Third-Party Administrators (TPAs)
Most employers source their employees' health coverage in one of two ways — by contracting insurance plans from a provider or using their business's funds to provide health care plans to employees.
Third-party administrators (TPAs) handle a variety of health care responsibilities for clients. A TPA's basic functions might include filing required paperwork, coordinating with other vendors and processing medical claims. In all functions, a TPA optimizes administrative operations for cost-containment and efficiency, but they may partner with other entities to delegate certain tasks. Self-funded health care plans are one commonly outsourced area where focus and expertise can improve client satisfaction.
Why Offer Affordable Care Act (ACA) Compliance?
Between reporting the necessary information and tracking the changing guidelines for compliance under the ACA, creating and managing a company's self-funded health care plan can be complex, even for the most established TPA. Despite the challenges associated with remaining compliant, keeping your clients' health care plans up to date is crucial.
The Internal Revenue Service (IRS) started enforcing the ACA's employer requirements in 2017. However, employers who failed to comply in earlier years can still be held responsible because ACA penalties have no statute of limitations. Costly fines from previous years could cause your client to struggle. Even accidental failure to comply is punishable under the ACA's current guidelines.
Compliance is difficult, even as a TPA, because changing administrations and dissenting opinions keep the ACA in a constant state of fluctuation. That ever-evolving legislation presents a challenge for businesses and TPAs who lack the resources to focus on monitoring and meeting employer obligations.
ACA reporting for TPAs takes time and specific expertise. That's why many TPAs partner with compliance solution firms such as SyncStream Solutions.
What Does Partnering With SyncStream Entail?
When you connect with SyncStream, you have access to our ACA and Employment Information Report (EEO-1) solutions. We work with TPAs in a variety of fields, including accounting, payroll and other outsourced departments. Our subject matter expertise lets us focus on designing, launching and implementing customized health plans that make the most sense for your clients and their workforces' needs.
Our solutions make tracking and reporting information for ACA compliance simple and cost-effective. Our solution is a perfect example of how our team combines existing technology with our knowledge and desire to build and maintain ACA compliant self-funded health care plans. We'll help your clients avoid penalties, ensure their satisfaction and boost your client retention.
Learn More About Partnering With Us
A partnership with SyncStream has incredible benefits for you and your clients. Take some of the burden off their business and yours by reaching out to our team for more information about our customizable solutions.
SyncStream also offers free quotes for potential partners. Learn more about our services, including ACA reporting for TPAs today. Contact us by filling out our online form or giving us a call at 870-232-4365.