Benefits
The detailed analysis and data mining performed by BenefitsAudit provides the employer with actionable information to meet Sarbanes-Oxley and other reporting requirements. Clear cut analysis resulting in monetary recoveries, and benchmarks provide a basis of understanding to negotiate more favorable agreements.

Additional benefits from BenefitsAudit include the following:

Return On Investment
Using HDM's analytical services can provide a return on investment of 3:1 or better. Additional ROI includes the following:

Sarbanes-Oxley and Fiduciary Responsibility
The results of HDM's audit provide customers with assurance of their fiduciary responsibilities and compliance with Sarbanes-Oxley federal regulations. Sarbanes-Oxley Act has a material effect on corporate health-benefit programs. Specifically section 302 is certifying company quarterly and annual filings and section 404 is the requirements for companies to certify they have established, maintained and annually assess the effectives of internal controls. HDM's audit assesses Administrator's internal controls and our customer's risk associated with self-insuring employee health benefits.

Improve Future Performance
An analytical review helps health vendors improve performance and create an opportunity to implement a plan for continual improvement. The audit can identify problem areas, their causes, suggest improvements, and provide for future cost savings. Discovering just one internal control weakness or contract compliance issues will return a multiple of the dollars invested in the audit. A regular independent audit keeps vendors alert and lets them know clients demand a quality service.

Contract Renegotiation
A regular audit measures the performance of vendors and provides valuable information when renegotiating contracts.

Decision Support
HDM's analysis provides valuable insight into health benefit expenses, quality of health plans and the ability to model future benefit design.

Recovery of Overpayments
The audit process and claims analysis can identify 2% to 5% of total health care dollars that have potentially been paid in error, or have provider-coding issues and other party liability issues. The result of HDM's audit will be an excellent return on investment (ROI) due to the identification of claim errors and overpayments and recommendations to improve health plan performance and cost containment.

To learn more about our cost containment solutions for self-insured employers, contact HDM today at 800.859.5119 or request information with our online form. You may also send an email to: info@HDMinc.com.