New DataPath whitepaper explores the complexities of benefits administration and why employers should consider outsourcing
LITTLE ROCK, ARKANSAS (July 11, 2019) – The complex and highly-regulated field of healthcare benefits administration should not be taken lightly. A new whitepaper from DataPath, Inc., the longest running software provider in the healthcare benefits administration industry, surveys the potential perils of keeping benefits administration in-house and offers a solution for cost-minded businesses.
The whitepaper, “Employers Looking to Save Money, Hire Top Talent, and Deliver Quality Benefits Should Hire a Third Party Administrator,” discusses the numerous job responsibilities, expenses, compliance needs, and penalties associated with plan setup and account administration. The paper points out that keeping the work in-house may sound appealing to some companies, but hiring additional staff or tasking current employees to take on this detail-oriented job may not be the best option. As such, employers of all sizes should consider hiring a professional third party administrator.
“Proper benefits administration is a tremendous undertaking that can take a lot of time,” says Sean Cox, Chief Revenue Officer at DataPath. “If it’s not done right, compliance violations carry heavy penalties. Hiring a professional administrator should be part of the discussion for employers.”
About DataPath: Headquartered in Little Rock, Arkansas, DataPath, Inc. has been in business since 1984. DataPath creates solutions for the administration of employer-sponsored benefits including Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), Health Savings Accounts (HSAs), and COBRA. The company also created the award-winning employee education and engagement program The Adventures of Captain Contributor™. Learn more at dpath.com.