Under the Affordable Care Act (ACA), insurance companies, self-insured companies, and large businesses and businesses that provide health insurance to their employees must submit information returns to the IRS reporting on individual’s health insurance coverage. The complexities lie with health insurance companies to collect variations of enrollment\disenrollment data based on individuals, families and groups, and switching of coverage tiers or groups based on life changing events.
The problem many insurers already face is reducing the Administrativecost and following the guidelines of Medical Loss Ratio (MLR). This reporting adds to the MLR on administrative side that the ACA was introduced to reduce the Administrative Cost from Medical Loss Ratio and focus on clinical outcomes.
Eixsys worked as a Software Developer utilizing our pre-built unique method to extract data from enrollment system and transform in to IRS e-filing method: • Form 1094-B, Transmittal of Health Coverage Information Returns• Form 1095-B, Health Coverage
Eixsys was able to rapidly develop and deploy the method to extract data, allowed for IRS deadlines to be met, avoiding costly penalties, and cutting costs.