The new solution attempts to address the pressure felt by insurance carriers to become more efficient and minimize costs by offering web-based invoicing, automated reconciliation, and online bill payment.
It aims to provide a simple, intuitive interface to streamline processes, lower costs, and improve cash flow, by integrating with legacy billing systems for deployment in complex organizations.
The application also communicates with enrollment systems in an effort to rapidly transmit changes in benefits and generate more accurate, timely billing statements. Benefitfocus claims that by replacing slow, error-prone paper processes, eBilling should save insurers an estimated $9.50 for every invoice generated.
The Benefitfocus eBilling application is allowing us to reduce our administrative invoicing costs, stated Tim Vaughn, CFO of Companion Healthcare. In addition, eBilling offers a value-add for our customers by consolidating bills plus making them more accurate and easy to understand. Not to mention, we are now able to augment our existing customer service capabilities.
