Benefit Fund Administration
Administering benefit funds is challenging and time consuming. After all, there are tens of thousands (to millions!) of paper and film records that need to be accounted for and accessible. Additionally, it takes a lot of time and effort to locate a paper file in a records room or basement.
How many times have you gone looking for a contribution report just to realize that it’s missing? Have you recently been asked to calculate a pension payout and some of those records are stored on microfilm? Do you need to confirm something from a meeting, but can’t recall which meeting, so you spend an hour in the filing room searching through minutes?
If any of that sounds familiar, then it’s time to consider converting your files to digital.
Document Management Solutions for Benefit Funds Administration
Datamation has more than 25 years of experience providing services and systems to help benefit funds, including third party administered funds and multiemployer funds subject to Taft-Hartley compliance, with streamlined document management and workflow systems.
We work with fund administrators and managers to analyze an organization’s documents, processes, and data, and design a customized solution specifically for your organization. This can include all facets of going paperless, including:
- Scanning backfile paper and microfilm records
- Document management systems for easy storage and retrieval of documents
- Workflow solutions to take your processes to the next level
- Integration to your current systems to drive productivity
- Robotic Process Automation (RPA) to eliminate repetitive tasks
Our services can image-enable the benefit administration software you use today. Solutions include on-premise as well as outsourced cloud-based platforms.
What Does This Mean to Me?
It means that you can pull up all your files immediately without having to leave your desk, which saves you time and means that you’ll never lose a document. And depending on your preferences, it also means that you can access these documents without having to log in to another application.
And audits? Our customers benefit from audits that take 80% less time than before they scanned their files and implemented a solution.
A Datamation solution also provides:
- Immediate recovery of space taken up by filing cabinets
- Elimination of the need of off-site box storage
- No more misfiling and costly retrieval
- Minimal hardware and software expenditures
- No need for ongoing IT support
- Implementation is as little as 24 hours
- Automated disaster recovery
- And for some solutions, unlimited users with remote access to all documents
Datamation Has 25+ Years of Experience Working with Benefit Funds
We’ve worked with all kinds of documentation, including:
- Member and pension files
- Employer contribution reports
- Plan documents
- Board meeting minutes
- Financial files and investment reports
- Correspondence documentation
- Annual pension statements
- Member benefit retirement calculation
We’ve seen a lot and know the leading problems that most funds have when it comes to their documents. No matter what problem you have, we’ll work with you to determine the best solution for your needs and price point.
Multiemployer Funds (Including Funds Subject to Taft-Hartley)
We have written integrations that work seamlessly with the leading multiemployer benefit administration software (basys, ISSI, etc.) and our own document management systems.
Our team has worked extensively with multiemployer funds and have experience working with many different types of organizations, including the following:
- Automobile Mechanics
- Beverage Workers
- Electrical Workers
- Iron Workers
- Line Construction Workers
- Operating Engineers
- Pipeline Workers
- Sheet Metal Workers
- Sprinkler Fitters
- United Food and Commercial Workers
- Third Party Administrators
Record Retention and Best Practices for Benefit Funds
Does your fund have a record retention policy? If so, when was the last time it was updated? We teamed up with software partner ISSI Systems for a webinar about how to create a document retention policy and the easiest way to manage your records. Check out the video below or read the blog post.
Benefit Fund Document Management Case Study
We worked with a benefit fund office in Chicago with 10,000 members to customize a document management workflow system for their specific needs. This system eliminates 6,000 man hours of wasted time each year searching for documents and processing claims.
While most document requests once took 15 minutes each, they now take 15 seconds or less. Some requests would take 2-6 hours to retrieve from a dusty file room in the basement, sometimes only to find that they were lost.
Misplaced paperwork is both a headache and a violation of the Pension Protection Act. Having unsecured medical-related information in file rooms and cabinets is a HIPAA violation. The organization is now compliant with both.
The Result: with a document management and workflow system from Datamation, every piece of paper is digitized and managed in one system, is instantly accessible, and is fully compliant with all document-related regulations.
Want to learn more about how document scanning and management can transform your benefit fund administration processes and productivity? Then contact us or give us a call at (630) 321-0601 today!
Document Scanning Quote Calculator
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