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Busting the Myths of Dependent Audits

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Uncover the top myths employers believe when it comes to dependent audits, and learn how Hodges-Mace's Sentry platform can bust them all!

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Busting the Myths of Dependent Audits

  1. 1. Hosted by: Hodges-Mace, LLC Katy Dahlstrom and Anna Simmons
  2. 2. Anna Simmons Katy Dahlstrom Each with 7 years of experience in dependent verifications, our hosts are considered experts in their fields. Working in different departments, they have joined together to combine their own unique and valuable insights for this webinar!
  3. 3. ▪ Why are dependent verifications important? ▪ Let’s bust the top 4 myths! ▪ Learn about Sentry, Hodges-Mace’s dependent verification system ▪ Show real-life examples and results ▪ Steps to prepare for a dependent verification ▪ Questions?
  4. 4. EDUCATIONAL APPROACH
  5. 5. ▪ ▪ ▪ ▪
  6. 6. 5-12%
  7. 7. 1. Most employers are already doing enough. 2. Dependent Verification is a morale killer. 3. Too much time, not enough resources. 4. Hiring a partner is too expensive.
  8. 8. We’ve already done something like this.“ ” We did that 5 years ago and have been keeping up with it. We ask for documents during life events.“ ”“ ” We verify dependents when the employee is a new hire. “
  9. 9. • A lot changes in the course of a year, or since your last verification. • Typically you will need more resources than you think. • Affidavits, life events and random reviews are not enough. Built on employer’s plan design, identifies missing documents and generates communications for employees. • More background resources • More educational tools available WHAT YOU SHOULD EXPECT FROM YOUR PARTNER:
  10. 10. We will for sure be seen as the bad cop. “ ” That’s my personal information. “ ”“ ” My employer is on a witch hunt. “ ” Employees will think we don’t trust them. I don’t know where those documents are.“
  11. 11. • It doesn’t have to be frustrating for you or your employees, it should be a great customer service experience. • Opportunity to remind employees of the financial partnership. • Opportunity to confirm eligibility before it’s too late. Provides advocacy to help the employer and employee with educational tools, a personal touch and a soft landing. • Education on what the plan allows • Information on documents the employee is missing • Dependent alternative assistance WHAT YOU SHOULD EXPECT FROM YOUR PARTNER:
  12. 12. Where will all of those papers go? “ ”Who is going to field my employees’ questions? “ ” That seems like too much work. “I don’t have the time, nor does anyone else. “ ”
  13. 13. • Outsourcing through a 3rd party allows an employer to stay out of the weeds. • Having an expert partner provides best practices to save everyone time. Completely handles all communication and verification, acting like a true extension of the HR team. • Reminders, follow ups, education, etc. • Dedicated Account team • Reporting and dashboards WHAT YOU SHOULD EXPECT FROM YOUR PARTNER:
  14. 14. I can’t imagine we would get a ROI. “ ”I don’t have a budget for additional software or services. “ ” “ ” That sounds too expensive.
  15. 15. • ROI Guarantee opportunity, PLUS • The Reduced exposure on catastrophic claims, legal, and financial disputes. Easy to use portal to check in on number of ineligibles, live progress and estimated savings. • Allows for ongoing verification • Provides employers and employees what they need • Tracks removal of ineligibles WHAT YOU SHOULD EXPECT FROM YOUR PARTNER:
  16. 16. INDUSTRY # OF DEPENDENTS # OF DEPENDENTS DEEMED INELIGIBLE % OF INELIGIBLE DEPENDENTS AVERAGE ANNUAL COST PER DEPENDENT SAVINGS Construction Co. 1,314 84 6.4% $3,210 $270,000 Health System 25,196 2,847 11.3% $3,161 $9 million Warehousing Co. 12,410 643 5.18% $4,200 $2.7 million
  17. 17. ▪ ▪ ▪ ▪ $
  18. 18. $
  19. 19. See what a verification with Hodges-Mace looks like.
  20. 20. Planning Phase – 4 weeks Verification Phase – 6 weeks Appeal Phase – 4 weeks • Most employer involvement • Building of portal and templates • Gathering of census file and SPDs • Testing of portal • Creation of communication pieces • Communication to employees • Submission of documents • Verification of dependents • Next steps provided to employees • Provides additional time for all documents to be submitted • Allows time for appeals • Gives employees time for additional steps
  21. 21. Preparation documentation Verification updates, determinations and options Managed and organized within the portal Secure Storage
  22. 22. Designated Account Manager In-depth understanding of rules, data, expectations Visibility into the portal Reporting
  23. 23. Let’s look at a few case studies.
  24. 24. • Expiration of certain verification documents. • Understanding the importance of the employee’s experience. • Ongoing success. NUMBER OF EMPLOYEES WITH DEPENDENTS 5,665 NUMBER OF DEPENDENTS ON PLAN 12,245 NUMBER OF DOCUMENTS RECEIVED 36,696 IDENTIFIED INELIGIBLE DEPENDENTS 1,001 (8.17%) ANNUAL SAVINGS $3,182,179 RETURN ON INVESTMENT 18.9 to 1 “I had a question for our Hodges-Mace Dependent Verification department last week, and the representative I worked with was both incredibly professional and wonderfully kind, from the clearly defined information packet received to the online customer service representative I spoke with, this was an A+ well organized initiative. A true customer service home run!” - Director
  25. 25. • Moved from an in-house verification process. • Over 28,000 documents processed in a ten week period. • The process evolved with the client’s needs. NUMBER OF EMPLOYEES WITH DEPENDENTS 4,856 NUMBER OF DEPENDENTS ON PLAN 9,187 NUMBER OF DOCUMENTS RECEIVED 28,303 IDENTIFIED INELIGIBLE DEPENDENTS 659 (7.17%) ANNUAL SAVINGS $2,299,910 RETURN ON INVESTMENT 18.5 to 1
  26. 26. • Never processed a verification before. • Knew they were missing a big savings opportunity. • Had concerns about employee participation. NUMBER OF EMPLOYEES WITH DEPENDENTS 1,913 NUMBER OF DEPENDENTS ON PLAN 3,762 NUMBER OF DOCUMENTS RECEIVED 12,191 IDENTIFIED INELIGIBLE DEPENDENTS 365 (9.7%) ANNUAL SAVINGS $1,273,850 RETURN ON INVESTMENT 19.04 to 1
  27. 27. Determine the right time. Gather necessary information.
  28. 28. THANK YOU! Anna Simmons Dependent Verification Expert, Team Lead Follow me on LinkedIn! Katy Dahlstrom Dependent Verification Expert, Sales Ops Follow me on LinkedIn! salesoperations@hodgesmace.com

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