Finance Management
More and more, HR is being asked to play a bigger role in corporate strategy. So you may be looking for ways to monitor actual program expenses. Or more efficient ways to reconcile expenses. If you are, HighRoads can help. For more than 11 years, we've automated the benefits management process of hundreds of leading employers, reducing their health care costs and controlling their compliance.
HighRoads financial management solution 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
- Mergers and acquisitions
- Identify emerging trends
Clients 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.