bswift LLC, a leading innovator in employee benefits technology and administration, is excited to announce the release of its dependent verification solution to all employers, regardless of whether they are an existing bswift benefits administration customer. The solution is designed to help organizations reduce health plan costs, improve compliance, and ensure more equitable benefits programs.
This one-time audit takes only 4-6 weeks from setup to completion for fast and accurate results. Now, employers can identify ineligible dependents quickly and unlock millions in savings while reducing administrative burden.
“Dependent verification has long been a challenge for HR teams, with traditional methods proving to be time-consuming and inefficient,” said Matt Waldrup, Executive Vice President of Product at bswift. “Our solution changes the game by combining the power of AI with a seamless user experience that simplifies the process for everyone.”
A proven solution, now scaled to all employers
Initially developed as part of bswift’s core benefits administration platform, the solution has been scaled to support any employer or health plan, without the need to purchase full benefits administration services. Employers can expect immediate ROI. On average, bswift Dependent Verification Audits identify between 5%–10% ineligible dependents, costing up to $10,000 per dependent annually.
Key benefits:
- AI-driven accuracy: bswift’s solution brings together the power of AI and the precision of human review to quickly pinpoint ineligible dependents.
- Effortless for HR: Simply provide enrollment files and eligibility rules, and bswift handles the rest. Plus, with results delivered just days after the verification period closes, HR can easily share insights with leadership and highlight their impact on cost control and benefits equity.
- Hassle-free for employees: A branded, mobile-friendly portal makes uploading verification documents simple, with step-by-step guidance and seamless integration with single sign-on (SSO).
- Proven ROI: Recent audits have delivered millions in annualized savings, with up to 10% of ineligible dependents identified, resulting in as much as $20M in annualized savings.
“Our mission is to empower organizations to reduce healthcare costs while fostering fairness and equity in their benefits programs,” added Waldrup. “This new solution reflects our commitment to delivering innovations that solve real-world challenges for our clients.”
