Benefits Management Services

Offering health insurance, paid vacations or other benefits may help to attract quality workers.

However, managing your benefit plans requires time, money and effort that could detract from your goal of growing your company.

Furthermore, a number of tasks such as creating qualified domestic relations orders (QDROs) or managing workers’ compensation claims can also fall under the benefits management umbrella. Therefore, it’s important to have a team such as the one from ProSourceSolutions to help you with these and other key functions.

Our team can also help your company comply with HIPPA, COBRA or other privacy rules. In many cases, failure to comply with these rules can result in significant fines from Government agencies. Your company could also be at risk of lawsuits from employees and others harmed by a corporate data breach. Ultimately, hiring a benefits management team is an affordable way to avoid the negative consequences of such an event.

In the current highly competitive labor market, companies work hard for the best people to be both attracted and kept. Along with a competitive salary system, the employee benefits system is another influential factor in attracting and retaining high-performing employees. Nevertheless, administering employee benefits is a very demanding job that may require the resources of the company in other areas of the business, thus slowing down some other crucial functions. And here, benefit management services come into the picture. Businesses of all sizes receive a heightened degree of benefits management services, which include the effective management of employee benefits, the streamlining of processes, and the reduction of costs at ProsourceSolutions.

What is Benefits Management?

Benefit management is a process that consists of creating, rolling out, and managing employee benefits that include health insurance, retirement plans, and paid time off. Provision of such benefits is part of human resource benefits management which involves coordination of various components like health insurance, retirement plans, and other fringe benefits. Experts in the benefits management outsourcing industry are normally HR outsourcing companies or specialized firms for benefits. These services could encompass applicants' enrollment, verification and eligibility management as well as processing claims, and managing relationships with carriers.

ProsourceSolutions is home to talented benefits professionals who are proficient in managing the complicated ties of benefits administration and can handle the entire employee benefits of our clients.

Why are Benefits So Important?

Health benefits are an integral part of the employee's total compensation package. Perhaps the most important competitive advantage of human resources is the ability to attract the best employees with the highest level of competence, motivate and keep employees engaged, and stimulate employee retention. In fact, a study by the Society for Human Resource Management shows that health insurance, retirement benefits and paid time off are the most critical benefits that are highly valued by employees.

Moreover, providing employees with appealing employee benefits is one of the tools that some companies use to fight for the best workforce. It can work as a complement to positive corporate culture and to the satisfaction of the employees. However, poor benefits or benefits management can cause employee dissatisfaction, increases in turnover and legal issues which might be even more costly.

Functions and Activities

Benefits Management administration is a broad functional category that includes the following set of functions and activities:

  • Medical, life, disability, dental, vision and carrier relationships.

  • Integrated disability management.

  • Specialized functions such as COBRA, FSA or Qualified Domestic Relations Order (QDRO) administration.

  • Claims Management

    • Workers’ Compensation
    • Unemployment
    • Medical

Medical, Life, Disability, Dental, Vision, and Carrier Relationships

Apart from managing and administrating medical life, disability, dental, and vision benefits, another important function of benefits management services is helping employees and their families with claims and covering costs. This process could involve working with insurance carriers to decide on premiums and coverage, and handling appeals as well as claims. ProsourceSolutions has well-developed and extensive network of carriers and as it is we secure the most competitive rates and have a rich variety of coverage options available for our clients.

Integrated Disability Management

Coordinating and managing various types of disability benefits in an integrated manner not only ensures streamlined processes but also reduces administrative and financial burdens. This specialization covers the role of employer as a provider of short-term disability, long-term disability, and leave management. Businesses can streamline all disability benefits administration through one system thereby easing the administrative duties and employees receive their benefits in a more efficient manner... Our Benefits management services are integrated and contain disability management which makes our clients improve in efficiency and ensure compliance with disability laws and regulations.

Specialized Functions as COBRA, FSA

Besides regular employee benefits, employers also use customized benefits that require certain level of expertise in their administration. Such services could involve COBRA administration, FSA and QDRO management. COBRA Administration relates to continuing medical benefits for the former employees, while FSA Administration relates to managing tax-exempt accounts for healthcare purposes

Workers’ Compensation

Workers’ comp benefits play a special role within the framework of injury/illness occurring during work to support both an employee and the employer. The outsourcing of benefits management services will enable organizations to be in compliance with the state and federal regulations, to deal with claims effectively and to control costs. ProsourceSolutions is a well-known brand in the area of workers’ compensation benefits management. We have adequate resources and expertise to make things easy for our clients.

