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SHRM calls ICHRA the 401K for Group Health Benefits

Fed-up with group health insurance? ICHRA is the new way to offer great health benefits and avoid ACA penalties, SHRM calls it the 401K for group health benefits. 

In 2020 the Department of Labor, HHS and IRS changed the rules for employer health benefits. They changed the Affordable Care Act mandates and penalties for every employer. It created the Individual Coverage HRA (ICHRA) to help average employers compete. ICHRA gives average employers a new alternative to group health insurance.. 

The new ICHRA rules went into effect on the eve of the shutdown, so most employers don’t know about it yet.  Most don’t know that ICHRA is an ACA compliant alternative to group health insurance.  The majority of large employers still believe group health insurance is the only way to offer great health benefits, and comply with the law. 

Traditional Group Health Insurance is Failing

Year after year, expecting a different result. Group Health Insurance is as close to Insanity as it gets. 

But, after a paycheck,  ‘good health benefits’ are the number one thing job applicants are after.  Now more than ever, great employee health benefits are important.  It’s getting harder to find great employees, and even harder to hang on to them. Employees need health benefits that are affordable and something they can actually use. Yet at the same time rising premiums continue to rise. This pressures employers to make hard compromises in plan selection that decrease the coverage just to hold down the premium increase.  It’s a sad situation that employers suffer through during open enrollment.     

Every year about this time owners and CFO’s are bracing for the coming insurance renewal quotes.  You know the dreaded feeling? That Q4 call from your insurance broker is never good news.  Seeing your worst-case budget guess, surpassed by a double digit premium hike. 

Any good health insurance broker is able to present lots of ways to ‘rearrange the deck chairs’ and help you buy more insurance. They all involve decreasing benefits and increasing the employee’s share of premiums. This means restricting access, increasing deductibles, and/or coinsurance.  

So once your broker has the open market insurance quotes, it’s time for the dreaded plan redesign. This is when you and your insurance broker skinny down the benefits to lower the premium. It can take days reviewing plans, and hours discussing ways to limit the employee’s health benefits. It’s a lot of work just to keep the premiums from rising too much.  It makes you feel kind of cheap, taking benefits away from your employees. Hopefully there isn’t too much of a bad reaction this year. 

Alternative Ways to Source Group Insurance 

Most large employers have a smart health insurance broker.  They get paid to submit your company census and rate history to insurance carriers, and then return with quotes. A good broker should assess your benefit objectives and compile financial comparisons and recommendations to get you there. They should also be able to help you source group health insurance in several different formats:

  • A professional employer organisation (PEO) with a master master health insurance policy, 
  • Open market group health plans 
  • A Self Funded strategy
  • A Level Self Funded option 
  • A Captive Arrangement 

Note that each of these requires insurance to be purchased to protect against the risk that some employees get really sick. 

Managing For Lower Health Insurance Premiums 

There’s no such thing as a free lunch with group health insurance.  The carriers will look at your group demographics, rate history and claims history. They have all the data and it tells them a lot about the health of your group.  This year’s data is the basis of your premiums next year.  They look at last year’s ‘experience’ (also known as claims) to determine how much of an increase you will get to pay.   

They use a thing called the Medical Loss Ratio.  This compares a previous year of premiums against the health claims paid for your employees.  If the carrier didn’t make the federally approved profit on your policy, they are allowed to increase your premiums. The increase is meant to catch-up on the lost profit, and to make sure your group is profitable next year.  Playing catch up is why double digit premium  increases are so common. 

 Some employers try to implement wellness programs and incentives for healthy behaviors.  Thbis can result in employees using less healthcare. Others implement health access tools like direct primary care, Teladoc, or 2MD.  The idea is to help employees be smarter healthcare consumers. Health tools like this can reduce claims and premium increases over time.  But results can be slow and continuous employee engagement is vital to be successful.  

If your group gets healthier and your claims history decreases your insurance broker should be shopping for a rate decrease. This is usually something you should push your broker to do every year, or every other year at a minimum.  Not all brokers feel incentivized to ask for rate decreases.  Because lower premiums means a lower commission. It’s always a good idea to keep motivations in mind with your outside consultants.  If your group is healthy, it might be productive to consider shopping brokers from time to time.      

Comparing Group Health Insurance vs Individual Coverage HRA (ICHRA)

Once you have your best health insurance rates and plans is the time to compare to an ICHRA based strategy.  Because group insurance is not needed for an ICHRA approach, brokers have a small conflict of interest.  Switching to ICHRA is going to take a little extra effort this one time. Renewing your group health insurance coverage is easier.  But this simple side by side comparison will help you know how much a little extra effort can save you.  The best news is, that once you make the switch to ICHRA you never have to deal with open enrollment for group health insurance, ever again.  Once your employees test drive their new ICHRA health benefits they will be more loyal and productive. 

