Tired of the Invoice Pile? Think Consolidated Billing

Tuesday, March 11, 2008

In some respects, scaling Mount Everest is easier than the regular task of scaling and paying all of those benefit-related invoices that tend to stack up. After all, Sir Edmund Hillary never had to deal with auditing eligibility records, understanding various premiums and making sure that carriers and other vendors are paid correctly and on time.

Consolidated billing is already a reality for many sectors of the health care industry. Take, for example, your average doctor’s office that accepts Medicare and Medicaid patients. Without a consolidated billing tool, the paperwork would be much more overwhelming than it currently is. Or consider the local pharmacy. Without the ability to combine countless transactions into an efficient process, pharmacists would spend far more time pushing paper than counting pills.

Unfortunately, many employers have not caught on to the benefits of a consolidated billing service. Such a service usually has four elements:

• A third party company collects all invoices on the same billing cycle
• It then performs reconciliation and makes retroactive adjustments, as needed
• The employer receives a single consolidated invoice for payment
• The third party pays all vendors the correct amount and on time

Infinisource offers the consolidated billing service through Infinisolved®, an online enrollment and eligibility administration tool. Infinisolved® is a powerful, Internet-based benefit administration system that helps employers cut costs and reduce paperwork by automating and centralizing the administrative process. For more information about Infinisolved®, you can go to www.infinisource.net/Products_Services/Infinisolved.aspx. . For a live demo, please contact our Sales Department at 800-300-3838 or salessupport@infinisource.net.