Benefitfocus Enhances Health Insights Platform to Include Claims Audit and Recovery Services
July 28 2022 - 4:38PM
Benefitfocus, Inc. (NASDAQ: BNFT), a cloud-based benefits
administration technology company committed to helping customers
and the people they serve get the most out of their health care and
benefit programs, today announced it is offering Claims Audit &
Recovery Services as an extension of its Benefitplace™ Health
Insights data analytics platform.
According to the American Medical Association,
more than 20 percent of all medical claims contain errors,
resulting in billions of dollars of overpayments to providers each
year. Benefitfocus’ Claims Audit & Recovery Services
complements employers’ existing audit capabilities and leverages
proprietary technology to dig deeper into their previously paid
medical claims to ensure they were billed, priced and paid
appropriately. Benefitfocus then helps identify and recover any
improperly paid amounts directly from the providers on behalf of
the employer health plan.
Benefitfocus estimates it can identify
three-to-five percent of all medical claims as overpaid with a 70
percent rate of recovery. For an employer with 7,000 employees and
an average of $52 million in paid medical claims annually, that
could be up to $2 million in overpayments recovered for the
employer each year.
“For self-funded employers and their plan
members, chronic provider overpayments represent money that should
never have been spent and can lead to unnecessary cost increases
for employers and employees, often in the form of higher premiums
or deductibles,” said Tina Provancal, Chief Product & Strategy
Officer at Benefitfocus. “Our Claims Audit & Recovery Services
adds an extra layer of support for employers to help them identify
and reduce unintended spend, enabling them to reinvest those
dollars back into their benefits programs and ultimately, put money
back into the pockets of employees and their families.”
Claims Audit & Recovery Services is the
newest solution available on Benefitplace™ Health Insights, a
robust reporting and analytics platform that provides employers
with data and insights that help them make more informed decisions
about their benefits programs. Coupled with the platform’s Rx
Insights module, customers can better manage rising health care
costs and take proactive cost-saving measures on behalf of their
employees. Additional information on Benefitplace Health Insights
can be found here.
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About BenefitfocusBenefitfocus
(NASDAQ: BNFT) is a cloud-based benefits administration technology
company committed to helping our customers, and the people they
serve, get the most out of their health care and benefit programs.
Through exceptional service and innovative SaaS solutions, we aim
to be the safest set of hands for our customers helping to simplify
the complexity of benefits administration while delivering an
experience that engages people and unlocks the potential for better
health and improved outcomes. Our mission is simple: to improve
lives with benefits. Learn more
at www.benefitfocus.com, LinkedIn and
Twitter.
Media Contact:
pr@benefitfocus.com
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