Articles | July 30, 2019
A state of the art benefits administration system is key to any successful modern fund office. Unfortunately, many systems lack the necessary functionality or have not been adequately maintained or updated to fully automate the benefits administration process.
Often, systems are insufficiently or incorrectly implemented and lack the necessary functionality or data to fully automate work processes and are unable to provide accurate reporting and member and employer self-service capabilities.
From the ways in which you use your data to underlying issues with data integrity, cleanliness and accuracy, data issues can make or break your ability to administer benefits accurately and efficiently and provide a high level of member service.
Make sure to review:
Your benefits administration system should operate in a manner that allows you to automate and measure your business processes.
If you are finding your office is using manual workarounds for work processes, there is likely an underlying problem.
Consider whether your processes are:
The further your data goes, the more pitfalls there are for data protection and legal compliance violations. If you cover workers and participants who live in a neighboring state, you'll have to comply with both states’ laws, for example.
At the same time, federal regulations like the HIPAA/HITECH privacy and security rules provide an important framework for protecting your participants’ data.
If your system isn’t compliant with the relevant laws, you may have serious issues. Contact us to find out more about how we review your systems’ compliance capabilities.
This page is for informational purposes only and does not constitute legal, tax or investment advice. You are encouraged to discuss the issues raised here with your legal, tax and other advisors before determining how the issues apply to your specific situations.
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