Sponsored Content byMaestro Health

Seventy-five percent of brokers listed ACA compliance as the top HR/benefitspriority for their clients in 2016, according to a recent thirdparty research study sponsored by Maestro Health.

It’s easy to see why. The National Law Review states that employersare on the hook for more requirements (and more penalties for notmeeting those requirements) than ever before. Now, employers whofile ACA-related IRS documents late — or not at all — can be finedup to $3,178,500 (previously $3 million). While most employerswon’t reach 100 percent of the maximum penalty, these unexpectedcosts can do serious damage to their bottom lines.

Adjusting to this wave of new regulations is costing employers aheap of extra time and money — even before the penalties. AsMicrocap Management reports, “The key to compliance with new healthcare requirements is paperwork, paperwork, paperwork.” All of thisadded paperwork is more than a nuisance; it can have a huge impacton a company’s productivity and administrative costs. Witheverything else on their plates, few employers have the resourcesto hire additional staff or spend hundreds of hours navigatingcomplex ACA reporting requirements on their own.

For example, employers are required to properly code each1094-C form. Altogether, there areabout 50 or more coding combinations based on employee situationand the employer offer, and these can change month to month for anygiven individual.

In short, employers are stuck between a rock (a wave of newreporting requirements) and a hard place (the lack of time andresources to properly meet these new requirements). However,adaptive brokers are in a unique position to equip their clientswith the tools they need to relieve this new burden.

The automation sensation

What do humans do when something takes too long? We find a wayto automate it. By now, you’re probably aware of the myriad of newsolutions that have popped up to help employers with ACA reporting,and many may have already implemented one. The question is, how doyou know which one can help your clients the most (and make youlook the best)?

Start with this: What can the reporting solution completely takeoff my clients’ plate? All ACA reporting solutions are not createdequal. Many vendors say they offer a complete reporting solutionwhen, in reality, much of the administrative burden continues tofall back on the clients’shoulders. Here are some key questions toask when seeking a comprehensive ACA reporting solution:

1. Standalone solution: Can the vendor meetyour clients where they are by offering the ACA reporting services they needwithout forcing you to implement their entire platform? Standalonesolutions can help your clients easily become compliant without theheadaches and cost of implementing multiple systems.

2. Flexibility: Can the solution accept filesfrom multiple sources (HR, payroll, benefits, etc.), provideflexible file formats, and accept multiple file frequencies? Howeasily can it integrate with your existing systems?

3. Coding: Can the solution automaticallyprovide the coding requirements that were noted above and map themto the proper forms? Also, can the vendor offer visual dataverification in digital format to ensure accuracy and eliminateerrors? How easily can the system adjust to inevitable changes inemployee situations?

4. Form printing and distribution: Once theforms are filled out, printing and distributing them to the rightplaces on time is quite another undertaking. Can the solutioncomplete the reporting process for your clients by printing anddistributing forms to the right people at the right time?

5. Data storage and maintenance: Your clientswill also have to store and maintain all necessary data in case ofan IRS inquiry or audit. Does the vendor help by monitoring ahistorical database or assists in the event of an audit?

6. Dedicated service and support: Remember, thepeople behind the automation are just as much a part of thesolution as the technology itself. Does the vendor employ certifiedcompliance experts? What level of personal support can they offerto your clients during implementation and throughout the year? Whenquestions arise or unexpected changes occur, people will always beneeded to make sure things run smoothly for your clients.

The opportunity of challenge

With the right ACA reporting partner in place, you’ll have anopportunity to deliver immediate value for your clients, whileproving that you can adapt to market shifts and stay ahead of thecurve. Understanding and being able to provide the latesttechnology can also get your foot in the door with a wider range ofclients — without much extra effort on your end. Keeping track ofthe latest solutions may seem like a daunting task in today’sworld, but at the end of the day, it’s all about asking the rightquestions.