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Dependent Verification Audits – Why? How? When? The Keys to Executing a Successful Audit.

Topic:
Dependent Verification Audits – Why? How? When? The Keys to Executing a Successful Audit.
Date:
December 12, 2012 at 1:00 - 2:00 PM ET
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Description
Dependents are responsible for over 70% of most company’s health care costs, but on average, 4-8% of those dependents are ineligible for coverage and cost employers a FORTUNE annually. Not only do these ineligible dependents cost individual companies anywhere from tens of thousands ten of millions of dollars annually, they also compromise the compliance integrity of the health plan offered by an employer.

Regardless of what happens in Washington D.C., the cost of providing benefits to employees continues to grow, and Health Care Reform has not diminished the level of fraud in dependent coverage. In fact, recent research shows that due to a persistently poor economy and general confusion in benefit eligibility, the rate of ineligible dependents has increased from 5.8% to 7.99% of total dependents. A comprehensive audit will remove those ineligible dependents, educate employees on the value of their benefits plans, strengthen the compliance of a company’s benefits offering, and save employers incredible sums of dollars.

This webinar explores what an employer has to gain or lose by conducting a Dependent Eligibility Audit, and will reveal the keys to successful execution of an audit without inciting employee riots or burying your HR Department in paperwork. Attendees to this webinar will learn what fraud in a benefits plan looks like, how prevalent fraud really is, and what type of savings they can generate for their company with an audit. They will learn what to consider before launching an audit, including what types of audits are most common and the pros and cons of doing in-house versus outsourcing. Topics will also include employee engagement and penalty strategies, timing of an audit, ROI expectations and more.
Who Should Participate
CFOs, Controllers, VP HRs, Benefits Managers. Any member of an organization responsible for its profitabilty, compliance or benefits costs.
Extra Learning Material

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Recommended Resources
SHRM, PIHRA, EBA have all published numerous articles on the benefits of conducting Dependent Audits.
Categories
Benefits
Human Resources Management
HR Audit
Medical Benefits
Consumer-Directed Healthcare (CDH)
Insurance
Health
Vision
Dental
Healthcare Legislation and Compliance
ERISA
Benefits - Cost Containment, Audits and Legal Risks
What You Will Learn
Participants will learn:
  • What fraud in a benefits plan looks like
  • How prevalent fraud really is
  • Best Practices and Worst Mistakes in conducting an audit
  • What type of savings they can generate for their company with an audit.
Sponsored by
Dependent Specialists, Inc
Dependent Specialists, Inc
DSI (Dependent Specialists Inc) is a dedicated provider of customized, culturally sensitive dependent verification services. Whether 100 dependents or 10,000, employers trust DSI to manage this critical component of health care cost containment
Presented by
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Michael Gaudette
Dependent Specialists, Inc

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