The fact is, if you are a business operating in the American marketplace, no matter your size and type, you are likely subject to mandates associated with the Affordable Care Act (ACA). It doesn’t matter if you are a small mom-and-pop shop or a multi-national corporation, ensuring you are fully in line with ACA compliance should be one one of the core operating principles of your operation.
Yet the voluminous complexities surrounding ACA compliance make it difficult for just about anyone to offer the guidance your company needs on their own. Considering you are required by law to offer and manage health care plans for your employees, ensuring ACA compliance is at the front of your mind is critical to avoiding hefty fines and taking care of your people.
Why you need an ACA compliance expert
When it comes to staying compliant, the federal government compels businesses through the use of penalties and punishments. In some cases, penalties can be so severe that unprepared businesses may be forced to shut down. The last thing you or your business needs is the IRS slapping you with a hefty fine over something you should have been able to manage.
Consider that the ACA text comprises around 20,000 pages, and it isn’t difficult to see where it can be quite tough determining which parts of the law are applicable to your company. For sections that do apply to your operation, it can be even more difficult to figure out the intricacies of the application.
What should you expect from an expert?
There is so much to know regarding ACA compliance, that even dedicated legal and HR departments can have a tough time making sense of it all. This is why a dedicated ACA compliance expert can be the real game-changer your business needs. Partnering with or hiring a company to help you navigate the complex health insurance landscape might be one of the best decisions you can make.
A skilled compliance expert will not only help determine policies, procedures, and responses but will know the warning signs if you are in danger of a violation or hefty fine. They can also assist you in finding solutions that match your business need all while ensuring compliance and improving process efficiency.
Compliance in the era of big data
Partnering with an ACA compliance expert provides your business with an experienced professional who knows how to properly sort out the massive amounts of data generated, especially when those data points are coming from so many different sources.
Interoperability between legal, HR, and ACA systems can also be quite a challenge. When systems cannot communicate with each other – or when too much data makes it impossible to determine a procedure – your company could be exposed in a potentially expensive way. Working with an ACA compliance expert ensures the proper data is gathered and sent to the correct federal agencies.
Compliance experts have procedures in place to ensure a system of record is created and kept. Not only can they help you navigate the details of record keeping itself, but in doing so create a paper trail that will be a huge help if the IRS or another agency ever decides to put your operation under a microscope.
If you are looking for an ACA compliance expert that you can count on, a partner who can offer you comprehensive, effective, and proven solutions, then it is time to give your friends at Hays Companies a ring. You deserve to sleep well at night! With our team at your side, you can feel confident knowing you’re in IRS compliance, and your employees are insured. Call us at (801) 505-6500.