More U.S. Employers Seeking Better Ways to Manage ACA Compliance and Reduce Risk
CHARLESTON, S.C., Dec. 19, 2022 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ: BNFT), a cloud-based benefits administration technology company committed to helping organizations and the people they serve get the most out of their health care and benefit programs, today announced that its ACA compliance solution will be sold as an SAP Solution Extension under the name SAP U.S. Benefits Administration by Benefitfocus, reporting option for the Affordable Care Act (ACA).
The ACA compliance solution proactively manages the IRS employer mandate, from aggregating and analyzing customer data from various sources and proactively alerting customers to any issues, to filing ACA reports with the IRS, and assisting with penalty notices. The solution integrates with SAP® software and complements SAP capabilities. SAP tests, validates, approves, markets, sells and supports the solution.
“It can be challenging for employers to keep up with the evolving changes in ACA regulations and know how to stay compliant with federal and state laws,” said Scott Van Horn, Benefitfocus’ Vice President of Administrative Services. “Employers are looking for a trusted partner to help them manage the compliance and reporting process end-to-end. Our solution can not only free up their time to focus on more value-added services, but it can also help reduce the potential risks of incurring hefty penalties from the IRS.”
The need for an end-to-end ACA compliance solution is more important than ever as employers prepare for regulatory changes in early 2023 that will impact affordability requirements and expand access to quality health coverage through federal and state health exchanges.
“As regulations continue to evolve, organizations need help understanding not only what’s changing, but the actions they need to take to comply with complex laws like the ACA,” said Philip Coleman, Product Area Lead for Rewarding, SAP SuccessFactors. “With this new SAP Solution Extension, we can offer our customers an end-to-end solution that leverages technology, data-driven insights and ACA specialists to help simplify the ACA compliance and reporting process.”
Key features of SAP U.S. Benefits Administration by Benefitfocus, reporting option for the ACA include:
Aggregated data to help provide a higher standard of accuracy: The solution combines technology with experienced data engineers to aggregate data from different sources, file systems and formats such as payroll, demographic, COBRA and leave of absence information and checks that the data is complete and accurate before it is reported to the IRS.
Year-round data insights to help identify and address issues in real time: The solution features an easy-to-use, intuitive dashboard that helps enable customers to monitor data, displays the results of calculations and calls out any potential issues.
Client Service Managers who are experts in ACA regulations: Customers are partnered with a Client Services Manager who specializes in all areas related to the ACA and who proactively manages all aspects of ACA compliance and reporting on the customer’s behalf. This advisor provides ongoing updates to ACA regulations and requirements and meets with customers monthly to walk through any data anomalies in their dashboards.
Comprehensive management and submission of employee forms: The solution prepares, prints and mails all employee forms, which employees can access via a centralized portal. Benefitfocus also files this data directly with the IRS and with states with their own individual mandates. The solution has successfully filed on time for 100% of its customers since employers were required to file in 2015.
Expedited Penalty Response: The Client Services Manager provides customers with detailed responses on any rejections or errors from the IRS, assists with research and expedites responses for any subsidy appeals or penalty notices at no extra cost. On average, Benefitfocus estimates its ACA compliance solution has helped customers reduce IRS penalties by 98%.
“ACA compliance is a year-round need,” added Van Horn. “With a designated ACA Client Services Manager, an easy-to-use dashboard and intuitive reporting tools, we can quickly assess changes, help identify potential issues and gaps and then advise customers on actions that enable them to proactively mitigate risk.”
To learn more about SAP U.S. Benefits Administration by Benefitfocus, reporting option for the Affordable Cara Act, visit sap.com.
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Benefitfocus (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.
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Source: Benefitfocus, Inc.