BRMS is a leading Third Party Administrator (TPA) in California. You are probably wondering what exactly does that mean?
What is a TPA?
The formal definition of a Third Party Administrator (TPA) is “An organization that processes insurance claims or certain aspects of employee benefit plans for a separate entity. It is also a term used to define organizations within the insurance industry which administer other services such as underwriting, customer service. This can be viewed as outsourcing the administration of the claims processing, since the TPA is performing a task traditionally handled by the company providing the insurance or the company itself.” 1
As a TPA, BRMS handles the claims processing for an employer that self-insures its employees. Thus, the employer is acting as an insurance company and underwrites the risk. An insurance company may also use a TPA to manage its claims processing, provider networks, utilization review, or membership functions. While some other third-party administrators may operate as units of insurance companies, BRMS is independent.
As a Third party administrator, BRMS also handles many aspects of other employee benefit plans such as the processing of retirement plans and flexible spending accounts. Many employee benefit plans have highly technical aspects and difficult administration that can make using Benefit & Risk Management Services more cost effective than doing the same processing in house.
A TPA is usually contracted by a health insurer or self-insuring companies to administer services, including claims administration, premium collection, enrollment and other administrative activities.
What makes BRMS different than other TPA’s?
BRMS is an independently owned and operated Third Party Benefits Administrator in California. All aspects of the TPA are handled under one roof including Claims, Accounting, IT, Medical Management, COBRA, FSA/HRA, Customer Support (call center), Sales & Marketing, and Account Management. With over 200 employees located in Folsom, CA, BRMS can customize plans for employers and provide a la carte services.
BRMS also has proprietary software that conveniently manages employee benefit data online. Standard MyHealthBenefits (virtual benefit administration software) service includes Centralized Benefit Information & Data Management, Carrier EDI (Electronic Data Interchange), Online Communication, Automated Eligibility, Online Open Enrollment, Employee Self-Service, Reporting, and Consolidated Billing.
Lastly, BRMS has a Cost Containment Program that was designed to help improve employee benefit efficiency and effectiveness, and reduce healthcare costs.
What TPA Services do we offer?
BRMS offers an array of TPA services including: Claims Administration, Claims Auditing, FSA/HRA/HSA Administration, COBRA Administration, Customer Support Call Center, Retiree Billing Administration, Cost Containment, ACA Reporting and more! We are a one stop shop for those looking to consolidate and centralize all of their services with one company!
What is Self-Funding?
Self funding is a leading option for companies who are struggling with the rising costs of healthcare. Independent studies have shown that self-funding can cost as much as 40% less than comparable coverage via insurance companies. In addition, TPAs offer a cost-effective outsourcing solution to the administrative services associated with a self-funded plan.
Some of the benefits of self-funding include: a customizable & flexible plan design to meet the needs of your workforce, an effective long term solution for employers who want to offer a stable employee benefit plan, improved cash flow due to not having to pre-pay for coverage, and lower tax because self-funded plans are not subject to state health insurance premium taxes.
BRMS can provide you with full service claims administration, plan design & consultation, risk assessment & insurance underwriting, medical management, utilization review, data warehousing & reporting, PPO network management, and much more!
Want to learn more about what a TPA does and how self-funding can benefit you? Watch the below video!
