TPA Stream, an insurance technology software company, has introduced a consolidated invoicing product for third-party administrators (TPAs).
This solution allows administrators to generate a single invoice for all the services they provide, including CDH/COBRA administration, transit, cafeteria plans, medical premiums and retirement benefits fees, TPA Stream said in a Tuesday (Oct. 31) press release.
A key advantage of consolidated invoicing is its potential to boost revenue for TPAs, according to the release. By offering a streamlined billing process, TPAs can enhance efficiency and save costs, ultimately providing employers with a simplified billing experience. This feature is particularly beneficial for employers seeking a consolidated bill from their administrators.
TPA Stream’s consolidated invoicing solution is also versatile, the release said. It can be used for any type of benefit, making it a valuable tool for TPAs across various industries. This flexibility empowers administrators to scale their businesses more effectively.
“As benefit administration businesses grow, they very rarely think about invoicing, but this really limits the ability to scale for many of them,” TPA Stream Co-Founder and CEO Jacob Sheridan said in the release. “We’ve seen time and time again that having automated, consolidated invoicing truly helps TPAs operate more efficiently and positions them to take on new books of business.”
In addition to consolidated invoicing, TPA Stream offers other solutions such as Claims Harvesting, Employer Invoicing and a Software Development Kit for seamless integration, per the release. These products are designed to streamline employee benefits administration, with TPA Stream’s web-based platform catering to third-party administrators, health plans, brokers and financial institutions.
TPA Stream’s invoicing solutions have users collectively saving over 29,000 hours on invoicing using the platform, the release said.
PYMNTS Intelligence has found that 45% of chief financial officers said invoicing errors and discrepancies are common causes of payment disruptions. In addition, 77% of CFOs said they “probably” need to embrace more automation of their accounts receivable (AR) processes, according to “Automation Clears the Path to Getting Paid on Time,” a PYMNTS and Billtrust collaboration.
In another offering of consolidated invoicing, TreviPay said in April that it offers marketplace operators a consolidated invoicing capability. With that capability, they can provide buyers with a single invoice that covers their purchases from one or more merchants in the marketplace.