Employers suggest that 2016 could be the most costly year for Affordable Care Act (ACA) compliance. Administrative costs associated with reporting and disclosure requirements, in addition to the excise tax of high-value plans, are a few of the anticipated expenses. Time and energy will need to be devoted to compliance which can distract employees from other tasks. Control the process and control costs by deploying the right technology.
As suggested in “2016 Will Be Costly Year for ACA Compliance, Employers Say,” posted by Stephen Miller on SHRM.org, over a third of employers expect an increase in costs associated with ACA implementation due to the new reporting procedures, disclosures, and notifications. Respondents to this survey indicated that the top cost-drivers will be general administrative costs and reporting costs, 19% and 13% respectively. Although the ‘Cadillac Tax’ has been recently put on hold, 20% respondents had indicated that this excise tax on high-value plans was the major cost-driver. Already, businesses are devoting key employees and other resources toward understanding ACA, compliance requirements, and reporting obligations. In addition to this expense, there is a risk for costly fines and penalties for non-compliance. Mistakes, missed deadlines, or missing information can result in fines, which can add up quickly. Save time, effort, and frustration by putting the right technology in place from the very start.
Modern business technology, particularly integrated solutions, can be of great assistance with maintaining compliance with ACA and fulfilling the associated reporting obligations. Legacy systems, disparate specialty software, and elaborate spreadsheets keep your data in silos, making it hard to access. An integrated human resources management system pools all of your human resources, benefit, and other data within a centralized solution. With your data in one place, you can access it quicker and use it to respond faster as ACA deadlines approach.
Make it easier for your team to capture, analyze, and use the data needed for ACA compliance and streamline the entire reporting process. Save time, save money, and protect your business against costly mistakes by putting the right technology in place. Contact BTerrell Group to learn more about the modern solutions that are available, and affordable, and that you can deploy quickly to streamline data capture and ACA reporting.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.