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Not Working with a TPA? Here’s Why You Should.

benny General News

How important is it that your clients’ benefit programs are managed objectively and with their best interest in mind, positively impacting employee satisfaction and their bottom line? This is where a TPA (third-party administrator) comes in. If you haven’t made the switch of working with a TPA, here are the top 3 reasons why you should.

1. Going for savings? Go a la carte. One of the advantages of working with a TPA is the savings when forgoing the bundle approach of employee benefits. It may sound more cost-effective to roll all the benefits into one, but that’s usually not the case. With unbundled plans, competition is on your side (thanks to negotiation leverage) and
allows you to choose premium providers at better rates.

2. A TPA is a billing and claims gatekeeper. Mistakes happen. And sometimes those mistakes can cost your groups tens of thousands of dollars. Leave it to the TPA to take matters into their own hands, performing comprehensive claims analyses and catching errors before anyone spends a dime. Similarly, when it’s time to do a claims adjudication, a TPA will always have your clients’ best interest in mind, reviewing large bills for accuracy and contesting those that seem inflated. In the end, the savings can
add up to six figures or more.

3. A TPA is choice-friendly. No one company is exactly alike and benefit options should reflect that. With a TPA, there’s freedom to cherry pick the types of coverage that work best for your groups and their employees. In the end, they give up less while providing more to their employees, contributing to a workplace culture of wellness, higher
morale, and better productivity.

A TPA is an advocate that can offer flexibility, integrity and unbiased solutions. So, the question is — why aren’t you working with one yet?

https://www.benefitnews.com/opinion/why-employers-should-be-thinking-tpa?brief=00000152-14a5-d1cc-a5fa-7cff48fe0001