Technology integration with EverythingBenefits software enables PayNorthwest clients to enjoy insurance carrier connectivity and COBRA administration
PayNorthwest LLC announced today that it has struck a partnership with the New Providence, NJ-based benefits technology and service provider, EverythingBenefits. By integrating EverythingBenefits’ software into its cloud-based WorkforceLumina payroll and HCM solution, PayNorthwest is able to provide its small to mid-sized clients with benefits carrier connectivity and COBRA administration services. Similar solutions currently available on the market are typically stand-alone, benefits-only systems targeted at larger enterprises that typically take 14 to 16 weeks to configure and begin transmitting data to carriers. With EverythingBenefits’ integrated carrier connection software, PayNorthwest clients can get a connection established with carriers in a fraction of the time.
According to CFO.com, the average annual cost for human resources (HR) to manually enroll an employee in a benefit plan is $109.48, which amounts to an annual expense of over $10,000 for a company of 100 employees. This partnership provides a solution to dramatically reduce the significant costs associated with benefits enrollment and administration. Once employees enroll in benefits, administrators need a way to get that data to health and other insurance carriers. EverythingBenefits securely communicates employee enrollment data from PayNorthwest’s WorkforceLumina to carriers using digitized enrollment forms or electronic data interchange (EDI). Relevant updates get to carriers quickly, accurately, and without manual, redundant, error-prone processes.
In addition, EverythingBenefits leverages the PayNorthwest system’s web services capabilities to collect relevant employee data and serve as the third-party COBRA administrator. EverythingBenefits’ COBRA administration software automatically tracks potential COBRA qualifying events and eligibility, generates the necessary notices and communication to beneficiaries, collects and manages premium payments (dependent upon the relationship employers have with the carrier), monitors coverage periods and timelines, and provides reporting and audits to prove compliance.
“Benefits enrollment and administration is taking its toll on small and mid-sized businesses from a time and cost standpoint,” explains Michael Anderson, president, founder, and CEO of PayNorthwest. “By strengthening our benefit administration capabilities with these two new important tools and services, we are making a huge difference for HR professionals in the small business community.”
“We are excited to welcome PayNorthwest to our ever-growing network of distribution partners,” adds Tom Morgan, CRO of EverythingBenefits. “PayNorthwest has built an amazing reputation in the industry as a customer-centric provider of HCM solutions and we are honored to support their mission and commitment to helping small and mid-sized businesses succeed.”
About PayNorthwest LLC
Founded in 2008, PayNorthwest LLC is a human capital management (HCM) software and services firm headquartered in Seattle, Wash. It helps small to mid-sized businesses in a variety of industries as well as non-profits across the United States more effectively manage their workforce and streamline their business with single-source, cloud-based human resource information system (HRIS), time and attendance, and payroll solutions. For more information, please visit us online at www.paynorthwest.com or connect with us via LinkedIn or Twitter.
EverythingBenefits is a leading provider of next-generation, end-to-end benefit technology solutions and services that help businesses of all sizes and their employees experience benefits in more meaningful ways. By leveraging an open business model, EverythingBenefits partners with benefit brokers, independent agents, insurers, payroll or human capital management companies, and other providers. The company’s philosophy is that technology should make life simpler, more rewarding, and more enjoyable. For more information, please visit www.everythingbenefits.com or read our benefits basics blog.