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In a world where the cost of just about everything seems to be rising, health benefits are no exception. Most employers are likely familiar with the option of self-funding their health plan as a cost-containment strategy. When it comes to self-funding (also called self-insuring) employee health benefits, a third-party administrator (TPA) is a specialized service provider that manages and administers many elements of the health plan, including claims processing, enrollment, billing, provider network and customer service.
TPAs play a crucial role in facilitating the efficient and effective delivery of employee health benefits. But in addition to streamlining various administrative processes, the right TPA can also serve as a guide and educator, particularly if they have an in-house medical management program. Taking a holistic view of the health plan can help employers control health care costs more effectively and enhance the overall quality of services for members.
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