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TPA Industry
As a service organization, our industry, “Third Party Administrators”, has national guidelines to follow for:
- Financial Accuracy,
- Payment Accuracy,
- Procedural Accuracy, and
- Turnaround Time.
A Statement on Auditing Standards (SAS 70) audit is the proper way to have an independent auditing firm test work regarding a TPA's internal control structure and its policies and procedures.
THE NATIONAL STANDARDS ARE AS FOLLOWS:
Financial Accuracy
- 99% and above = Excellent
- 98% to 98.9% = Good/Average
- 97.9% and below = Poor
Payment Accuracy
- 98% and above = Excellent
- 95.5% to 97.9% = Good/Average
- 95.4% and below = Poor
Procedural Accuracy
- 97% and above = Excellent
- 95% to 96.9% = Good/Average
- 94.9% and below = Poor
Turnaround Time
- 80% paid within 14 calendar days = Excellent
- 70% to 79.9% paid within 14 calendar days = Good/Average
- 69.9% and below paid within 14 calendar days = Poor
SecureOne Benefit Administrators, Inc.'s SAS 70 results:
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SecureOne’s Internal Goals |
SAS 70 Results |
| Financial Accuracy |
98% or higher |
99.94% |
| Payment Accuracy |
98% or higher |
99.1% |
| Procedural Accuracy |
97% or higher |
99.94% |
| Average Turnaround Time |
12 calendar days |
10.56 calendar days |
For SecureOne’s full results, SAS 70 Audit see SAS 70 Audit (239KB PDF).
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