said two of their most stressful activities were submitting a health insurance claim and negotiating medical billing. Further complicating the employee benefits category are seemingly constant legislative changes such as the Affordable Care Act and new rulings designed to address the pandemic crisis.
Carrier Invoice Reconciliation
Some industry sources cite billing errors in excess of $250,000 a year for a company with 250 employees. With this new offering, Namely Managed Benefits clients will be able to audit their benefits spend, reduce errors, and identify areas in which to save money. Delivered as a quarterly reconciliation of medical, dental and vision benefits carrier invoices, Namely compares the client's benefits costs and activities to the invoices and census data to uncover discrepancies. This quarterly process will take a major burden off the employer and reduce the risk of errors that can lead to budget overruns and excess spending.
Personalized Affordable Care Act Consulting
ACA Consulting is a specialized offering that goes above and beyond Namely's standard ACA support. It's been launched to provide more personalized, one-on-one consulting and subject matter expertise on ACA, the Namely ACA wizard, and Namely Benefits transactions.
Namely's ACA wizard makes the ACA reporting process simple. With this wizard, clients can view previous years' ACA reporting, monitor reporting status, and generate and submit 1094 and 1095 forms. Employees then have the ability to access their 1095-C forms directly from the Namely portal.
ACA Consulting also provides consulting and recommendations to clients for how to correct common errors, help ensure reporting compliance, and recommend ongoing management practices.
Healthcare Concierge, Powered by TouchCare
In its Managed Benefits Pro offering, Namely has partnered with TouchCare, a premier healthcare concierge service. The Namely Healthcare Concierge is an employee benefit that helps employees uncover billing mistakes, find and coordinate providers, select a health insurance plan, and more.
"Without support, mid-sized businesses lose time and money dealing with healthcare and benefits errors. Namely is stepping in to help these companies save, especially during a time when they need it most," said Namely CEO Larry Dunivan.
Namely is the #1 HR Software company that empowers mid-sized businesses to build better workplaces. Its cloud-based software brings HCM, benefits, insights, payroll, and time into a single-view platform to help modern HR teams make data-driven decisions about their people and understand what's really going on in their workforce. The Namely ecosystem includes powerful integrations with market-leading applicant tracking, identity management, ERP, compliance, E-Verify solutions, and more. Serving more than 1,400 clients with 230,000 employees globally, the company is backed by leading investors, including Altimeter Capital, GGV Capital, Matrix Partners, Scale Venture Partners, Sequoia Capital, Tenaya Capital, and True Ventures. For more information, visit www.Namely.com.