An employee benefits platform will transform how you manage your team’s employment perks. Why does it matter? By keeping on top of benefits, you can improve retention rates and continue to attract new talent.
Happy team members are more likely to stay in their jobs, and a generous benefits package is one of the first steps to improved employee satisfaction. For example, 89% of workers said health-related benefits are extremely important. Employees also value retirement benefits, leave and flexible working arrangements.
After carefully curating a benefit package, the next step is to choose software to ensure everyone receives the right benefits.
From compliance to workforce engagement, technology is the answer. The question is: Which employee benefits solution is right for your healthcare organization?
In this guide, you’ll learn what an employee benefits platform is and the features to look for. Plus, you’ll discover the top employee benefits platforms for 2024.
What is an employee benefits platform?
Did you know:
An employee benefits platform will help manage your team’s benefits and perks.
An employee benefits platform is software that helps you manage your employee benefits. It’s a centralized solution with all of the benefits accessible in one place.
HR managers can set up new packages, eligibility rules and calculations. In a few clicks, you can update key information, including benefits details and links.
It isn’t just for those in senior positions. With virtual self-service, your workers can enroll in health insurance and review their benefits packages. Plus, you can access reporting insights to see which benefits are the most sought-after.
When you have a healthcare team, there are several perks to consider. For example, the standard employee benefits plan may include:
Health Insurance
Dental Coverage
Retirement Savings
Vacation Time and PTO
Health Savings Accounts (HSAs)
Flexible Spending Accounts (FSAs)
Disability Insurance
Life Insurance
Wellbeing Support Services
When you try to manage these manually, it adds to the workload of your HR department. A digital alternative can simplify the implementation and management of employee benefits programs.
The right solution will also protect sensitive data. For example, Empeon comes with encryption, real-time networking and an automatic timeout feature.
What to look for in an employee benefits platform
Healthcare companies have unique needs and a generic solution won’t tick all of the boxes. A company that understands your organization will be the best fit.
Healthcare is an industry with ongoing staff shortages and high turnover rates, and your employees expect a wide range of benefits. Your team will have demanding schedules, including night shifts and overtime, so they need a platform that’s quick and easy to navigate.
Focus on these key features:
Customization with pre-built templates for various healthcare roles
Multi-factor security and data encryption to protect sensitive information
Automation to ensure strict compliance rules are adhered to
Comprehensive reports and monitoring of employee eligibility
Adaptability to a range of benefit options, including health insurance and time off
Cloud-based with mobile compatibility for in-person, hybrid and remote healthcare teams
In addition to benefits management, consider add-on integrations such as payroll management, tax filing, candidate screening and record keeping. Look for software integrations that will connect your HR and benefits platform to other platforms or software in your tech stack and system. This helps you build deeper automation in your process, linking every aspect of the employee cycle for better efficiency.
The top 6 employee benefit platforms for healthcare teams
There’s a wide range of options to choose from. The right benefits management software will come with features your healthcare team can use every day.
Below, you will find a comparison of the top employee benefit platforms for 2024. Each has been carefully considered to ensure it meets the criteria of a busy long-term or short-term healthcare setting.
1
Empeon
Empeon is powerful HR and payroll software that simplifies benefit management. Clients include urgent care centers, senior living, home health care, and more.
Empeon is fully customizable, user-friendly, and suitable for growing organizations. The company understands the unique challenges that come with managing a healthcare team and is a standout with enhanced automation.
For example, the Affordable Care Act (ACA) regulations continue to change and keeping up with compliance is essential. Automation will identify any non-compliant events and report IRS documents.
Key Features of Empeon
- Oversee health insurance, ACA compliance, and more, with a user-friendly database
- Keep track of open enrollments and life events
- Meet your compliance obligations with automation
- Receive US-based customer support
- Take advantage of a centralized dashboard
- Give users access to enroll and make updates online
Empeon’s benefits management solution offers electronic open enrollment with a side-by-side summary of available options. It also directly integrates with ACA and payroll, so employee contributions are automatically deducted from paychecks, with many more features.
You can book a free demo or request a quote. Visit Empeon to learn more about the employee benefits platform.
2
UKG
UKG is an HR software with payroll, talent management, workforce management, workforce planning, onboarding and learning modules, and more. The all-in-one platform is designed to streamline HR and talent management for mid to large organizations.
UKG offers two user levels: Ready, for lean teams in small to midsize organizations, and Pro, for enterprise-level organizations with large teams. UKG’s employee benefits solution is available in both Ready and Pro versions.
Set up, enroll new employees, and administer benefits through an automated, streamlined workflow. Track costs, coverage, and enrollment progress and engage with staff. Employees can view options, compare plans, and review and sign off on benefits.
Key Features of UKG
- Flexible plan design
- Automated benefits processing
- Billing reconciliation tools
- Automated workflows
- COBRA tracking
- Employee benefits dashboard
- Side-by-side plan comparison
- Benefits education and reminders
- Personalized plan recommendations
UKG doesn’t advertise its pricing, though there are two levels of software based on organization size. However, product tours and demos are available on request.
