Insurers leverage premium billing software to bill customers. That may include individual members on or off a health insurance exchange, groups of members who share an employer, or Medicare Advantage groups or individuals.
Premium billing software streamlines billing processes by automating steps like invoice generation, communication, payment, remittance, and commission management.
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Whether that’s the time it takes to export data for a delinquency notification mail merge, or manually reconciling payments, poor billing software can negatively impact the productivity of billing teams.
Premium billing is an often overlooked touchpoint that impacts member satisfaction. Billing experiences prone to error can drive down NPS scores while driving up calls to your call center.
By automating processes, improving payment rates, and achieving economies of scale that may be difficult for individual health plans to achieve, premium billing software helps reduce billing costs.
Instead of using the less-functional billing suite included in their core administration platform, health insurers are turning to modular premium billing solutions. By leveraging web services or other integrations, these systems can ingest enrollment
and rate data, subsidy information (like low-income subsidies for Medicare Advantage), and additional fees (like late enrollment penalties). Modular solutions also offer additional features, like automated delinquency management, remittance management, and integrated payment portals.