Benefit Plan Administration
Recognizing that scope and function of employee-benefits administration differs within organizations, there are a number of core activities that BayPoint may assist with, including:
Benefits Plan Design
BayPoint’s Benefit Advisers understand that a critical function of employee benefits administration is the initial design and ongoing modification of the benefits program to meet changing organizational and/or human resource objectives.
Benefits Plan Delivery
At its core, employee benefits administration is a customer service business. The services we provide our clients can encompass a variety of activities, which vary depending on the scope of the benefit program, the nature of the organization, and the characteristics of the employee workforce.
Benefits Policy Formulation
As part of the benefits management function, there is a continuous stream of human resource questions and issues that must be resolved. Such issues can relate to denial of claims by the carrier; confusion over waiting periods; service areas of a managed care network; and whether or not a new medical procedure will be covered by a benefit plan. BayPoint takes the appropriate proactive or reactive role in formulating policies related to the benefit plans.
Communication
A principal activity in benefit plan management is to effectively communicate the value of benefit programs, as well as plan provisions and proper procedures for accessing these programs. Often employees do not see the true cost and value of benefit plans until their COBRA papers arrive.
Problem: The workforce is comprised of individuals of varying levels of education, financial sophistication, and interest in understanding plan provisions.
Solution: Have materials that are targeted to specific sections of the workforce to increase impact and drive action. Such communication tools can include: promotional materials, benefits seminars, on-site presentations, health & wellness fairs, lunch-and-learns, announcement letters, and group conference calls.
Problem: Some benefits are of little interest, or simply unknown, to the majority of employees until point of use or access.
Solution: Provide employees with something tangible, such as a temporary ID card, that they can see or feel right away. Also provide them with a simple, 1-page, company-specific benefit summary highlighting the plan’s offerings.
Problem: Often employees do not want to go to their HR department for personal health questions, or they have time-consuming claims issues that would take away from their productivity.
Solution: BayPoint’s Employee Advocacy Program will deal with an employee’s health concerns and questions in a confidential manner. The program also helps employees navigate the healthcare arena, and will also assist them with claims resolution.
Cost Management & Resource Control
As the costs of benefit programs rise, we understand that cost management has become a critical issue for employers. Benefits programs should be viewed as a partnership between a company’s Finance department and Human Resources department. Benefit plan management can thus add significant value by finding cost-saving ways to maximize benefit programs.
Monitoring the External Environment
As with any type of business activity, employee benefits management is affected by the larger business context in which these programs operate. Our Benefit Advisers consistently review these environmental factors to determine emerging trends in the following areas:
- General business and competitive conditions
- Governmental policy
- Workforce demographic shifts
- New product development
- New organizational structures
- Technological enhancement and innovation
