Most employers are overpaying insurance carrier invoices by almost 1%, sometimes much more… This Startup Is Here To Help.
September 14, 2023
See why this startup is gaining popularity quickly and already has more than 800’000 benefits eligible employees on the platform...
For a long time, the employee benefits technology industry has primarily focused on providing software to help employees make choices about which benefit plans to select from a menu provided by the employer.
It seemed everybody forgot about the financial side of benefits.
According to a research* conducted on a group of employers with 7,000 employees, poor maintenance of benefits and payroll systems cost them an average of 1% of the total benefits plan amount.
Given that employee benefits are the second-largest expense after payroll, even a 1% discrepancy amounts to a monumental sum.
But now, one California-based tech startup is turning the $900 billion benefits payroll deduction business on its head.
Tabulera, has figured out a way to offer a unique product (even the biggest tech geeks agree) that saves employers thousands in overpayments and weeks of work every month.
What Is It?
Meet Tabulera's Benefits Reconciliation Module.
The team behind the Tabulera platform are experts in employee benefits technology. Their executive team combined forces with genius software engineers to develop a revolutionary tool.
The Benefits Reconciliation Module aggregates data from insurance carrier invoices, payroll, enrollment and COBRA systems into a single tool for the purpose of quickly identifying errors in benefits invoices and systems.
In my opinion this is the next big thing in employee benefits technology.
It really excels at handling things that, in the past, technology couldn't even touch. I used to be stuck with the same old manual grind of updating an Excel file with benefits-related data and having to use Pivot Tables to find variances between systems month after month.
So, what can it actually do?
Identify overpayments and under collections, discover costly system misconfigurations—such as cases where an employee was terminated but remains on benefits—assist in recovering reimbursements from carriers, and more.
After Tabulera filters out the employees with no variances, it provides you with a concise list of employees encountering issues, along with specific reasons for the variances, such as missing payroll deductions or differences in coverage tiers.
What Makes The Benefits Reconciliation So Popular?
The platform agnostic engine is the secret.
It can import all your benefits-related information from any number of enrollment or payroll systems and store it in a single place. As long as your current systems can generate either an enrollment or payroll report report in any format, they can be connected to Tabulera.
It can even show you plan balance information on each employee from the moment of hire to the termination date.
What is Benefits "Leakage" And Why Do You Want To Avoid It?
Tabulera's Case Study on benefits leakage for a group of employers with 7,000 employees. Demonstrating ROI even after Q1
Benefits leakage is when invoicing errors, or breakdowns in the process of collecting and managing premium payments result in financial losses.
Without the help of a platform like Tabulera, benefits leakage may be difficult to spot using spreadsheets. That’s why monitoring your employee benefit premiums with a reconciliation application is crucial.
Some employers also have multiple payroll or benefit enrollment systems making the problem even worse.
“With the Benefits Reconciliation module, you can keep a close watch on the health of your benefit premiums, providing you with peace of mind and the ability to take prompt action if any issues arise.”
This is why Tabulera's Benefits Reconciliation module is poised to become the top reconciliation solution of 2023. There's no one else on the market as advanced.
What Else Can Tabulera’s Benefits Reconciliation Module Do?
More than you might suspect!
I was amazed with the potentially cost and time saving functions for enterprises, yet there is more than just that:
- ✅ Great Reconciliation Workflow - Most benefit teams don’t know where to start when performing reconciliations.
- ✅ Plan Balance Reporting - Provides a complete history of all benefit-related transactions throughout each employee's tenure.
- ✅ Smart Dashboards - Incredibly useful to track the reconciliation progress.
- ✅ Enrollment and Payroll Reconciliations - Reconcile carrier invoices based on your enrollment system and find out if employees have paid their share of benefits premiums by completing a payroll reconciliation.
- ✅ Multiple Invoice Formats Support - Import PDFs, CSVs or Excel carrier invoices.
- ✅ Filters - Quickly filter out employees with variances resulting from rounding errors and focus solely on issues that could lead to significant financial problems.
And there is even more!
Tabulera’s Benefits Reconciliation Module is a super easy to use platform that feels like having a benefits audit team on staff!
One thing is for certain, once you try the Benefits Reconciliation Module, you'll never want to go back to performing monthly reconciliation tasks without it!
What Do Others Think?
"Throughout my 25-year career in benefits administration, I used to dread performing reconciliations in Excel. With over 4,000 employees in our organization, data aggregation took forever, and our enrollment systems were constantly in disarray.
However, since implementing Tabulera, I've experienced a complete turnaround. I quickly identified a couple of employees who weren't billed correctly, jeopardizing their coverage. Fortunately, we resolved it the very same day. I'm absolutely thrilled to bid farewell to manual reconciliations. Thanks to Tabulera, I now spend just a few hours each month resolving issues instead of days hunting for them." - Melissa B, Senior Care Facility
"Tabulera's Benefits Reconciliation module was a game-changer for me! Before we implemented it, my two assistants spent an average of a week on reconciliations each month.
Don't get me wrong, Tabulera’s Reconciliation Platform won't be of much help if you're expecting to set up the system once and forget about it. However, if you upload the benefits invoices and follow their workflow, you'll get your invoices reconciled in no time." - Sam D., Fortune 100 Technology Company
How Much Does It Cost?
If you consider the features of Tabulera's Benefits Reconciliation Module, it wouldn't be surprising to see a custom installation process and expensive pricing to match, which still might be less than hiring another Excel guru or benefits auditor.
That’s why I was stunned to learn that Tabulera currently sells this Module with pricing starting at $1 Per Employee Per Month (PEPM).
That's a really small price to pay for a system that helps you ensure your organization is correctly billed for its biggest expense after salaries.
Are there any discounted offers available at the moment?
Right now is a great time to learn more about Tabulera's offer. They are giving away a free 90-day trial, which, considering how much effort is involved in implementing a product like this, is mind-blowing.
The offer is valid until October 30, 2023
It's also an amazing opportunity to learn more about the benefits reconciliation process from the masterminds behind the product. Talk to them about best practices and the dangers of neglecting reconciliation."
How Do I Get The Reconciliation Module?
Fill out the Get Free Trial form on Tabulera’s official website at tabulera.com
To introduce more organizations to its incredible capabilities, Tabulera is offering a time-limited opportunity: a free 90-day trial. Don't miss this chance to experience the advantages of benefits reconciliation firsthand and boost your organization's financial health.
SCHEDULE YOUR 90-DAY FREE TRIAL
* Case Study conducted by Tabulera inc "Eliminating benefit write-offs for a group of employers" - Read here