Benefitfocus has recently announced a new SAP Solution Extension that promises to simplify the ACA compliance and reporting process for customers.
As a cloud-based benefits administration technology provider, Benefitfocus is dedicated to maximizing the effectiveness of its clients’ healthcare and benefit programs for its employees and the individuals they serve. The Charleston, South Carolina-based company’s mission is to reduce the complexity of benefits administration through outstanding service and advanced Software as a Service (SaaS) solutions, offering an experience that engages individuals and unleashes the opportunities for better health and improved results.
The launch of the SAP SuccessFactors app center in 2016 featured Benefitfocus as one of more than a hundred partners. The SAP SuccessFactors HCM Suite is integrated with a variety of partner software solutions, all of which are listed in the open hub. It was the German tech giant’s goal that the app center would inspire developers to create HR-related add-on services, in addition to providing clients with simple access to partner applications connected with SAP SuccessFactors solutions.
SAP Partner Benefitfocus recently announced that its Affordable Care Act (ACA) compliance solution would be marketed as an SAP Solution Extension. The company has been a long-time partner of SAP, and this latest announcement further cements their relationship. This latest development highlights the benefits of the partnership for both companies, as well as their commitment to providing innovative solutions for their customers.
Moreover, the ACA compliance solution — also sold under the name SAP US Benefits Administration by Benefitfocus — is a comprehensive offering that helps companies meet all the requirements of the Affordable Care Act. With this solution, companies can automate many of the key processes required to comply with the ACA, freeing up staff to focus on other tasks.
Commenting on the announcement, SAP SuccessFactors Product Area Lead for Rewarding Philip Coleman shared:
“As regulations continue to evolve, organizations need help understanding not only what’s changing, but the actions they need to take to comply with complex laws like the ACA. With this new SAP Solution Extension, we can offer our customers an end-to-end solution that leverages technology, data-driven insights, and ACA specialists to help simplify the ACA compliance and reporting process.”
Introducing SAP US Benefits Administration by Benefitfocus
Policy reforms in early 2023 will influence affordability standards and extend access to high-quality healthcare through federal and state health exchanges, making the need for an end-to-end ACA compliance solution more pressing than ever before. According to Benefitfocus Vice President of Administrative Services Scott Van Horn, employers may find it difficult to remain in compliance with federal and state standards when they change in response to the Affordable Care Act.
“Employers are looking for a trusted partner to help them manage the compliance and reporting process end-to-end. Our solution can not only free up their time to focus on more value-added services, but it can also help reduce the potential risks of incurring hefty penalties from the IRS,” Van Horn explained.
By collecting and analyzing customer data from several sources, identifying potential problems, notifying consumers of those problems, filing ACA reports with the Internal Revenue Service (IRS), and helping with penalty notifications, Benefitfocus’ solution proactively handles the IRS employer requirement. The company’s offering works in tandem with SAP and expands upon the software’s features. Additionally, the solution is marketed, sold, and supported by the German tech giant once it has been tested, validated, approved, and so on.
SAP US Benefits Administration by Benefitfocus, a reporting alternative for the ACA, has the following key features:
- Improved data aggregation for a more reliable result – Payroll, demographic, COBRA, and leave of absence information are just some of the types of data that may be aggregated and verified for accuracy by the solution’s combination of cutting-edge technology and skilled data engineers before being submitted to the IRS.
- Real-time problem detection and analysis enabled by data collected throughout the year – An straightforward dashboard is at the heart of this system, letting users keep tabs on data, see the fruits of their computations, and flag any problems that may arise.
- Access to Client Services Managers who are knowledgeable in ACA regulations – Customers are assigned a Client Services Manager who is an expert in all things ACA-related and who takes charge of the customer’s ACA compliance and reporting processes. This consultant keeps clients up-to-date on any new ACA laws or standards and meets with them once a month to discuss any discrepancies in their dashboard data.
- Optimizing core processes – The system manages all employee forms from start to finish by creating a single hub where employees can access all relevant forms and submit them electronically. Benefitfocus also proactively reports this information to the Internal Revenue Service and specific states as required.