The Advantages of Partnering with a Third-Party Administrator/Third-Party Payor for Streamlined Employee Benefits Administration For companies looking to simplify and optimize their employee benefits management, partnering with a Third-Party Administrator (TPA) that is also a Third-Party Payor (TPP) can make the claims process considerably more efficient. Unlike a TPA that only handles certain administrative tasks, a TPA/TPP also directly adjudicates and pays out claims to employees after adjudicating them. This key difference provides several critical benefits for employers.
Reduced Administrative Burden
A major advantage of working with a TPA/TPP is that all benefits administration is handled for you. The TPA/TPP takes care of the entire process including claims processing, adjudication, reimbursements, and any other operational aspects related to your group benefits. Your human resources staff is free to focus on core business operations rather than getting bogged down in claims paperwork and administrative minutiae. With a quality TPA/TPP partner, your company can essentially outsource the entirety of benefits management. This saves you considerable time and money compared to handling it in-house. Your TPP of choice is well-equipped, with dedicated staff and advanced technology that streamlines the process far better than most employers could achieve on their own.
Access to Competitive Insurance Rates
TPA/TPPs leverage their connections with multiple insurance carriers to provide employers the best possible rates on benefits plans. The buying power and industry relationships of the TPP allows them to secure rates that are likely significantly lower than what any single employer could negotiate directly with carriers; these savings are then passed onto you.
Custom Tailored Benefits Packages
TPA/TPPs make offering tailored benefits packages simple for employers. Your TPA/TPP will take the time to understand your specific budget constraints, employee demographics, and overall needs. With this insight, they can craft benefits plans to help you attract and retain top talent in a competitive job market. When you work with a Third-Party Administrator (TPA)/Third-Party Payor (TPP), they handle the complexity of dealing with multiple carriers to create a custom plan at an advantageous price point. This represents a customized solution versus an off-the-shelf plan that may not meet all of your needs.
One Seamless Source for Employee Support
For employees, contacting the TPA/TPP for all benefits-related questions or issues greatly simplifies things on their end. They are not forced to contact multiple providers to understand coverage details or resolve claims problems. Your organization’s TPA/TPP represents a single point of contact and a one-stop-shop for support.
Expedited Claims Processing and Reimbursement
Compared to what most companies can achieve internally, TPA/TPPs are able to process and reimburse employee claims much faster. Quick turnaround on approvals and payments is facilitated by specialized technology/tools, dedicated staff, and accumulation of historical claims data. Employees appreciate faster reimbursements and a team of staff able to answer their questions quickly and in terms that are easy to understand.
How the TPP Process Works
Partnering with a Third-Party Administrator/Payor like Canadian Benefit Providers (CBP) is straightforward:
- Plan Design: CBP works closely with you to create an optimal benefits package tailored to your organizational needs and budget. They leverage their carrier relationships to craft a custom plan tailored to the organization, rather than a simplified, “cookie cutter” solution.
- Pricing: Competitive rates are secured by CBP on your behalf, providing savings versus going direct.
- Enrollment: CBP helps you manage new employee onboarding and open enrollment smoothly.
- Ongoing Support: Employees contact CBP directly for any claims questions or benefits issues.
- Claims Processing: CBP’s consolidated systems and expert staff enable quick turnaround on claims submissions.
An Ideal Benefits Management Solution
For any company looking to enhance their benefits administration and reduce headaches, a partnership with Canadian Benefit Providers as a reputable TPA/TPP (Third-Party Administrator/Payor) is an ideal solution. The TPA/TPP becomes an extension of your team, handling the entirety of the benefits management lifecycle. This saves you time and money to focus on driving your business operations. To learn more about the advantages of working with a Third-Party Administrator/Payor (TPA/TPP) for streamlined benefits administration, contact our experts today. We are happy to walk through the process in more detail and show how partnering with the right TPP can benefit your organization. Connect with Our Team Today! ►