Unlike group insurance, ICHRA is not a one size fits all solution.  ICHRA is flexible for employees and for employers. There’s an ICHRA strategy for big employers with high turnover, low wages.  There is an entirely different strategy where high quality, affordable health benefits are essential to the stable operation and growth of the company.

Fortunately there are ICHRA specialists like Scoop Health who work with employers to customize an ICHRA strategy to meet the goals and objectives for benefits.  This can range from outstanding health benefits that attract, retain and reward employees, to the lowest cost ACA compliance.  

Scoop Health uses a detailed financial model to compare your existing group insurance to an ICHRA strategy. This includes testing for ACA Affordability, which was just increased to 9.83% of pay in 2021.   They can help you make contribution adjustments for things like age, class, eligibility, and location.  The resulting model provides a clear contrast between the two alternatives.  It makes the decision to stay or switch much more obvious and easy to make.

ICHRA based benefits are flexible and budget friendly.

Not surprisingly, Individual Coverage HRA has been dubbed the ‘401K for employee health benefits’ by the HR experts at SHRM.  It’s because both 401K, and ICHRA involve an employer making a defined contribution that employees get to ‘invest’ the way they want.  ICHRA is basically a tax vehicle, just like the 401K. The employer offers to contribute pre-tax funds via the HRA.  Employees use it to pay for health benefits they select to suit their lifestyle and budget.  If an employee declines, the employer keeps the money, and satisfies the ACA coverage mandate.

The bare bones ICHRA contribution could be the lowest dollar amount to satisfy the ACA’s ‘affordability testing’, thus avoiding ACA penalties. Employees could use the contribution offer to purchase health insurance of their own choosing.  With the employee probably paying a part of the total premium out of pocket. This is often the case with group insurance too.  In the ICHRA implementation, any employees opting for individual health insurance are helped through the process using advisors like Kind Health.  

An Affordable Plan to Attract, Reward, and Retain Great Employees. 

When high quality employee health benefits are important ICHRA can be used as the foundation for a more robust plan. The ICHRA is used to pay for certain ‘Qualified Medical Expenses’ when packaged in an Employee Assistance Program.  The EAP provides these first dollar benefits to every employee.     

In Scoop Health’s ICHRA strategy the EAP is used to pay for unlimited virtual primary care.  The ICHRA also reimburses 100% of preventative care costs, including vision and dental.  This first dollar benefit is highly appreciated by employees. Virtual primary care has been shown to address 85% of most employees’ everyday health needs. It’s a big hit with employees, especially those with families, busy schedules, and juggling working from home. What employee wouldn’t love unlimited primary care, for free? 

For catastrophic protection employees get to choose. They can invest the employer’s ICHRA contribution to purchase individual health insurance if they want.  Ot accept the employers contribution towards a less costly alternative known as, Medical Cost Sharing.  Employees feel better about their employer’s health benefits when they get to choose what is best for their health and their finances.   

ICHRA Got Shutdown Too. 

In 2019 the Department of Labor and HHS said group health insurance was only working for the very largest employers and punishing the rest. They created Individual Coverage HRA to level the playing field.  The Feds predict that over one million businesses will make the switch from group health insurance to ICHRA by 2030.  ICHRA went live on 1/1 2020.

What’s So Much Better About ICHRA?

  • ICHRA satisfies the ACA mandates without insurance. 
  • Employees overwhelmingly prefer choices they can select based on individual health and budget.   

There are real positive benefits for employers choosing ICHRA vs group health insurance.

  • Cost about 30% less
  • Stable and predictable rates
  • More equitable for employees and their individual differences 
  • Elimination of group health insurance hassles 
  • Eliminates any time or resources for managing employee health risk.      

The Future of Employee Health Benefits

Post-pandemic health insurance premiums are expected to spike. That is why more employers are showing strong interest in ICHRA as the secret to affordable group health benefits that employees will use and brag to their friends about.

About the Author: Art Goetze
Art Goetze is a serial entrepreneur and CEO of Scoop Health. His first kitchen table start-up hit the Fortune 500 and New York Stock Exchange in one year.  He has participated in the acquisition and integration of over 200 companies and 36,000 employees. Art founded the nation’s first freestanding emergency centers as well as the first membership based primary care practice in Texas. He is a pioneer in healthcare innovation and ICHRA based employee health benefits. 

