Billing Management Solution
When you elect the Lifeworks Billing Management solution, you automate the process of managing employee benefits billing. We provide three types of billing, all with the same services: flexible scheduling of invoices, generation of a pre-bill adjustments and retroactivity, reconciliation, and all standard accounting reports.
- Direct billing - Lifeworks invoices individuals who then pay the invoiced amount directly (for example, employees on leave). The billing process is integrated with the system’s Flexible Benefits and Defined Benefits modules. Instead of handling one-off bills manually, Lifeworks does it for you, automatically.
- Organization and entity billing - Invoices are sent to an entity of the organization (for instance, a company, a division or a group), which then remits payment. Lifeworks knows the charge for each employee and how much each entity should pay. You don’t have to moonlight as an accountant anymore to reconcile internal billing. And through our Manager Self-Service module, you can view invoices and make payments directly online.
- Premium billing - The system generates internal invoices to pay your insurance providors. You can be confident your providors are paid the right amount at the right time, so you can take this task off your plate.
Each of the three billing types provides full receivables management capabilities. Lifeworks offers flexible payment allocation, voids and refunds, receipt of payments either manually or through a lockbox. So not only are your bills managed automatically, your receipts are, too. And you can turn your attention elsewhere.
Coordinate with benefit plans
The billing process is fully integrated with the system’s Flexible Benefits and Defined Benefits solutions. A benefit event will automatically trigger the appropriate billing event so you don’t need to remember to update the billing system.