Are you monitoring your third-party administrator to ensure they are giving you what you are paying for?
Many employers - both private and municipal - offer benefit programs to their employees; focusing on maximizing the benefit offerings while minimizing the associated costs. To aid them in structuring and administering these programs, they secure the services of a third party administrator.
Such third party administrators or 'TPA's' strive to deliver administrative services in accordance with their service agreements, but also make efforts to avoid taking on a fiduciary role or offer guidance beyond that which they are contractually obligated to provide. Some fall short of even this benchmark, failing to deliver and exposing their clients (and themselves) to legal liability, whilst others go above and beyond - creating exceptional value for their clients.
This information will enable any and all entities responsible for identifying, selecting, and monitoring their TPA to track performance and assess results, as well as identify opportunities to create additional value in collaboration with their TPA. The material will explain how to avoid regulatory and other pitfalls, while ensuring every aspect of a successful benefit plan is being handled.
- You will be able to define the role of a third party administrator versus the role of their client.
- You will be able to explain how to maximize the value of a TPA relationship while avoiding conflict and loss.
- You will be able to identify which TPAs are doing their job, which are failing, and which go above and beyond.
- You will be able to review TPA performance, and whether your benefit programs are in good hands.
Ron E. Peck, Esq., The Phia Group, LLC
Adam V. Russo, Esq., The Phia Group, LLC
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