Business Situation & Client Profile:
Due to limited internal resources and reoccurring circumstances such as life events, new hires and acquisitions, this client engaged BMI for an audit of newly enrolled dependents on a quarterly basis directly following their initial audit.
- Industrial equipment service provider with approximately 1,033 enrolled dependents in medical, dental and/or vision plans.
Initial Audit Finding:
- 97 dependents (12% of total at that time) failed to meet plan eligibility requirements or did not respond completely prior to the audit’s deadline.
- First year estimated annual savings: $339,500
- ROI: 2,751%
Ongoing Audit Finding:
- 4 dependents (23% of total audited in a quarter) failed to meet plan eligibility requirements or did not respond completely prior to the audit’s deadline.
- First year estimated annual savings: $14,000
- ROI: 1,645%
This client terminated coverage for all dependents who could not demonstrate they were eligible to receive benefits and will continue to conduct quarterly audits of all newly enrolled dependents.
Click here to learn more about ongoing dependent eligibility audits.