GenMark Diagnostics, a biopharmaceutical organization, faced significant challenges in managing Affordable Care Act (ACA) compliance due to the complexity involved in tracking employee hiring dates, insurance coverage start and end dates, and registration information. This task became particularly daunting following the introduction of ACA reporting requirements in 2015.
To address these challenges, GenMark Diagnostics partnered with Trusaic, which provided its ACA Complete solution. This comprehensive service streamlined the process by offering automated tracking, recording, and validation of employee benefit registrations and reductions on a monthly basis. This was crucial for maintaining compliance with the ACA.
Key highlights include:
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Monthly Reporting: ACA Complete delivered monthly reports that highlighted potential fines, missed coverage, document compliance issues, and other critical business intelligence metrics, such as turnover and profit reconciliation savings. This helped GenMark Diagnostics identify instances where former employees continued to be registered and benefited from the company's health insurance, allowing them to rectify the situation and save resources.
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Expert Support: GenMark Diagnostics received dedicated ACA expertise through the ACA Complete solution, which was uncommon in the industry. This expert managed the ACA compliance process on a monthly basis, reducing the risk of IRS penalties.
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Integration with Payroll Software: By integrating with GenMark's existing payroll and human resource management software, ACA Complete ensured seamless data flow, correcting employee classification discrepancies and preventing inconsistencies in future reports.
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Compliance Assurance: With ACA Complete, GenMark Diagnostics was assured 100% compliance with the ACA, eliminating the burden of manually gathering, consolidating, and verifying employment and registration data.
The partnership between GenMark Diagnostics and Trusaic's ACA Complete solution has not only simplified the complex ACA compliance process but also provided peace of mind regarding potential non-compliance issues, ultimately saving costs and resources. For organizations looking to manage their ACA compliance more effectively, Trusaic offers a range of services aimed at reducing risks, alleviating employee burdens, and enhancing financial efficiency. To learn more or to start using the service, visit trusaic.com/approble-care-act-compliance.
