Holly ParsonsThe Wilson Agency, A UBA Partner Firm
Media outlets around the country were in a frenzy this week as the news broke about the “secret” lap band surgery of New Jersey Governor Chris Christie. While the Governor dismisses the attention a…
The new health care law is confusing, in part because the language is confusing. Just take the terms “essential health benefits,” “minimum essential coverage” and “minimum value coverage” as an example – it’s not hard to see why employe…
There are some stunning statistics that speak to the fact that most employers are not prepared to handle a disaster. For instance, did you know that only 35 percent of small- to medium-sized businesses have a comprehensive disaster recovery plan*, yet …
By Amy Gallagher, MBA
Vice President of Major Accounts
Cornerstone Group, a UBA Partner Firm
United Benefit Advisors is focused on premium rates nationwide and will be monitoring state decisions very carefully. This week we will look at Rhode…
By Mick Constantinou, Advisor, Employee BenefitsConnelly, Carlisle, Fields, & Nichols, A UBA Partner Firm
There is an old paradoxical adage that, “Knowledge is knowing that a tomato is a fruit, while wisdom is not putting it in a fruit salad.”&…
Peter Freska, CEBSBenefits AdvisorThe LBL Group, A UBA Partner Firm
So many of us have heard about tax credits in relation to Health Care Reform, but does everyone know the difference?
Let’s start with the part most people seem to understand, and th…
As the complexities of the Patient Protection and Affordable Care Act (PPACA) continue to unfold, UBA will be offering employers free tools, materials, and analysis to help with your decision-making.
In particular, we’ve recently launched a free onli…
Of any industry, the public sector must find a way to simultaneously keep employee health care costs low, yet attractive enough to recruit and retain the best public service talent. However, with exponentially increasing health insurance premiums, this…
PPACA’s Jan. 1, 2014, effective date will be here sooner than you think. The stress of this impending law is compounded by its complicated nature – it has many provisions that depend on employee size, as well as other factors.
To alleviate PPACA c…
By Mick Constantinou, Advisor, Employee Benefits
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With the biggest pieces of health care reform looming on the horizon, companies are asking themselves two main questions:
In the new era of PPACA, some companies will realize the inherent inefficiencies and costs associated with their internal silos and the risks these silos present in terms of quantify and qualify the impacts of PPACA. A Towers Watson study determined that 63 percent of organizations are reengineering key HRIS/payroll processes and seeking to increase alignment of their human resource strategy with their business strategy.
According to Tim Padva, CEO of CheckPointHR, “While some costs are unavoidable, top executives are often surprised to find out how much of the HR budget is spent unnecessarily. No company sets out to waste HR dollars, but without realizing it, most end up doing exactly that.”
The management of payroll, human resources and benefit processes is generally fragmented, which leaves many employers operating in a chaotic environment plagued by:
This was confirmed by a Price Waterhouse Coopers (PWC) study, which found that enterprises could save from 18 percent to 32 percent by optimizing their silo approach into a continuum approach. The same study found that small to midsize companies spend 43 percent more than larger companies (per employee per year) to handle payroll, workforce administration, time and attendance and health and welfare.
Mr. Padva continues, “This does not mean advocating a reduction in benefit plan quality, shifting excessive costs over to employees, or eliminating HR programs. In fact, when a thorough analysis is completed, companies are often able to broaden plan options, increase employee satisfaction and return money to the business.”
Access to consistent, accurate workforce data across silos also is important for determining the impacts of PPACA, regardless of whether an employer decides to “play or pay” in 2014 and beyond. The health care reform law creates a number of new compliance requirements that will impact employers and employees, such as:
Transforming process and database silos into an integrated benefit administration, human resources and payroll platform optimizes organizational efficiency (direct, hidden, and opportunity costs) and prepares decision makers for the important conversations that should be taking place during 2013.
