Blog Details

A statutory charge collected from the insurance companies of specific health policies and the plan sponsors of specific self-insured health plans is known as a Patient-Centered Outcomes Research Institute (PCORI) fee. Determining the PCORI assessment amount, the associated reporting, and the subsequent PCORI fee filing can still be a time-consuming process in practice, especially for third-party administrators (TPAs) handling client filings or in industrial establishments that frequently have numerous programs. Automated PCORI Fee Filing software is the ideal option because it saves time and simplifies the process. 

A fee collected from taxpayers to support research that helps patients and physicians make better health decisions is known as the PCORI fee, which is reported annually on IRS Form 720. This fee must be reported and paid by health insurance issuers and employers with self-insured health plans. This makes the fee-filing process into an additional, complicated tax concern, particularly in light of the annual rate increases and the new headcount responsibilities. Without automation, the alternative method of carrying out the procedure would be manual data collecting and meticulous computations, which would entail a significant amount of inaccuracy. 

By directly integrating with your benefit data, automated PCORI fee filing solutions eliminate the need for manual labour by calculating headcounts, applying the proper rate, and accurately filling out Form 720. The technologies ensure that deadlines are met, that there is little chance of IRS fines, and that compliance is attained with almost no work. Automation ensures seamless changes when the IRS releases new regulations, keeping the business and its customers ahead of the curve. 

Do you manage multiple filings as a third-party administrator or are you managing a small corporation with just one plan? If you don't have automated PCORI fee reporting software, which is necessary for you to report annually in the most efficient manner, you may feel overburdened by all the paperwork. These software programs provide you the option to file online in addition to a verification procedure, and if you run into any problems, technical help is available by phone to walk you through the process step-by-step. In this way, a number of tiny steps that suggest process automation gradually relieve the stress of paperwork, allowing the companies to focus more on benefits administration. 

In addition to saving you time, an automated PCORI fee filing system guarantees that your filing reports are accurate and in compliance. Numerous suppliers guarantee help from start to finish, including establishing a secure link for data transfer and electronic filing via approved IRS websites. Don't let manual reporting hold you back; instead, eliminate manual tasks and implement automated solutions to permanently simplify PCORI compliance.