The last few years have been challenging, full of lessons to learn and new perspectives to gain. As third-party administrators (TPAs) and brokers use these to meet this year’s goals, what are the five keys to a successful 2023?
Provide Year-Round Communication
Although a benefits program may be in good shape when open enrollment concludes, what about a month or quarter later? Have any participants had a mid-year status change necessitating an adjustment to their consumer-directed healthcare accounts? Have employers planned any layoffs that will need COBRA support? Periodically checking in with employers to identify and address new needs reinforces the value of retaining a year-round partner and can lead to new revenue streams from existing clients.
Support Participants with Education
Year-round communication is an effective strategy but must incorporate educational elements for the complete picture. Benefits are only as good as the usage and satisfaction derived from them. They must be well understood to achieve maximum satisfaction, which depends on effective education. While offering educational resources during open enrollment is always crucial, including periodic reminders, tips and tricks, and similar information is equally important.
Avoid Multiple Data Management Systems
As technology evolves, businesses often subscribe to more and more software solutions. Unfortunately, that can result in more opportunities for error, oversight, and security issues. Single-solution platforms help TPAs and brokers to better serve their valued clients and avoid time-wasting duplicated effort as well.
Learn How to Delegate
Business owners often feel they have to tackle everything themselves, but delegation and organization are essential. Forbes points out that owners should focus on high-income and legacy-building activities and delegate those that fall into the no- and low-income categories. In this manner, owners can be better equipped to ensure company growth is on track.
Hire Smarter
With increasing talk of layoffs and furloughs, more employers than not are re-evaluating their workforce needs for 2023. Sometimes, hiring smarter can mean not hiring at all. Business process outsourcing (BPO) may be the best solution, especially for repetitive operational tasks. (Note: DataPath, through its partnership with Accelergent Growth Solutions, offers accurate, experienced, and highly affordable BPO for TPAs and brokers.)
For 40 years, DataPath has been a pivotal force in the employee benefits, financial services, and insurance industries. The company’s flagship DataPath Summit platform offers an integrated solution for managing CDH, HSA, Well-Being, COBRA, and Billing. Through its partnership with Accelergent Growth Solutions, DataPath also offers expert BPO services, automation, outsourced customer service, and award-winning marketing services.