|[September 18, 2012]
HighRoads Delivers New ACA Compliance Documents in Advance of Deadline to Ensure Employer Compliance
BOSTON --(Business Wire)--
In just five days, the next milestone in the Affordable Care Act (ACA)
takes place: the September 23rd deadline for employers to
distribute SBCs (Summary of Benefits & Coverage) to employees and other
health plan participants. In this age of 24x7 access to digital, online
and mobile communications health insurance providers are attempting to
produce SBCs using manual methods that cost millions. These costs will
inevitably be passed on to businesses and employees.
the industry leader in employer health care compliance and benefits
management, notes research from the America's Health Insurance Plans
(AHIP), Center for Policy and Research, estimates the cost of SBC
compliance at close to $200 million annually. HighRoads advocates the
use of automation and online technologies to reduce costs and meet the
SBC distribution deadline. In fact, when planning the implementation of
SBCs, HHS met with HighRoads and other stakeholders to explore the best
means of meeting new compliance requirements, without incurring a heavy
"HighRoads has briefed HHS on our automated
benefits compliance solution which enables businesses to create,
manage and distribute SBCs at a small fraction of the cost of what
providers and consultants are incurring," said Michael Byers, CEO,
Byers notes that HighRoads technology has already been used to create
and distribute thousands of distinct SBCs for some of the nation's
largest employers. "These companies are ahead of the game in terms of
meeting compliance deadlines, controlling costs, and in being able to
provide plan participants with accurate, up-to-date information they can
use during the fall open enrollment period," said Byers.
"Organizations relying on traditional, manual methods to achieve
compliance, will very likely fail to meet deadlines, and most
importantly, fail to provide families with critical information they can
use to make plan decisions," he said. Earlier this year, HighRoads
launched the first-of-its-kind smartphone app that allows employers to
provide legally-compliant SBC materials to plan participants on a mobile
device. HighRoads is also the industry's leading provider of an online
portal to enable distribution and proof of receipt tracking of SPDs
(Summary Plan Descriptions) and SBCs to employees.
Published reports citing the Kaiser Family Foundation study show the
cost of workplace health benefits have risen 97 percent over the past
decade while wages have risen just 33 percent. Over the past decade, the
average total cost of a family health insurance plan rose from $8,003 to
$15,745, according to the Kaiser survey.
"Clearly, health care costs are going in the wrong direction. But, by
using available technology such as online employee portals and mobile
communication, insurance providers can make a significant step towards
broader cost controls, participant empowerment, while assuring ACA
compliance," said Byers.
The world's leading employers choose HighRoads to gain complete control
over their health care costs and compliance. HighRoads' SaaS (News - Alert)-based
solutions provide employers with complete benefits management
capability, including benefits plan information and pricing, competitive
benefits benchmarks, and complete benefits compliance management. The
privately-held company is headquartered in Woburn, MA. For more
information, visit www.HighRoads.com.
Follow us at @HighRoadsHR.
[ Back To TMCnet.com's Homepage ]