Selling Your Business & the Value of Accounting Records

M&A Current Environment

2020 and 2021 have been record years for mergers and acquisitions (M&A) despite COVID19.  Liquidity in the marketplace, abundance of retiring baby boomers, and low interest rates continue to fuel the M&A market.   This seller’s market has allowed multiples for selling businesses to remain at high levels.  Investment bankers representing sellers are so busy, that I was recently told they are no longer accepting new clients for the remainder of this year. (August 2021). This got me thinking about valuation and the disservice many business owners are doing themselves. A recurring theme noticed in our practice/experience and by Investment Bankers has to do with accounting records. More importantly, the lack thereof.

The Number One Problem with Selling a Business

My team and I continued to be amazed by the lack of understanding and importance placed on accounting records by business owners. These are not small mom & pop operations; I am talking about companies that bring in $20, $50 and even $100 million in revenue! The business owners have run these companies for as long as 30 years based on “gut feelings” and “shooting from hip”. While they have been successful, they have likely left a lot of money on the table over the years. They have not invested in their accounting department or accounting records because they consider it “overhead”. While they may have a bookkeeper and Tax CPA, they do not have a strong accounting department or in house managerial CPA. They don’t have a real controller or CFO, perhaps by title only.

The Value of Good Accounting Records

Some companies fail because they do not have solid U.S. GAAP financials when times get tough, and others manage to survive with street smarts.  But when you want to sell your business the first thing a potential buyer or Investment Banker will ask for is your most current financial statements.  Warning to business owners, this does not mean the cash basis or tax basis financials your Tax CPA may prepare for you.  Your Tax CPA is NOT the one that will prepare your U.S. GAAP based Managerial Financial Statements.  In order to sell your business and obtain the highest value possible, your company must have solid accounting records and financial statements that are U.S. GAAP or IFRS based. These are most likely accrual basis financial statements.  If you are a manufacturer, you need good cost accounting records.  You need to have good internal controls, written process and procedures in place. You also need to have a timely set of month end, quarter end and year end financials.  

Cost V. Benefit

You can still sell your business if you do not have any of this; I have seen it happen. Anything can be sold, the question is at what price? Companies lacking a solid accounting department and records are likely to leave millions of dollars on the table when it’s time to sell. For example, a $50 million revenue company with nice margins and 100 employees can expect to spend $75k-$150k to have a professional team come in and clean up the accounting/financial records. Doing so would yield MILLIONS in value at the closing table. Yet so many business owners do not seem to understand this or see the value. This is what I struggle to understand.

The lack of solid accounting records and timely financial statements causes questions, delays and likely a reduction in price when it’s time to sell. This is a reality I have seen in my 30 years of experience time and time again. Yet getting business owners to understand this simple cost vs benefit is a daily battle!

To Business Owners

You’ve built a good, successful company and likely made a lot of money over the years. Whether you were running your business based on “gut feelings” or your own knowledge, you may feel at times you were “sailing blind” and didn’t have the tools to know exactly what the financial performance or health of the business was.

Now it’s time to sell. You’ll be asked to provide financial statements for the most current period and likely the last 3 years. These financial statements must be according to U.S GAAP or IFRS standards in order to maximize the value of the company. If your financial statements are not up to these standards, invest in your business and hire the team you need to correct them. Avoid the trap of having your business value discounted. Make the investment and enjoy what you deserve.

Don’t leave any money on the closing table. Download a copy of the Top 10 Destroyers of Value, our free guide to maximizing business valuations.

 

Financial Ratios

See also:
Quick Ratio Analysis
Price to Book Value Analysis
Price Earnings Growth Ratio Analysis
Time Interest Earned Ratio Analysis

Use of Financial Ratios

Financial Ratios are used to measure financial performance against standards. Analysts compare financial ratios to industry averages (benchmarking), industry standards or rules of thumbs and against internal trends (trends analysis). The most useful comparison when performing financial ratio analysis is trend analysis. Financial ratios are derived from the three financial statements; Balance Sheet, Income Statement and Statement of Cash Flows.

Financial ratios are used in Flash Reports to measure and improve the financial performance of a company on a weekly basis.

Financial Ratio Categories

The following five (5) major financial ratio categories are included in this list.

