While the complexity of meeting Affordable Care Act (ACA) requirements is a challenge for some employers, other forward-thinking organizations are transforming compliance requirements into a strategic advantage.
By seamlessly integrating data from all HR systems, including benefits administration, payroll, and HRIS to track eligibility and affordability, these employers are unlocking the keys to better decision making and strategic analysis.
In addition to meeting compliance requirements, your ACA data should be:
- Determining your most advantageous safe harbor based on current employee income and the employee premium for the lowest cost, minimum value plan offered.
- Calculating all relevant ACA taxes and penalties, including transitional reinsurance fees, and Patient-Centered Outcomes Research Institute (PCORI) fees.
- Supporting optimization of medical benefits design with decision modeling on ACA-dependent variables.
- Providing period-based cost trend analyses over time — by month, quarter, and year.
- Forecasting adoption rates and impact, and determining the effects adoption rates have on overall plan design costs.
If your current ACA solution isn’t supporting your company’s fiscal planning strategies, consider Health E(fx) for clarity, compliance, and control. As an award-winning, cloud-based solution for compliance, audit, reporting, and data analytics under the ACA, Health E(fx) combines automated oversight with strategic insight. You cannot escape the ACA requirements, but you can leverage the data to improve your business intelligence and your bottom line, and Health E(fx) can help.
Many of our customers have done extensive research to find the best and most trusted ACA tracking and compliance management solution on the market. Their final choice: Health E(fx).