Running a business or managing human resources often involves handling employee benefits and health insurance plans. It can be a complex and risky responsibility, especially when it comes to staying compliant and making sure fees and services are in line with expectations. Fiduciary Shield can help protect both your business and your employees by offering expert guidance and oversight on employee benefit plans.
What is Fiduciary Shield?
BenefitsDNA provides ongoing monitoring for group health plan sponsors in regard to their plan compliance, fiduciary duty and ongoing education on new regulations.
Why Businesses Need Fiduciary Protection
Employee benefits are one of the most significant investments businesses make, but they can also be a source of liability if not managed properly. You may be wondering if your benefits plans are truly working in your employees’ best interest, or if you’re overpaying for services that don’t meet your business’s needs. Fiduciary Shield helps businesses navigate these challenges with a set of services designed to protect you and your employees from risks that can arise from mismanagement of benefit plans.
Provider Monitoring: Keeping the Right Eyes on Your Plans
One of the biggest concerns businesses face is making sure the providers they work with are offering fair and transparent services. Provider Monitoring ensures that benefit plan providers are delivering on their promises and keeping costs in check. Regular evaluations of provider performance give peace of mind that your business isn’t being overcharged or underserved.
Process Documentation: Be Prepared for Every Audit
When a company gets audited, the paperwork around employee benefits can become overwhelming. Process Documentation ensures that all necessary records are maintained and easily accessible. From how decisions are made to the way fees are structured, having organized documentation can protect your business from potential compliance issues and costly mistakes.
Fee Analysis: Are You Overpaying?
Costs are a major concern for any business. With Fee Analysis, you can get a clear view of where your money is going and whether or not you’re paying more than you should for your employee benefits plans. This service identifies hidden fees and unnecessary expenses, so you can adjust and optimize your spending.
Competitive Bidding: Finding the Best Deals
Shopping for employee benefits can be difficult, especially when there are so many options to choose from. Competitive Bidding helps your business find the most cost-effective plans by seeking out multiple bids and comparing them. This process ensures that you’re not stuck with a provider that charges too much for too little value.
Fee Negotiation: Get the Best Rates
Once the right provider is chosen, Fee Negotiation ensures you get the best possible rates. It can be tough to know if your business is in a position to ask for lower fees, but this service gives you the confidence and data to negotiate effectively.
Testing Review: Stay Compliant
Benefit plan testing is critical to make sure your plans meet regulatory standards. Testing Review evaluates your plans against legal requirements, helping avoid fines or penalties. By staying compliant, your business can steer clear of costly issues while keeping employees’ benefits intact.
Take the Next Step with BenefitsDNA
Managing employee benefits and health insurance can be overwhelming, but you don’t have to do it alone. With Fiduciary Shield from BenefitsDNA, you get the tools and guidance needed to protect your business and employees. Take control of your benefits plans and make sure they’re working for you. Contact BenefitsDNA today to learn more about how Fiduciary Shield can safeguard your business.