  • Liquidity Ratios
  • Activity Ratios
  • Debt Ratios
  • Profitability Ratios
  • Market Ratios

Liquidity Ratios

Liquidity ratios measure whether there will be enough cash to pay vendors and creditors of the company. Some examples of liquidity ratios include the following:

Activity Ratios

Activity ratios measure how long it will take the company to turn assets into cash. Some examples of activity ratios include the following:

Debt Ratios

Debt ratios measure the ability of the company to pay its’ long term debt. Some examples of debt ratios include the following:

Profitability Ratios

The profitability ratios measure the profitability and efficiency in how the company deploys assets to generate a profit. Some examples of profitability ratios include the following:

Market Ratios

The market ratios measure the comparative value of the company in the marketplace. Some examples of market ratios include the following:

If you want to check whether your unit economics are sound, then download your free guide here.

Financial Ratios, Financial Ratio Categories, Use of Financial Ratios

Financial Ratios, Financial Ratio Categories, Use of Financial Ratios

Collect Accounts Receivable

See Also:
Accounts Receivable
Accounts Receivable Collection Letter
Financial Ratios
Accounts Receivable Turnover
What is Factoring Receivables?
Accounts Receivable Turnover Analysis
Net 30 Credit Terms

Collect Accounts Receivable

Every company has them…past due and slow pay accounts. Here are some ways to help keep your cash coming in the door and collect accounts receivables.

Improve Accounts Receivable Collection and Invoicing

Commercial and industrial experience has proven the following percentages… Of ten new customers, six will pay on time, two will pay in 60 to 90 days and two will become collection problems.

Always watch your new sales. As money becomes tighter, you will receive one-time sales from firms that may be experiencing financial problems. While these customers will bounce from business to business, they need your close attention if you want to retain them. A useful management tool for collecting accounts receivable is the Flash Report.

Credit

Be familiar with your customers’ credit. Only extend credit to organizations you feel confident will pay you. Make sure you don’t have to write off your hard earned sales through bad debt!

Pay close attention to the credit terms you are offering your customers. One good way to collect accounts receivable (ar) is to do so before you deliver your product and structure your terms accordingly. An example of this would be a propane company in the winter months; nothing works better than to be paid prior to delivery.

Examples of accounts receivable payment terms:

For custom manufacturing companies:

50% before work begins, 40% before delivery and 10% after delivery

For wholesalers and retailers:

Depending on creditworthiness, 10 days net for companies with good credit, prior to delivery for companies with questionable credit or those that are past due.

Develop a minimum sales order that will require a credit check

Check three references on a new client

If payment history is greater than 60 days obtain supervisor approval

Perform the following steps when invoicing the customer:

  • Invoice within 24 to 48 hours after performing service
  • Review invoices for accuracy
  • Double check that everything has been billed
  • Note payment terms on the invoice

[box]For more tips on how to optimize your accounts receivable, download your free A/R Checklist here.[/box]

Assign Responsibility for Accounts Receivable Collections

Use a dedicated collections individual. Then designate one person in your organization to be the accounts receivable collections representative, someone who can make the collection calls and stay on top of accounts receivable. There are some personality traits that you should look for when assigning this function. Some traits to look for: A professional presence, adept at working with and handling difficult people, skilled at follow up and well organized in order to document collection efforts.

You may want to pay your accounts receivable collections individual a commission as an incentive to keep accounts receivable collections current. Alternatively, you might consider paying a bonus at certain increments based on established criteria.

The goal is to work with delinquent companies and receive payment as quickly and cost effectively as possible!

For many companies, add accounts receivable collections to a current employee’s responsibilities as it should not be a full time commitment. If there is a legitimate reason the customer has not paid, then it’s best to get this taken care of early so as not to impact your cash flow for any longer than necessary. Never underestimate the impact of reminder and collection calls!

Accounts Receivable (AR) Collection by Telephone

Given the use of voice mail the effectiveness of phone calls are somewhat diminished. However, they are still an effective means of collection. The phone calls enable the credit manager to present their case to the debtor for immediate response. During the conversation you can determine whether the claim will be paid in full and when. This is the time to determine the reasons for non-payment.

We have put together the following three main reasons for non-payment:

  • Lack of funds. Most non-payments result from lack of funds.
  • Dispute. Discuss disputes to determine whether or not they are valid. Adjust the valid claim quickly and fairly, the non-valid claim exposed and immediate payment requested.
  • Refusal to pay. If it is refusal to pay, you must take third-party steps to enforce payment. Consider hiring a collections attorney.

Check out the following tips on phone collections:

  • Identify yourself and the company
  • Call the person in charge
  • Ask for the payment in full by a specific date
  • If the bill is in dispute, suggest a solution
  • Put it in writing if a solution is met
  • Set up a personal meeting with the client if the solution is not met

Download The A/R Checklist


Managing the Accounts Receivable Process

To quote Peter Drucker: You can’t manage it if you don’t measure it! The same holds true for collecting accounts receivable! So how do you measure your effectiveness in collecting accounts receivable?

