Automated Solution Created for Employers Looking to Ensure ACA Compliance
Empyrean Benefit Solutions announced deployment of an expanded ACA compliance and reporting solution to provide employers with an automated process for managing the recordkeeping and reporting requirements of the Affordable Care Act. Recent feature updates to Empyrean's industry-leading platform provide a standard structure for employers to set up and manage the tracking of employee hours, plan status, affordability rules, and other data needed to demonstrate compliance with the ACA rules.
"The combination of the penalties and the complexity of the ACA requirements for offering affordable health coverage has caused several employers to reconsider their H&W plan administration options" said Colleen Waymel, Chief Operating Officer at Empyrean. "With the implementation of this new functionality, we are able to provide our clients with a highly flexible and automated solution that gives them the reports and analysis they will need to effectively manage ACA compliance."
The initial deployment of Empyrean's ACA compliance functionality was completed during the third quarter of 2012 addressing upcoming ACA requirements to the extent guidance was issued, including automatic enrollment, waiting periods and the differential pricing of health plan options for wellness participants. The platform will be continually updated as new guidance is issued, such as the recent proposed regulations for employer shared responsibility mandates. "Depending on the employer's health care strategy, the administration of "pay or play" rules will burden employers by requiring them to integrate employee records from multiple sources and complete a complex set of testing rules throughout the year in order to demonstrate compliance and meet the reporting obligations" said Karen Bailey, Empyrean's Chief Compliance Officer. "We have the ability to manage these client-specific requirements in a highly cost effective and automated manner with our solution."
Founded in 2007, Empyrean Benefit Solutions is a leading provider of technology and services for managing large and middle-market employers' health and benefit programs. The company's open systems approach brings together the industry's most advanced benefits technology platform with the market's leading domain experts. This agile business solution drives greater value to employers and employees during increasing market uncertainty by giving them an unprecedented level of flexibility, through best-of-breed integration of other software and service providers. Empyrean's founders are former principals with some of the country's largest benefits administration service providers. Visit http://www.GoEmpyrean.com for more information.