As a third party administrator, what could you do if you were more effective?
- Increase client satisfaction.
- Grow your business.
- Avoid becoming stressed and overworked.
- Avoid making mistakes.
The answer, of course, is all of the above. With so many types of benefits available, as well as the paperwork requirements of the Affordable Care Act and other regulatory issues, third party administrators (TPAs) have their hands full. As a result, being effective is more important than ever.
Could your own effectiveness use a boost? Try these tips:
1. Do your research. If your goal is to grow your business, you need to perfect your pitch. Read this article to see how to improve your presentation by focusing on the needs of your prospect.
2. Review your services. Sometimes, to move forward, you need to look back. Take some time to conduct a review of your services, looking for areas where you can improve. Some of the questions you should ask yourself include:
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- What services do your competitors offer that you don’t, and what would you need to do to start offering these services?
- What are the current trends in benefit administration, and how can you capitalize on them?
- What services have your clients requested, and are you offering all of them?
- What problems have occurred in the last year, and how can you prevent them from repeating?
- Are you spending more time on your work than expected, and if so, which tasks are proving overly time-consuming?
- Are your rates where you want them to be, or is it time for an increase?
3. Customize your services. Each of your clients has unique needs. This is why it’s important to provide customized services. Key dates may differ, billing processes may vary and benefit plans will be different. Your services, including the notices you provide, should reflect this. Customization helps you keep track of the details for each client – and it helps you keep your clients happy.
Customization may sound like a lot of work, but it doesn’t have to be. With the right tools, you can customize your services for each client. Which brings us to the last point …
4. Use the right software. An effective TPA needs to be confident that no tasks have been forgotten and no mistakes have been made. The right administration software can automate processes to reduce the risk of human error. Not only does automation limit risk – it also saves you time. There’s no better way to increase effectiveness as a TPA. Travisoft can help in this area. Ask us about our COBRA administration and benefit administration solutions.