"The financial management application from HighRoads gave us the ability to easily aggregate, reconcile and report on health care expenses for our lines of business," said Mary Bradley, Director of Health Care Planning at Pitney Bowes Inc. "This allows us to set account expectations on a more current basis."
HighRoads Financial Management Service
HighRoads customized financial management service enables both human resources and finance to accurately and comprehensively track and report benefits program costs. Our service provides employers with the means to:
- Audit plan performance, vendors, and enrollment results
- Report plan performance to various management groups
- Report or allocate plan costs by various organizational groups
- Support ongoing plan management needs
- Identify emerging trends
Results
Employers are provided real-time insights into program finances and, if desired, receive summary level reports with consulting commentary outlining relevant information including demographic and claims drivers, budget expectations, components of trend and future strategy considerations. Common results experienced by employers include:
- Enhanced internal reporting: provide timely, efficient and accurate reporting of key metrics similar to other areas of business operations.
- Integrated total benefit measurement: measure total benefit spend, budget and cost sharing across all benefit programs including key performance metrics such as per capita, per FTE and fringe-rate cost metrics.
- Thorough and proactive self-funded program analysis: report on self-funded claims by program, ASO fees, HSA/HRA account information, stop-loss reimbursement, Rx rebates and the like. Identify emerging trends related to large claims and other drivers of budget variance.
- Program monitoring and troubleshooting: Audit vendor eligibility, wire payments and financial performance
- Efficient and accurate future budget projections: Import audited plan data into HighRoads budget models for automatic, timely and accurate program projections.
HighRoads financial management service is completely customized to reflect specific needs of both large and smaller employers.
