Premium Management
Timely, accurate collection of money due from beneficiary and their sponsors (government, employer)
List of beneficiaries
Beneficiary identifier
Sponsor classification (i.e., company, government)
Benefit class
Premium rate
Payment status (arrears, current)
Eligibility status
Bill sent to beneficiary and/or sponsor
Financial transaction to general ledger (GL) to show premiums due
Financial transaction to GL when premium payment is received
Update eligibility status
Update payment status
Percentage of collected vs. outstanding premium
Lower per transaction costs to cost as a percentage of the overall transaction cost
Received all premiums due equal to predicted amount
Minimize number of delinquent premium