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7 Things You Need From an ACA Compliance Solution

7 Things You Need From an ACA Compliance Solution
Posted on Wednesday, August 26, 2015 by Natalie McLinden
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With penalties in the millions, everywhere you turn there is a frenetic energy about the ACA. It feels like stakeholders are realizing how complex the requirements are and just how difficult getting answers to all the nuances is. Heck, with over 14 million words within the ACA itself, it’s no wonder there is confusion! The ACA is clear as mud and people are starting to panic. But it’s not just HR that should be panicking. ACA compliance touches nearly every unit within a company—finance, tax, legal, IT, benefits, all along with HR.

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Everyone says it’s someone else’s mess, but everyone has to help get things clean. It’s time to stop pointing fingers and narrow down what you really need from an ACA compliance solution. With ACA reporting deadlines fast approaching, time is running out to find a vendor. If you’re still vetting options, here are 7 critical capabilities you’ll want to ensure your ACA solution has before moving forward:

 

1. The ability to aggregate data from disparate systems

2. Assurance that all necessary data is captured

3. Determination of coverage eligibility and monitoring affordability

4. Delivering eligibility alerts and initial notices of coverage

5. Automated population and distribution of all required IRS forms

6. Management of exchange and subsidy notification logs and responses

7. Compliance with rules for storing aggregated data and performing audit reconciliation

 

The Businessolver ACA Compliance Suite does all of this and more. It combines the power of three ACA compliance products with industry-leading benefits technology to deliver a single, comprehensive ACA solution. Our ACA compliance software’s flexibility allows you to choose the pieces required to help any enterprise organization maintain compliance – now and into the future.

Still have lingering questions regarding ACA compliance? You’re not alone. Join us for our next webinar with EBN this Thursday, August 27th, at 2 PM ET for an update on the ACA regulations and its continued impact on businesses regarding reporting, compliance and penalties. We are committed to helping you cut through the muddy mess of ACA regulations and want to help you take the necessary steps to be prepared for ACA compliance.