What is a Third Party Administrator (TPA)?
A Third Party Administrator, or TPA, is a company that offers specialized services to help other businesses manage important tasks. Think of them as problem solvers and facilitators that handle various aspects of company management, making life easier for the businesses they work with.
What Do TPAs Do?
TPAs are specialized experts who provide a wide range of services to businesses. Here are the main things they do:
- Employee Benefits Management: TPAs take care of employee benefits, like health insurance, retirement plans, and more. They ensure employees get the benefits they need and help companies stay organized with these key components of a compensation package.
- Payroll Services: Some TPAs manage payroll tasks, making sure employees get paid promptly and accurately.
- Answering Questions: TPAs act as knowledgeable guides, answering questions from both companies and employees about benefits, policies, and procedures. They also troubleshoot and resolve problems to keep things running smoothly.
Products and Services that TPAs Provide
TPAs offer a range of services that cater to various needs of a business. Some of these services include:
- Benefit plan design
- Enrollment process
- Claims processing
- Various reporting
- Customer Service support
- Vendor support
- Payroll processing
- Tax deductions
- Year-end reporting
- Auditing to ensure accurate and timely payments
- Understanding laws and regulations
- Federal and state reporting
- Plan documents
- Software to streamline administrative tasks
- Self-service employee portals
- Mobile apps
In summary, Third-Party Administrators (TPAs) are essential partners for businesses, acting as behind-the-scenes experts that manage employee benefits, payroll, compliance, and more. Their knowledge and expertise enable businesses to focus on their core operations and keeps everything running smoothly.
PHP TPA Services
Through our partnerships with employers, brokers, and underwriters, PHP TPA Services is a highly-qualified full-service third party administrator providing a wide array of employee benefits products and services, including: Medical, dental, vision, disability, COBRA and HIPAA plans. We administer health claims for more than 30,000 members in groups from 25 to 1,500+ employees.
If your business is considering self-funded health plans or assistance with employee benefits administration, contact PHP TPA Services today.
Account Executive, PHP TPA Services
1-800-982-6257, ext. 212