Preparing materials for the Annual Enrollment Period (AEP) – namely Annual Notice of Change (ANOC) and Evidence of Coverage (EOC) documents – can be a time-consuming, labor-intensive process wrought with compliance risk.
Yet, completing these documents on time and in compliance is extremely important, as CMS has taken an increasingly tough stance on plans that distribute documents with unclear and/or inaccurate benefit information.
Below are three ways that health plans can benefit from outsourcing this task to a trusted third-party advisor:
1. Increased compliance and reduced risk
Each May, CMS releases the model ANOC and EOC documents for Medicare Part D and Medicare Advantage plans. These are complex documents that must be thoroughly understood by marketing and compliance teams to ensure that all materials are produced and distributed on time and in compliance.
By outsourcing the creation of these materials to a third-party advisor with an expert working knowledge of these model docs and federal and state rules and regulations, health plans will reduce the risk of project delays, late mailings and fines related to non-compliance.
2. Enhanced focus on core business processes
During the AEP materials creation season, health plans are typically stretched thin with competing priorities and tight deadlines, including planning for the next contract year. By outsourcing this complex task, organizations can lighten the load on marketing and compliance departments and refocus their energy on core business processes.
3. Improved cost savings
With trusted experts handling the creation and distribution of the ANOC and EOC documents, health plans can save money typically spent on staffing for this function. More importantly, health plans will reduce the risk of costly erratas and fines from CMS related to noncompliance. Avoiding these alone can save health plans hundreds of thousands of dollars each year, as CMS has cited sponsors with fines as high as $350,000 during a one-month period.
With our Business Process Outsourcing service, you can leave the hard work to us and focus on what really matters – your business.