Still Driving in the Slow Lane? Elevate Cuts Your Client Setup Time by 17 Weeks
New Technology Enables Benefit Programs to be Implemented In Days
When competing for employer HSA, FSA, and HRA business in the crowded consumer benefits space, the ability for administrators to differentiate their solutions becomes paramount. Equally critical is the internal pressure to scale quickly and efficiently.
However, the legacy platform solutions that provide today’s underlying technology are clunky, time-consuming, and outdated—requiring up to 18 weeks for a new client’s plan to be up and running.
At Elevate, our platform is built to bring together AI and automation, which accelerate the process every step along the way. We’ve created an infographic that steps through the efficiencies gained throughout the entire process. Let’s explore.
In our electronic world, employer clients (and their employees) expect near-immediate results, and only Elevate is built to meet those expectations.
For client onboarding, the traditional methods have been associated with long timelines, paper forms, and multiple error-prone steps. Elevate introduces a revolutionary new way of onboarding that eliminates end-of-the-year new client cutoffs (freezes), puts an end to paper forms, and exponentially increases efficiencies through the use of template-based plans. As a result, a typical onboarding cycle of 90 days, requiring 2-3 experts, is improved to same-day onboarding fully supported by technology.
By digitizing the process, Elevate allows administrators to serve more clients, which reduces the risk of manual errors and frees talent to complete other necessary work—ultimately boosting overall productivity.
Integration is improved from 10 days to zero days and from requiring 2-3 resources to using zero resources.
How is this possible? In the old method of integration, coordinating the onboarding for new groups involved various departments and individuals, often leading to delays. Elevate allows partners to use their own, self-configured ID values, which streamlines the integration process by eliminating the need to coordinate or rework data. Plus, it saves valuable time and resources along the way.
During traditional integration processes, companies were performing manual file error reviews, but with Elevate, we’ve replaced that with API technology and automated workflow error handling. The API provides accurate responses, instantly flagging any errors or inconsistencies. These errors are then automatically handled, reducing the need for manual intervention and making the entire process faster.
Most importantly, Elevate doesn’t rely on batch processing, which often requires several days for large data volumes to be scheduled and processed. Elevate’s streamlined workflow process makes it possible for immediate processing and data integration, which makes same-day onboarding a reality.
The funding process is also drastically improved through digitalization and automation. Once again, Elevate gets rid of paper forms and also automates calculations, funding, and reconciliations. Pair that with the elimination of manual processing, and it is now possible for funding to occur on the same day—with no additional resources.
Why does it make a difference? When all information is digitized and processed electronically, human effort and antiquated spreadsheet-based tasks become a thing of the past, making the process both faster and more accurate.
So much faster that Elevate is able to accomplish in the same day what used to take a considerable 3-14 days.
Once the client onboarding, integration, and funding stages are complete, these benefit programs can begin doing what they are intended to do—connect employees with their funds. Everyone wants the reimbursement process to be as fast and easy as possible; however, traditional methods have been plagued by paper forms, manual reviews, batch processing, and a lack of automation, which all result in long processing times.
With Elevate, it doesn’t have to be this way. By automating data entry, using AI, leveraging a unified platform, and paying through modern payment methods, Elevate has accomplished what consumers have come to expect in financial transactions—same-day reimbursement.
The time-savings come from three key differentiators.
- Assisted Data Entry
Elevate uses Optical Character Recognition (OCR) technology to automate the data entry process. OCR can accurately read and process data, automating up to 76% of the required fields in documents. This automation significantly reduces the time and effort required for data entry, minimizing errors and allowing quicker reimbursement processing.
- AI-Powered Claim Processing and Workflow Processing
Elevate’s use of AI for claims enables automatic review of each claim immediately after it is received, eliminating the time needed for human review. Even better, employees receive instant coaching and feedback if their submission requires more information for approval. Workflow processing allows the claim to move along on its own timeline without waiting for the next batch to be processed.
- Same-Day Payment Options
Elevate has modernized the reimbursement process by making it possible to be paid through payment options like Venmo, PayPal, debit cards, and same-day bank transfers.
The Result? 17 Weeks Saved
That’s it! The traditional way of client setup can take 18 weeks, but with modern, AI-powered technology, smarter workflows, and faster payment methods, Elevate reduces the entire lengthy process to under one week and drastically cuts the human component. With this time and cost savings, administrators are able to serve more clients, scale their business, and focus on providing the services that matter.
Want to see the time savings for yourself? Learn more here.