Benefitfocus Enhances Health Insights Platform to Include Claims Audit and Recovery Services

Rhea-AI Summary

Benefitfocus (NASDAQ: BNFT) has announced the launch of Claims Audit & Recovery Services as part of its Benefitplace™ Health Insights platform. This service aims to help employers recover overpaid medical claims, addressing the 20% of medical claims with errors, as reported by the American Medical Association. They estimate a recovery potential of 3-5% of claims, translating to up to $2 million annually for employers with 7,000 employees and $52 million in claims. This initiative is designed to reduce unnecessary costs and reinvest in employee benefits.

Positive

• Launch of Claims Audit & Recovery Services.
• Potential to recover 3-5% of medical claims overpayments.
• Support for employers to reduce unnecessary healthcare costs.

Negative

• None.

CHARLESTON, S.C., July 28, 2022 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ: BNFT), a cloud-based benefits administration technology company committed to helping customers and the people they serve get the most out of their health care and benefit programs, today announced it is offering Claims Audit & Recovery Services as an extension of its Benefitplace™ Health Insights data analytics platform.

According to the American Medical Association, more than 20 percent of all medical claims contain errors, resulting in billions of dollars of overpayments to providers each year. Benefitfocus’ Claims Audit & Recovery Services complements employers’ existing audit capabilities and leverages proprietary technology to dig deeper into their previously paid medical claims to ensure they were billed, priced and paid appropriately. Benefitfocus then helps identify and recover any improperly paid amounts directly from the providers on behalf of the employer health plan.

Benefitfocus estimates it can identify three-to-five percent of all medical claims as overpaid with a 70 percent rate of recovery. For an employer with 7,000 employees and an average of $52 million in paid medical claims annually, that could be up to $2 million in overpayments recovered for the employer each year.

“For self-funded employers and their plan members, chronic provider overpayments represent money that should never have been spent and can lead to unnecessary cost increases for employers and employees, often in the form of higher premiums or deductibles,” said Tina Provancal, Chief Product & Strategy Officer at Benefitfocus. “Our Claims Audit & Recovery Services adds an extra layer of support for employers to help them identify and reduce unintended spend, enabling them to reinvest those dollars back into their benefits programs and ultimately, put money back into the pockets of employees and their families.”

Claims Audit & Recovery Services is the newest solution available on Benefitplace™ Health Insights, a robust reporting and analytics platform that provides employers with data and insights that help them make more informed decisions about their benefits programs. Coupled with the platform’s Rx Insights module, customers can better manage rising health care costs and take proactive cost-saving measures on behalf of their employees. Additional information on Benefitplace Health Insights can be found here.

Connect with Benefitfocus
Like Benefitfocus on Facebook
Follow @benefitfocus on Twitter
Follow Benefitfocus on LinkedIn
Follow Benefitfocus on Instagram

About Benefitfocus
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.

Media Contact:

pr@benefitfocus.com 

FAQ

What are the new services offered by Benefitfocus?

Benefitfocus has launched Claims Audit & Recovery Services to help recover overpaid medical claims.

How much can employers recover from overpaid claims using Benefitfocus's new service?

Employers can potentially recover up to $2 million annually from overpaid claims.

What percentage of medical claims are estimated to be overpaid according to Benefitfocus?

Benefitfocus estimates that 3-5% of all medical claims are overpaid.

How does Benefitfocus help in managing healthcare costs?

Benefitfocus uses proprietary technology to audit medical claims and identify recoverable overpayments.