Sedgwick announced Monday that it has signed an agreement to purchase York Risk Services, continuing a long-term consolidation trend among third-party administrators
Q: Fifteen years ago, practically no one had ever heard of a third-party administrator
. Now, it's a billion-dollar industry.
* When proposing on a new engagement, never simply assume very large third-party administrators
have SAS no.
More recently, he criticized aspects of pharmacy benefits management companies at a congressional subcommittee hearing, saying that third-party administrators
undermine patients' freedom to choose their own pharmacies.
* Using a third-party administrator
can sometimes raise conflicts of interest when the TPA decides to outsource the work to a subcontractor.
Benefit Consulting, Inc., www.benefitconsultinginc.com Third-party administrators
of flexible benefit plans.
Employers may have contracts with insurers, third-party administrators
, utilization management companies, hospitals, physicians, and other providers.
Millennium claims that after it fired BKD in April as the third-party administrator
for its employee benefit plan, which is composed of more than 200 employers and more than 400 employee participants, the accounting firm responded with outrageous invoices and threatened to hold hostage the plan's records, which Millennium says would cause irreparable harm to the benefit plan and its participants.
If your corporate health benefit costs are skyrocketing--and whose aren't these days?--maybe it's time to investigate self-insurance using a third-party administrator
. While such an arrangement generally won't work for very small companies, it can be cost-effective for organizations with as few as 100 employees.
However, one of the executives at the third-party administrator
that processes our claims says he has never processed an aggregate stop-loss claim in the 10 years his company has been in business.
31 October 2018 - Pennsylvania, US-based independent recordkeeping services provider, third-party administrator
, and government savings facilitator Ascensus has entered into an agreement to acquire Vermont, US-based Pension Works, Inc, the company said.