DALLAS, December 8, 2009 Â–- HRAdvance announced it is making available to the public a library of resources for organizations to evaluate their Dependent Eligibility Audit Alternatives.
While more than two-thirds of mid-sized and large companies in the U.S. have evaluated or are conducting a Dependent Eligibility Audit, the ROI (return on investment) varies widely depending on the type of audit and provider’s approach.
A few of the Dependent Eligibility Audit alternatives that significantly impact ROI include:
1. Random sampling versus comprehensive audits
2. Manual versus technology-enabled solution for internal controls and alerts
3. Service Level Agreements (dependent eligibility audit SLAs) including cycle times and duration (i.e., what performance guarantees are in place)
4. Reporting, transparency and interpretation of the data
5. The published audit results for the specific industry from the solution provider
The Dependent Eligibility Audit Evaluation Resources Kit will help organizations to:
1. Evaluate their audit options, and
2. Build the business case for Dependent Eligibility Audit (i.e., define the specific value to their organization)
“A manual approach is extremely labor intensive,” said Dependent Eligibility Audit speaker Dianne Geiger-Chin Loy. “It increases risk exposure in numerous areas, and raises privacy and safeguard of information concerns.”
The Dependent Eligibility Audit Evaluation Resources Kit includes:
Â• How to identify a qualified provider (Key Questions/Vendor Qualifications)
Â• Features to Consider Based on User Defined Needs
Â• Qualifications Of A Best Practice Dependent Eligibility Audit Program
Â• Vendor Evaluation Scorecard (handicapping formula)
“It is critical that objective and defensible methods be consistently applied when conducting an audit,” remarked Dependent Eligibility Audit speaker Dianne Geiger-Chin Loy. “If a systematic, rules-based approach that applies the employer’s exact benefit eligibility criteria is not automated and automatic then the outcomes will be flawed.”
View the Dependent Eligibility Audit Evaluation Resources Kit at: http://www.plan-smart.com/DependentEligibilityAuditEvaluation.asp
HRAdvance was founded in 2004 with a narrow mission in mind: to provide HR and Benefit professionals with best-of-breed hosted solutions that can be deployed without capital expenditure or IT dependency. Our Guiding Principle: We believe that employees are the most valuable asset of virtually every organization.
Our core competency is Plan-SmartÂ™ and Plan-GuardÂ™ dependent eligibility audit and verification services. With more than 175 clients that range in size from 500 to more than 100,000 employee lives, HRAdvance is the best in class dependent eligibility audit solution. Our management competencies and healthcare focus reflect over 150 years combined experience in developing automated human resource, benefits, administrative and financial solutions for government, public and private organizations. Visit www.hradvance.com to learn more.
Braddon White, 214-965-5809
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This press release was distributed through PR Web by Human Resources Marketer (HR Marketer: www.HRmarketer.com) on behalf of the company