IMB Solutions introduced its proprietary Managed Service Provider (MSP) model into the employee benefits category for large clients (10,000+ employees) in 2015. IMB works on behalf of clients to hold vendors accountable for contract adherence and billing accuracy. The MSP model creates cost savings and efficiencies by outsourcing back-office accounting, reconciliation, reporting and payment processes.
The Business Case
- Cost savings: The MSP creates financial value for clients by identifying and correcting errors and overcharges in vendor invoices, reconciliations, and payment debit practices.
- Freed up resources: IMB augments client finance and accounting teams by outsourcing non-core functions and freeing up client FTEs to focus on higher-value activities.
- Diverse supplier participation: A certified Minority-owned Business Enterprise, IMB performs all invoicing, processing and payment functions for the category to deliver up to 100% Tier 1 MBE spend.
“The devil is in the details”
Insurance contracts are complex. Fees, premiums, and claims payments total hundreds of millions or billions of dollars for large employers. We focus on enforcing contracts to the letter, and reconciling payments to the penny. In insurance categories, small corrections can mean big savings. (Initial savings over the first two years can exceed $2,000,000).