Founded in 1991, The Benefit Company, Inc., primarily worked with large institutional health care facilities such as hospitals, nursing homes, and large physician practices as a consultant for life, accident, and health insurance plans. Since our inception, the Company's approach to working with an organization has been not only to provide benefits consulting services but also to provide benefits administration support services.
Initially, our consulting services included the implementation of the newly adopted Section 125 Cafeteria Plans; self-funded and fully insured medical, dental and STD plans; plus permanent life insurance products, specialty benefits, executive carve-out plans, and so on. HMOs were losing favor and PPOs were emerging as the next best thing. Health care costs and insurance premiums were climbing, and the politicians were on the march against both. In the midst of the changing market and rising costs, it was evident that being just a consultant on benefits was not going to meet the needs of our clients. Therefore, we made the decision to increase our efforts to provide even greater client support, which would significantly reduce administration costs as well as decrease claims costs.
Our early support services included creating custom communication materials such as slide shows with voice-over recordings, benefit guides, benefit worksheets, as well as one-on-one enrollment support. Once an enrollment was completed, The Benefit Company reported employee elections to the client's payroll department and the enrollment applications were delivered to the appropriate carriers.
In 1993, one of our large hospital clients was having eligibility problems that caused them to pay erroneous claims on employees who were no longer eligible for coverage. The client asked us to help them solve the problem.
The first step in resolving the erroneous eligibility records was to create an auditing system to routinely compare the client's payroll data to the carriers' eligibility data. That early system provided a weekly eligibility audit report to the client that was later used to electronically deliver eligibility and enrollment data to the carriers on a weekly basis. By electronically auditing the client's payroll data and transmitting eligibility and enrollment information to BCBS of SC for medical and dental coverages and to Unum for life and disability coverages, The Benefit Company created a complete solution to resolve the client's eligibility issues.
Today, the Benefitfirst™ platform has evolved into a robust benefits enrollment administration system that audits and transmits more than 40,000 electronic eligibility updates to hundreds of vendors each year for clients with employees in the United States, Puerto Rico, Guam, and the Virgin Islands.
The Benefit Company takes pride in leading by example. With plan designs that promote employee engagement and cost-control strategies, we will continue to build our practice one client at a time and solve problems one solution at a time.
If you subscribe to the idea of history validating future performance, we have more than 20 years worth of clients eager to share their stories about the effect The Benefit Company has had on their company's bottom line and their employees' satisfaction.