Unemployment

For many employers, unemployment benefits are a big issue to deal with and it could be a challenge to do it on their own. Using unemployment benefits management outsourcing, companies can make sure they are in adherence with all the unemployment insurance requirements. We as benefits management services provider offer our clients unemployment benefits management which allows them to useless resources and time.

Compliance and Risk Management

The dynamics of employees' benefits, and change in laws and regulations increases the risk of violation of compliance and penalties. Benefits administration providers grasp this legislation deeply and have their finger on the pulse of the regulatory changes, allowing our clients to stay compliant and manage their risks.

 

Risk of Non-Compliance

Many aspects of Benefits Administration are both complex and associated with legal requirements. Key examples of complex areas would include compliance with COBRA, HIPAA or data privacy issues. The risks associated with noncompliance are large relative to the cost of administration.

To What Extent Is Outsourced Benefits Administration Useful For My Business?

Outsourcing business functions such as human resources administration is proven to be a cost-effective way to aid businesses of all sizes in growing while improving operational efficiency. By entrusting a specialized firm like ProsourceSolutions with managing their employee benefits, businesses can:By entrusting a specialized firm like Prosource Solutions Inc. with managing their employee benefits, businesses can:

Having skills in compliance and regulations.

One of the biggest struggles for companies that deal with employee benefits is that they need to keep abreast of the latest compliance and rules. There are regulations and laws that keep changing and that make the task of employers keeping up with all the required updates and necessities a hassle. Outsourcing employee benefits administration can actually take this burden off the business by transferring the issues to professionals who are competent in these laws. An experienced benefits management team is tasked with ensuring compliance and always being aware of any changes. And that, in turn, will mean a lower risk of any costly mistakes or violations for our clients.

More Cost-Effective

With small businesses that do not have the budget to hire a comprehensive benefits manager, the management of employee benefits can be a considerable risk. Outsourcing employee benefit management as part of the co-employment relationship can ease this and bring economies of scale to small businesses. This allows small businesses the additional benefit of having access to wide-ranging benefit plans and providers, which results in happy employees.

Increased Efficiency

Outsourcing employers' benefit administration means that companies can be relieved of administrative tasks related to managing employee benefits. For instance, this might be processing enrollment and eligibility, data entry, and answering staff’s questions. Offloading these duties to an external service provider would allow the company to save some time and resources that can be channeled to other fiscally productive activities in the organization, resulting in saved time and increased output, which will eventually contribute to the growth of the business.

Enhanced Employee Satisfaction

One of the essentials to attracting and keeping the best talent is introducing comprehensive employee benefits of a high standard. Yet, employers need to coordinate multiple benefit programs and at the same time have to deal with employee issues, which could be stressful and time-consuming. When companies outsource their benefits administration. the employees have the advantage of being able to talk to dedicated experts who can assist them with questions and issues they might have concerning their benefits. The result is that the employees are more satisfied with their work and demonstrates the employee’s well being is a tangible priority for the organization.

Reduced Risk

Managing employee benefits is dealing with the private health information of employees, like social security numbers or health conditions. This is a major security threat for companies, especially those that do not have the infrastructure and tools to defend this information. Benefits administration outsourcing can assist in quelling this peril by using rigorous security procedures and protocols to ensure the protection of employee data.

Scalability and Flexibility

As businesses embark on a growth path and journey of evolution, their employee benefit needs may also have to change. Outsourcing human resources administration provides a scalable and flexible operation, as the provider can rapidly adjust to changing needs of a business. This occurs when businesses can amend or add benefit programs that go beyond the basic healthcare benefits with no need for external resources or infrastructure.

Conclusion

In the fast-paced business world where an employer of choice is defined by its workforce, offering competitive employee benefits should be a priority for a business that is serious about recruiting and retaining the best talent in the industry. Managing employee benefits management can steal time and effort from critical business functions, therefore, it is necessary to have a plan and take into account these considerations. Delegating benefits management to Prosource Solutions Inc., will allow businesses to become more process-oriented, save time and resources, ensure compliance, and access specialized expertise, which in the end will lead to increased employee satisfaction and efficiency.