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. 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. 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. Some industry sources cite billing errors in excess of $250,000 a year for a company with 250 employees. 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. 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. 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.īenefits challenges faced by mid-size businesses often include costly errors, employee stress and anxiety, and compliance. The new service offering includes a powerful combination of Carrier Invoice Reconciliation Services, ACA Consulting, and a Healthcare Concierge that is powered by TouchCare.Įmployee 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.
#Namely 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.
#Namely benefits full
To read Namely’s full press release, click here.Namely, the leading HR platform for mid-sized companies, today introduced a new service offering, Managed Benefits Pro. The methodology maps benefits to strategic quadrants that span: essential, niche, differentiated, and underutilized. The platform helps clients understand which benefits are the most popular, what the total cost structures are for specific types of coverage, and how organizations across industry and geography providing the benefits split costs with employees. By helping them understand what they’re up against, we can help them compete and win the race for talent.”īenefits benchmarking is available for 11 industry segments and an additional 11 geographies, with 22 options in total. We help our midsized clients understand what other in-kind employers are covering, what plans are most impactful, and whether employees embrace non-traditional benefit perks. Matt Monahan, VP of employee benefits at Namely stated, “selecting benefits for your company is a strategic decision. It delivers insights to make small adjustments that can have a significant impact on critical business issues. The innovation indexes big data to gain insights, identify trends, and distill business-specific intelligence for each client. The platform uses machine learning to search through real-world scenarios impacting business-critical workforce dynamics, including attrition, benefits, diversity, and retention.
We’re giving midsized companies the insights they need to make data-driven decisions about how they invest in their most important asset, their people.”īenefits benchmarking is part of Namely’s larger Human Capital Management (HCM) benchmarking package, a people analytics tool powered by machine learning that assists businesses with making strategic, data-driven HR decisions. Understanding exactly how competitive your benefits package is shouldn’t mean relying on your gut instinct. In a press statement, SVP of product at Namely, Nick Christman said, “great employee benefits are essential in today’s highly motivated job market.
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