The ConnXion – Volume 1, Issue 7
If you’ve kept an eye on the world of third-party administrators (TPAs), you might be aware of the recent HCAA TPA Summit—an event WLT is proud to have sponsored this year. Focused on cutting through the chaos of self-funding and transparency regulations, we greatly valued the experience to demonstrate our own expertise while learning from other industry professionals at the event.
A little background about the HCAA TPA Summit—as the name suggests, it’s put on by the Health Care Administrators Association, the nation’s most prominent nonprofit membership trade association. Since its formation in 1980, HCAA has over 40 years of experience supporting the education, networking, resource, and advocacy needs of TPAs, stop-loss insurance carriers, pharmacy benefit managers, and more. With a leading role in transforming the self-funding industry and supporting TPAs and the self-funded industry, HCAA works to make clear the importance of self-funding as an alternative in healthcare delivery systems.1
HCAA puts on two conferences each year, focusing on membership and discussing strategic and timely issues concerning the self-funded space. Both conferences are dedicated to educating and bringing members together to share ideas and network, moving forward as the industry does—the TPA Summit, though, is particularly focused on leadership, sales, and marketing, and providing information and guidance to support benefits administrators and the self-funded industry as a whole.
As a leading provider of benefits administration software, WLT made sure our team was not only attending this year’s TPA Summit but sponsoring as well.
“Every HCAA conference I attend I learn so much, and this year’s TPA Summit did not disappoint,” said Shelley Van Etten, President & CEO of WLT. “The theme this year was working more efficiently, collaboration, and automation. The subject matter that was very interesting was the use of AI technology and ChatGPT. This new technology is very controversial, and it was great hearing different arguments on the pro vs cons on this issue… If we think of this as a tool and not the be all, end all, then it could work very efficiently in today’s society.”
This year’s HCAA TPA Summit theme was “From Chaos to Clarity”, a fitting title for the self-funding space and how WLT, along with other industry professionals, approach the confusion stemming from constantly changing regulations. To clarify on our own end, let’s break that down a bit simpler.
The Chaos
While there’s certainly no shortage of chaos-causers to choose from in the self-funding space, the biggest ones tend to come directly from the Transparency in Coverage Rule, as well as the related No Surprises Act. Not only did these create the need for a solution that ensures full compliance, but upcoming mandates continue to change the playing field, requiring solutions that can keep up.
Navigating the changes in laws and requirements is tricky, of course, but that problem is only exacerbated by the consequences of failing to be in compliance. For noncompliance, groups could potentially face fines of up to $100 a day, per member. The steep price to pay makes it vital to keep up, which is where the issue of chaos becomes a thorn in any TPA’s side. If you aren’t informed about the changing healthcare space, it’s easy to fall behind. It’s even easier if you aren’t properly equipped with solutions that keep your business in compliance.
The Clarity
The good news is that there’s a light at the end of the chaos tunnel. This year’s HCAA TPA Summit focused heavily on the clarity needed to successfully navigate today’s self-funding space, and WLT is proud to be among the difference-makers that are helping to provide it. Our powerful solutions help provide efficient benefits administration, cost containment, and scalability to help pave the path to success. Cutting through the chaos is easy with WLT—our solutions and best-in-class partners guarantee it.
The self-funding space doesn’t have to be chaotic. The WLT team takes on the task of untangling price transparency regulations and other changing laws so our clients can benefit and rest easy. Let our steadfast service guide your business to the clearest, most cost-effective benefits administration software there is.