Why does your organization need a performance audit?
A health plan audit can tell you where your benefits and administration are on target and where they’re off the mark. At an average cost of less than 0.1% of most companies’ overall benefit spend – far less than the expense of high-cost claims – an audit can clarify:
Trends in high-cost medical and pharmacy claims: High-cost claims put your organization’s coverage at risk. An effective audit can pinpoint the source of high-cost claims and guide your risk mitigation strategies.
ERISA and fiduciary obligation: Plan sponsors have a fiduciary obligation to ensure that health plans are working in members’ best interest. You may have an implicit responsibility to audit your health plan coverage.
Sarbanes–Oxley duties: Before signing off on the benefits portion of a balance sheet, an organization has the responsibility to periodically audit health, medical, dental or pharmacy benefits payments. An audit validates your statement.
Compliance validation: Internal or external independent auditors frequently ask about a healthcare audit. Are you confident that what you are reporting on financial statements provides an accurate representation of what’s been paid? A plan audit validates compliance and identifies areas that need refinement.
Trust Mercer for your health plan audit
Dedicated team of specialistsAll of our performance audit staff have over 10 years’ experience within the insurance carrier and administrator world. Performance assessment is our exclusive focus.
Depth and breadth of experienceWe conduct more of the most-requested types of performance audits than any other firm. Our objective, unbiased review helps companies leverage their health and wellness benefits offerings and provide greater value to beneficiaries.
Proven solutionsWith depth of experience, our team can draw insights and make recommendations that enable discussion about plan administrator performance and needed solutions. We also calculate projected savings based on immediate and future improvements to procedures and controls.
Benchmark resourcesMercer clients have access to an extensive audit database comparing vendor performance, established standards for measuring performance, and best practices for evaluating operations.