Increasing payroll and benefit expenses requires new cost reduction strategies
Newport Beach, Calif., (PRWEB) October 1, 2008
Secova, a leading provider of human resource and benefits management services, today announced that the company will be presenting at the American Society for Healthcare Human Resources Administration’s (ASHHRA) 44th Annual Conference and Exposition October 11-14, 2008 in Austin, Texas. Bruce Borgos, Director of Audit Services for Secova, will be moderating the session titled, “HR and Benefit Plan Audits: Cost Saving Strategies that Produce Significant and Rapid Results,” scheduled for Monday October 13 from 10:30-11:45am. Rounding out the panel will be Secova client Dayna Pearson, HR and Benefits Management for Scripps Health and Secova partner MaryAnne L. Watson, HIA, MHP and Vice President, Claims and Auditing Services for Segal.
With benefits costs ever increasing, those responsible for the management of benefits – primarily HR and finance groups – are looking for ways to generate cost savings. During the presentation, the panel will discuss three often overlooked areas – dependent eligibility, employee absence, and medical claims – providing overviews and real-world examples for controlling corporate cost.
Recent Department of Labor statistics show that the cost of employee benefits, the second biggest expense a company shoulders after payroll, has risen nearly twice as fast as the Consumer Price Index. For this reason, HR and benefits personnel continue looking for ways to reduce benefit costs. Traditional strategies, including introducing CDH programs, reducing benefits, and cost-shifting to employees have been broadly implemented and the savings realized.
During this presentation, the panel will discuss three often overlooked areas in which HR and Benefit Plan Audits can be rapidly performed and deliver immediate and dramatic cost savings:
- Dependent Eligibility – 5% to 15% of employees have ineligible dependents enrolled on corporate health plans at an average annual benefit cost of $3,500 per dependent.
- Employee Absence – Unmanaged employee absences can impact corporate payroll expenses 6-10%.
- Medical Claims – Inaccurate administrative claim procedures and inappropriate clinical procedure coding can equal tens of thousands to millions of dollars.
The panel of experts will provide an overview of each potential savings area, the strategies and processes involved in the audit and the significant cost savings that can be garnered through specific, real-world examples.
“Increasing payroll and benefit expenses requires new cost reduction strategies,” said Borgos. “We’ve designed this session to help attendees not only understand these measures but most importantly how to implement successful programs. For instance, we’ve seen significant success in the area of dependent eligibility. Over the past three years, Secova’s Dependent Eligibility Verification Services have produced multi-million dollar benefit cost savings in as little as three months and continue to assist clients with benefit cost control. The initial project financial return for most clients has regularly exceeded 10:1 and in many cases provided the resources necessary for other critical HR or benefit projects, making the Dependent Eligibility Verification review process an easy way for companies to obtain quick results.”
Secova delivers HR and benefits management services focused on helping clients control and drive down the costs of their health and welfare benefits offerings through three essential steps – Audit, Implement and Manage. While many outsourcing solutions modify pre-set vendor/service programs, Secova offers a distinctive, flexible approach. Through the company’s Value Sourcing model, each solution can be shaped based on individual client goals and strategies. Secova determines the optimum mix of processes, technologies and service locations to help clients stay competitive in today's marketplace.
Secova’s clients, who employ almost 2.5 million employees total, range from mid-sized to the Fortune 500. With its focus on helping clients reduce costs and streamline their HR processes, Secova in 2007 has saved its clients well over 10% in their healthcare costs through its audit services alone. For more information, visit the company’s website at http://www.secova.com.
This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: http://www.HRmarketer.com) on behalf of the company listed above.