Part 3 of 3: 15 Reasons Why You Can Outsource Premium Billing & Collections
In Parts One and Two of this 3-part series, we advanced the first 10 of 15 reasons why you can outsource your Premium Billing & Collections for greater efficiencies and cost savings.
In this Part Three, we identify 5 more reasons why you can outsource your Premium Billing & Collections. By “Premium Billing” we are referring to communications, billing (invoicing) and collections required to bill and collect premiums owed to your organization by one or more employees or former employees. Generally, premium billings fall into one of the following categories:
- Absence Premium Billing
- COBRA Premium Billing
- FMLA Premium Billing
- Individual Premium Billing
- Location Premium Billing
- Retiree Premium Billing
Reasons 10-15 Why You Can Outsource Your Premium Billing to BAS
This third set of reasons why you can outsource your Direct Premium Billing & Collections focuses on the collection process and working with a vendor that has 100% control over its software. A vendor that actually develops and owns the software can deliver timely configuration changes and customizations.
#11 Flexible Collection Options
You can choose from our many premium collection options including having payments sent to your organization or having BAS collect, reconcile and remit funds to your organization.
#12 Flexible Payment Options
You can offer one or a combination of our payment options including payments by check, user initiated ACH, and/or BAS initiated/automated ACH.
#13 Lock Box Service
Collecting checks can be a time consuming and risky process. You can solve this issue with BAS’ lock box collection service. We have bank-operated lock boxes on the West and East coasts. Our bank manages the collections and processing for the most timely and secure method of receiving payments by check.
#14 Timely Premium Remittance
BAS’ billing department process hundreds of millions of dollars annually and has tried and true processes that ensure highly accurate and secure collection, reconciliation and timely remittance back to your organization.
#15 Integrated Billing and Accounts Receivable
BAS' tightly integrated premium billing and collection service ensures that your accounts receivable is accurate. Our timely collections, posting and automation ensures your reports are relevant and useful.
Summary
As the 3rd part of our three-part series, here are reasons 11-15 why you can outsource your Premium Billing & Collection to BAS:
#11 Flexible Collection Options
#12 Flexible Payment Options
#13 Lock Box Service
#14 Timely Premium Remittance
#15 Integrated Billing and Accounts Receivable
Article Continuation
Why you can outsource reasons 1-5 were published on July 23, 2020 and can be found here.
Why you can outsource reasons 6-10 were published on August 6, 2020 and can be found here.
Helpful Resources
BAS Retiree Billing Service Page
BAS Direct Premium Billing Service
Contact Us: BAS Premium Billing Services Sales (888) 55-Billing or (888) 552-4554 or Sales@BASusa.com
