Achieving Significant ROI with Tabulera’s Benefits Reconciliation Module

Client Overview 

Our client, a large employer with 7,000 benefit-eligible employees, needed a robust solution to streamline benefits reconciliation and improve financial accuracy.

The Challenge

Manual processes for comparing enrollment, payroll records, and carrier records often introduced inadvertent errors, leading to over-or-under payments. These errors, if not caught in time, resulted in unexpected expenses due to benefit premium write-offs. During the first quarter of Tabulera implementation, clients experienced an average leakage of $6.47 PEPM (Per Employee Per Month), totaling $136,944 in benefit premium write-offs.

The Action Taken

After evaluating their needs, the client implemented Tabulera’s Benefits Reconciliation Module. Key actions included:

• Integration with their existing payroll and benefits systems.
• Capturing insurance carrier premium invoices using the Consolidated Invoicing module.
• Utilizing the Integrated Reconciliation module to reduce premium leakage.

The Results

Since the implementation of Tabulera’s Benefits Reconciliation Module, the client has achieved remarkable improvements:

Since implementing Tabulera’s Benefits Reconciliation Module, the client has achieved remarkable improvements:

• Quarterly Write-Off Reduction:
  From $6.47 to $3.91 PEPM in Q2, showing a significant ROI even after the first quarter.
• Normalization of Write-Offs:
  By Q2, most clients had normalized their write-offs of premiums to about $0.22 PEPM, a 96.6% drop in benefit premium write-offs.

Impact

The implementation of Tabulera’s Benefits Reconciliation Module has had a profound impact on the client’s operations. The high auto-resolution rate has freed up significant time for the benefits administration team, allowing them to focus on more strategic tasks rather than being bogged down by hunting for discrepancies one by one. The system’s ability to accurately identify and categorize discrepancies has also improved financial accuracy and control, reducing the risk of overpayments and ensuring that all payroll deductions and employer contributions are correctly matched with carrier invoices.

Conclusion

Benefit premium write-offs were virtually eliminated by reducing premium write-offs by approximately 97%. The consistent quarterly decline in benefit premium write-offs demonstrated the value of Tabulera’s control environment through the Integrated Reconciliation module.

If your organization is looking to enhance its benefits reconciliation process, consider how Tabulera’s advanced solutions can help you achieve similar success.

Contact us today to learn more about our offerings and how we can support your needs.