3
isolved
isolved is a cloud-based human capital management (HCM) platform with several solution modules, from workforce and talent management to talent acquisition and HR and payroll. The platform also offers a network partner version for payroll, PEO, or ASO service providers. Third parties can deliver HCM services to clients using isolved tech.
isolved offers a stackable employee benefits platform where you choose the features you want to build the solution you need. It has base software to set up, enroll, and administer benefits and an employee self-service dashboard. However, organizations can add specific features, including open enrollment and benefit cost analysis, Affordable Care Act compliance tools, COBRA eligibility, and auto-tax form generation.
isolved charges a monthly per-employee fee, but pricing varies depending on the selected features and add-ons. Choose the options you need and isolved will deliver a tailored quote.
Key Features of isolved
- Stackable features
- Plan design and eligibility rules to suit organizational needs
- Automate enrollment, communications, and reminders
- Enrollment management dashboard
- Direct provider connection
- Employee self-service enrollment tools
- Cost comparison for plan selection
- Life events wizards for flexible plan changes
4
Paychex
Paychex is an enterprise HCM platform offering comprehensive tools for talent and workforce management, HR and payroll, employee benefits, employee experience, and more. The organization also provides payroll and HR services and business insurance products.
The Paychex platform, called Paychex Flex, comes in three levels: Select with self-guided set-up and management, Pro with full-service set-up, and Enterprise with complete all-in-one payroll and HR management. Each version bundles together different module features, but the benefits administration software is an add-on for each version.
Key Features of Paychex
- Intuitive mobile app
- Automated workflows
- Flexible plan design
- Reporting tools to track eligibility status and real-time changes
- Employee self-service app
- Compare and select plans
- Carrier connections
- In-app tutorials
- Employee education
Paychex recently acquired Flock benefits admin software, which fully integrates with Paychex Flex. The benefits administration software is mobile-based, providing HR staff and employees online access to benefits information anywhere, at any time.
Configure, enroll, and administer benefits all in one location using automation. Track eligibility, enrollment status, and benefits changes, and connect with carriers for easier and more flexible benefits admin.
Paychex doesn’t advertise its pricing, which appears to vary based on the selected bundle and add-ons. The company will provide a quote based on your custom needs.
5
Paycor
Another HCM platform is Paycor, which offers multiple solutions including HR and payroll, talent acquisition, talent management, workforce management, and benefits administration. Like other software, Paycor is an all-in-one cloud-based solution for managing everything related to payroll and HR.
Paycor offers four plans for small businesses with varying features, but the details aren’t clear for mid-market enterprises with a larger workforce. The employee benefits software is called Benefits Advisor, a benefits hub created to simplify plan design, enrollment, and benefits administration.
Key Features of Paycor
- Configure eligibility and plan rules
- Automated enrollment workflow
- Data exchange with carriers
- ACA reporting
- Pay-as-you-go worker’s compensation solution
- Employee dashboard
- Open enrollment wizard
Staff can choose benefits, create and manage profiles and life events for comprehensive coverage, and enroll in the best benefits package. The platform connects directly with insurance providers, automatically updating information. Manage workers’ compensation deductions and ACA reporting with intuitive tools.
Paycor doesn’t advertise its pricing but does show it charges set-up fees. You can take a guided tour or watch a demo and access limited offer discounts.
6
ADP
ADP is an all-in-one cloud-based payroll and HR solution with time and attendance, talent management, payroll, and benefits modules. Alongside its tech, the organization offers HR and professional employer outsourcing services and insurance products.
ADP’s employee benefits software is mobile-friendly and configurable, allowing you to build plans according to budgets and organizational rules. Create automated workflows that guide staff through open enrollment, send reminders and alerts, and verify dependents. ACA reporting leave management tools also help drive compliance.
ADP offers tiered solution plans based on the size of your organization and whether you need additional outsourcing services, but it doesn’t advertise its pricing either.
Key Features of ADP
- All-in-one platform
- Automated workflows and communications
- Carrier integrations
- ACA reporting
- Leave management
- Rich reporting tools
- Employee self-service tools
- Dependent verification
- Open enrollment wizard
- Additional HR administration outsourcing
Enhancing your organization with the right employee benefits platform
A comprehensive benefits package is essential to attract the best candidates. But health insurance, retirement plans, and other perks need careful management.
With an employee benefits platform, your Human Resources department can oversee your entire team with minimal effort.
There are a range of platforms to choose from, and they each come with their own pros and cons. However, Empeon is the top choice for healthcare organizations. The software is designed specifically for the industry and comes with support from an experienced team. Our solution can integrate with other essential features, including payroll and onboarding, to shake up your HR processes.
Partner with Empeon for security, compliance and peace of mind.
Want to learn more about the Empeon benefits administration software? Get in touch with one of our industry experts to learn more.
