09.25.13 |
SHARE   |  

Juggling an Opportunity: Are Finance Executives Prepared for the Affordable Care Act?

With deadlines for the Affordable Care Act (ACA) looming, finance executives face a tough challenge: how can they continue to support business growth while also helpingHealthcare Stethoscope to ensure compliance with new requirements?

With the October 1, 2013 Notice of Coverage Options deadline less than a month away, it’s time for finance executives to get serious about the ACA. Despite the fact that more than half of all finance executives recently surveyed during research conducted by ADP anticipate that public Health Insurance Marketplaces (also known as “Exchanges”) will impact their company, this research also shows that most finance executives are not prepared to juggle its requirements:

51 percent of small businesses, 60 percent of midsized businesses, and 69 percent of large businesses anticipate that public Exchanges will impact their company.1

  • 49 percent of large company finance executives aren’t fully confident they understand employer responsibilities around the ACA. 1
  • Fewer than 4 in 10 small and midsized businesses have a plan to control the cost of providing health benefits.1

Employers must take action to meet the looming deadlines this year around employee notifications and the employer “Shared Responsibility” mandate. With decisions around applicability, affordability and employee eligibility on the horizon, there’s no doubt that Health Care Reform is an enterprise-wide issue, with broad implications for HR, audit, tax and other operational areas.

Truly strategic finance executives realize the benefit of taking a proactive approach to ACA compliance – they see the opportunity to take a leadership role in shaping their company’s ACA strategy to help avoid confusion, penalties associated with noncompliance, and missed deadlines. They also see the opportunity to stay ahead of deadlines and help ensure the ACA doesn’t distract from revenue-generating activity. That’s why forward-looking executives hear ACA and think “opportunity.”

What opportunities do you see at your company regarding ACA compliance? Feel free to add a comment.

Learn more about ADP solutions to help employers stabilize their approach to ACA compliance.

                                                               

1 Employee Benefits Study Among Finance Professionals, ADP Research Institute®, March 2013


One comment on “Juggling an Opportunity: Are Finance Executives Prepared for the Affordable Care Act?”

  1. I’m really enjoying the design and layout of your website.
    It’s a very easy on the eyes which makes it much more pleasant for me to
    come here and visit more often. Did you hire out a developer to create your theme?

    Exceptional work!

Leave a comment

Your email address will not be published. Required fields are marked *


1-855-864-1712

Sign Up for
Email Updates

featured webinar