Springfield, MO, January 24, 2011 --(PR.com
)-- Group Benefit Services (GBS) today announced that they have successfully achieved claim processing turn-around time that averages less than 1 day.
GBS began its goal of processing all claims in an average of under 1 day back in July of 2009. Since that time GBS began upgrading its systems, capabilities, and procedures that has enabled them to achieve this goal.
James Deren, President of GBS reports that the company has had claim processing times of less than 1 day since October of 2010. He indicates that the claim processing turn-around time through the month of December was .62 of one day. While moving towards the achieved goal, GBS’ average turn-around time was 2.32 days for the entire year of 2010.
GBS’ goal of rapid turn-around times did not come at the expense of accuracy or quality. Mr. Deren also reports that the accuracy ratio is holding steady at 99.98% while the commitment to dedicated claims service remains stronger than ever.
When asked about what is the overriding factor that helped their firm achieve this lofty goal, Mr. Deren stated; “We have an exceptionally capable staff and have disciplined operating procedures. Our claims examiners have an average of 17 years experience each and it is that expertise that allows us to not only provide excellent turn-around times but also pay close attention to the caring service our customers have come to expect.”
The Third Party Administration (TPA) market is very competitive and employers that are self-funded have a variety of options for TPA services within the State of Missouri. When asked about what employers should look for when selecting a Third Party Administration company Mr. Deren indicates that; “The public needs to do their homework. Look at report packages that are being offered as well as how your firm would work within their operational guidelines. We pride our self on being flexible and in finding ways to save employers time and money when it comes to administering their employee benefit plan.”
Research for this report shows that there are TPA firms operating within this State that do not even possess an “Authorization to Act as a Third Party Administrator” (An official Third Party Administrator’s license).
Employers should be careful to research this fact when considering a TPA. TPA’s that are not licensed do not meet certain requirements set forth by the State that provides added safety for those that seek their services.
Group Benefit Services (GBS) is a Third Party Administration and Employee Benefits Technology Corporation located in Springfield, MO. GBS provides Employer Based Services which includes employee benefit consulting and claims administration, Project Based Services that include inception and management of Association Group and Trust programs, and also provides Outsourcing Services for the insurance industry.
Web Address: www.gbs-tpa.com