One of the most important features of plan administration is the timely and accurate reporting of plan data. Gaining information on plan costs and types of services utilized by plan participants is the way to best demonstrate the value of a plan to the company.
Most claims processing systems are designed primarily to apply the correct benefit payment to a submitted claim in a timely fashion. Reporting features can be secondary to this primary aim.
J.P. Farley recognizes the importance of reporting capabilities to plan sponsors in the self-funded environment. In this regard, a number of usable and complementary reports are available to plan sponsors based on their needs. A standard set of reports is available as part of the basic plan administration fees. Additional customized reporting is also available to permit the unique features of a plan sponsors’ benefit package be represented to those responsible for it including executive, administrative, benefits, human resources and finance personnel. The questions asked by one set of persons may differ from those asked by another.
One aspect of reporting is the timely production of reports.
The J.P. Farley Corporation commits to provision of monthly reports by the 10th, quarterly reports by the 15th, and semi-annual and annual reports by the 20th calendar day of the month.
Certain financial reports can be available by the 5th of the month if needed. Another aspect of reporting is the type of data available on plan activity. The J.P. Farley Corporation can integrate data from enrollment activity, claims activity and service provider activity to provide a more complete picture of plan functions. Questions that can be answered from the data range from "How actuarial sound is this plan?" to "How many employees use a particular provider?"
A plan sponsor’s current reporting requirements and anticipated future reporting needs is uncovered during the customized plan installation process. Regularly scheduled account servicing sessions are designed to better focus the utilization of data for strategic positioning purposes as well as for current plan management. After all, the best decision-makers are the best informed.