Bills. Invoices. No matter the name, it’s never a fun time when one arrives in the mail for Benefit Administrators. Strangely, there are some people who are more than happy remit payment on their behalf (if funds are provided of course). Those people exist in the Benefits Billing Department at FBS.
Stacia Wirth, the Director of Billing at FBS, talks about what the billing reconciliation process looks like for FBS clients. explains the typical process for employers that handle insurance invoices on their own, and details how FBS works with both the clients and carriers to ensure bills are paid.
Here are some highlights from the podcast:
What is the billing reconciliation service? (1:20) “The main thing is we take the district’s money, and we’ll reconcile it and pay the carriers. So, we will take a majority of the district’s job, take that off their plate and do it on their behalf.”
What does carrier payment look like for employers that don’t have this service? (2:30) “They’re going to get an invoice from every single carrier…and then they’re going to have to reconcile to each individual invoice.” She goes on to say that this process is “tedious” and “can take several days.”
How is the billing department’s working relationship with insurance carriers? (8:48) “We have an understanding with all of our carriers that FBS is self-administered.” Stacia clarifies that being able to operate as “self-administered” is due to FBS’ history of follow-through when it comes to the billing process. “We are reliable, we are dependable, and we’ve shown that throughout the years.” Carriers have also commented her department’s efforts, as she says, “I have heard feedback from the carriers, and they say we are one of the more detailed and reliable third party administrators that they get to work with.”
What are some common errors that cause billing discrepancies? (11:40) The key errors that seem to happen a lot are effective dates and termination dates…If it’s an [addition], you make it [effective] first of the following month. If it’s a termination, you make it [terminate] the last day of the month.”
Check out the podcast to learn more about the billing process even pick up a few quick Excel tips! Check out all our podcasts in one convenient playlist here!