Everything we do is guided by our Mission Statement - To simplify the complex world of benefit program administration and we are extremely proud of our accomplishments in blending leading edge technology with outstanding personalized customer service.
East Providence, RI (PRWEB) May 7, 2008
Benefit Concepts, a leader in innovative benefits administration outsourcing solutions, today announced the implementation of their new paperless Reimbursement Benefits Account Administration service.
During the past 18 months Benefit Concepts has made great strides in the way FSA and HRA reimbursement administration is handled. First the company introduced a new, more user-friendly web portal. Then, last April, they introduced on-line claim submission, and now the most recent advance is the introduction of 100% paperless claims and substantiation submission and processing.
With this latest enhancement FSA/HRA participants simply enter their claims on-line and attach an image of their scanned substantiation. That's all there is to do. The electronic claim form and the substantiation image are immediately available for the claims review department. The claims processing specialists can now view both the claim and the substantiation on their split screen monitors. At this point the claim is approved for payment or, if necessary, the participant is contacted for further information. Once approved the claims are paid either in the form of a check or directly deposited into the participants' bank accounts.
The Reimbursement Benefits Administration system operates in real-time so participants can see both their claims and substantiation on-line as soon as they complete their entry. This eliminates one of the most frustrating issues facing participants - lost/misplaced paper. Whether a claim is lost in the mail or just misplaced for a day or two even small delays create a hardship for participants awaiting reimbursements.
The new FSA/HRA Administration process is simple, clean, efficient and fast. And with this latest technological advance, participants can log on to the Benefit Concepts web site to review the complete details of their FSA and HRA accounts including actually viewing the substantiation that supports each claim. Participants also can view all the details of any previous year's activity.
Benefit Concepts provides FSA/HRA service for more that 60,000 participants and it is expected that those participants will generate more than 2 million claims in 2008. Every enhancement to the system is done with an eye toward paying claims more quickly and efficiently.
In addition to on-line claim submission, Benefit Concepts offers clients the option of issuing debit cards to participants which eliminates the need to submit claims for qualified expenses. And more recently the company began offering a carrier rollover option where the insurance companies send a claim file to Benefit Concepts which automatically triggers a reimbursement transaction with no action required by the participant. Even before the release of this latest enhancement, more than 60% of reimbursement claims were being submitted electronically. The company goal is to increase that percentage to 90% thus making FSA & HRA benefits as easy as possible for all participants.
Commenting on the new FSA system company president John Hoder stated: "Everything we do is guided by our Mission Statement - To simplify the complex world of benefit program administration and we are extremely proud of our accomplishments in blending leading edge technology with outstanding personalized customer service."
About Benefit Concepts, Inc.
Benefit Concepts, a leader in benefits administration outsourcing, is located in East Providence, R.I.. For more than twenty years Benefit Concepts has been a provider of outsourced services including: COBRA/HIPAA Administration and Compliance, FSA/HRA Administration and more recently Active Benefits Administration. Benefits Concepts Total Benefit Administration solution provides both clients and participants with a single, state-of-the-art, web based portal from which they can manage any and all of their benefits administration tasks.
Benefit Concepts employs more that 200 employees and services over 400 clients of a national scope including Nokia, The Sports Authority, Reebok and University of Idaho.
ephillips @ benefitconcepts.com