How Corporate Benefits Service reduced print costs and banking fees.
Find out how Optum Financial helped slash print/mail costs and banking fees in addition to realizing revenue share on processed claims.
IN ANNUAL SAVINGS
INCREASE IN EPAYMENT ADOPTION
Corporate Benefits Service, Inc. is a third-party administrator (TPA) for self-funded health and welfare plans serving plan participants in over 16 states. The company processes hundreds of thousands of medical, dental, disability, Flex and HRA reimbursement claims annually. Corporate Benefits Service’s sophisticated approach allows their clients to offer uniquely tailored solutions. Their health plans combine patient financial incentives with decision support tools that empower plan participants to achieve a higher value in health care encounters.
IT Manager Angela Storms is responsible for supporting the technical side of the business – with specific responsibility for the reimbursement payment process: creating check files; managing 835 updates; setting up new groups; and insuring the secure delivery of banking information.
In 2012, Angela was part of an integrated team representing Corporate Benefits’ financial, IT and operations roles that initiated a search for a secure, scalable electronic payment solution. As part of their decision process, the Corporate Benefits Service team evaluated four payer systems and selected Optum Financial.
Executive management was focused on cutting costs, specifically print/mail costs and banking fees.
Angela and her accounting counterpart were driven by a need for ease and efficiency. And the team as a whole understood that the company needed a solution that would demonstrate compliance with government regulations. They found that Optum Financial’s payment solution more than delivered on all fronts – giving them the efficiency, accountability and flexibility they required.
“Optum Financial’s payment solution helped us realize business value
that we can measure.”
Kenneth Harvey – President, Corporate Benefits Service, Inc.
When this project started, electronic payments were seen as a differentiator. In Ms. Storms’ view, they are now a basic requirement, “You can’t be competitive or relevant if you don’t offer electronic payment processing.” Within the current regulatory landscape, it is enough for TPAs to provide attestations regarding electronic payments, but very soon, TPAs will be required to prove compliance.
The Optum Financial implementation happened in less than 12 weeks, and was smooth and seamless. Ms. Storm remarked, “I’ve been through a lot of IT implementations and Optum Financial has been the easiest by far. I can’t say enough about how well they managed the process and helped us every step of the way,” a sentiment echoed by others on the team.
Since implementing Optum Financial’s payment solution, they have increased the percentage of providers adopting electronic payments from 20% to 60%.
Ms. Storms credits Optum Financial with helping to enable growth without requiring additional resources — the firm will continue to increase efficiencies, cost savings and revenue as they scale. Their portfolio of more than 72 clients represents every industry and every type of business.
Corporate Benefits Service has been up and running with Optum Financial for more than three years. The Charlotte, North Carolina-based TPA has cut costs by more than $168,000 annually in addition to receiving a revenue share based on the claims volume processed by Optum Financial.
Along with delivering operational efficiency, cost savings and revenue, Optum Financial provides the highest level of customer service. As a firm that must, itself, provide a premium customer experience to its clients, Corporate Benefits Service values the call center and dedicated toll-free number that Optum Financial includes in its services. In the highly competitive health insurance and benefits environment, the ability to respond quickly to client needs is extremely important. Optum Financial’s unrivaled customer service is a key to success. Ms. Storms summed it up, saying: “Optum Financial went above and beyond! Their customer support is excellent – they are only a phone call away.”
“I’ve been through a lot of IT implementations and Optum Financial has been the easiest by far. I can’t say enough about how well they managed the process and helped us every step of the way. Optum Financial went above and beyond.”
Angela Storms – IT Manager, Corporate Benefits Service, Inc.