Daily Sales Outstanding (DSO)

What is DSO?

DSO is the average of your accounts receivable. The numerical accuracy of the number is not as important as the trend. But blend an estimate of how long it takes to collect your accounts receivable. If you are making progress then it should be trending lower. First, calculate where you are today.

How do you calculate DSO?

Use the following formula to calculate DSO:

DSO = 365/ (Annual Credit Sales/ Average Accounts Receivable)

Commercial Collection Servicies

Hire a collection agency. Ways to find a reputable collection agency include referrals from other companies as well as professional firms and organizations with which your company does business. No matter how you receive the referral, be sure to ask the collection agency for customer references and call the references. Ask some of the following questions:

  • How responsive is the collection agency to your questions?
  • Do you have a report on the progress of your accounts promptly and in a format that is user friendly?
  • Do they remit proceeds quickly and accurately?
  • Can you resolve these issues quickly?

Final Comments

Review your internal process. Remember, collecting accounts receivable is an internal process as well! Before initiating collection calls, be sure your internal house is in order. It is vitally important that your cash applications are timely and done correctly. It’s extremely embarrassing and inefficient when you run into the following situation. Your collections representative conducts a collection call only to find that the customer has in fact paid the bill and the payment has been misapplied. Furthermore, a similar situation also exists when your employee makes a collection call when the payment was received 2 weeks earlier.

Accounts Receivable Collections

AR Collections should start with your cash applications function. Remember, your process here is critical. So follow it without exception. Further more, apply payments quickly and accurately. If you cannot identify a payment to an invoice, then call the customer in a timely manner to identify what is being paid. This is absolutely critical!

Issue invoices that make cash application quick and easy. If you have large volumes of invoices or are short staffed, automate this process. Then, have an organized and mechanical follow up of accounts at regular intervals in your systems. For instance, use 10,30 and 60 days past due.

Any program that permits three statements or a two to three month time lag before the first collection step is taken will result in a lower recovery ratio. Make collections update meetings a priority for the controller and collections person. At the meeting, review collection notes, progress and next steps.

Know the Cost of Past Due Accounts

If you cover your cash shortfalls with a line of credit, then consider that at an interest rate of 10% on your line, every $100,000 in past due accounts costs you $833 per month or $10,000 per year.

Train Your Customers to be Good Payers

Creating an accounts receivable collection process and following it consistently will allow you to accomplish this important goal.

For more ways to add value to your company, download your free A/R Checklist to see how simple changes in your A/R process can free up a significant amount of cash.

collect accounts receivable

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Access your Cash Flow Tune-Up Tool Execution Plan in SCFO Lab. The step-by-step plan to get ahead of your cash flow.

Click here to access your Execution Plan. Not a Lab Member?

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collect accounts receivable

The Dreaded “F” Word

See Also:
What is Factoring Receivables
Accounting for Factored Receivables
Journal Entries for Factored Receivables
Can Factoring Be Better Than a Bank Loan?
History of Factoring
How Factoring Can Make or Save Money
Factoring is Not for My Company
The What, When, and Where About Factoring
Working Capital

Factoring: The Dreaded “F” Word

The dreaded “F” word, FACTORING. Now that factoring has been said, I am sure we all are feeling a little more at ease. I was in a meeting recently with a prospect, a Houston based oilfield servicing company, and their CPA whose name was John.

The company was experiencing cash flow problems because of growth. And they have more new business opportunities coming up in the near future. They were trying to determine how to capitalize on these opportunities in their situation of stressed cash flow. The topic of factoring their accounts receivable came up and John said “Only companies about to go broke factor their accounts receivable!” Knowing the CPA profession as I do since I was a CPA earlier in my career, I knew John’s concern was cost. So I had to ask him why he felt that way. He did not disappoint me when he said “factoring is too expensive.” I then told him that I would not normally recommend factoring to any client unless it will make or save them money.


Download the Free 25 Ways to Improve Cash Flow Whitepaper


Situations Where Factoring Would Make or Save Money

John then asked me “Tell us some situations where factoring would make or save money.” Knowing that he thought he had me now, I gave him the following examples:

Conclusion

Taken back a bit John still held his ground by saying “It is still to expensive and it will break a company!” Being more perplexed than ever, I told John “Let me explain in terms I think you will understand.”

Let’s say the oilfield service company sells their service for $50 and has a resulting profit of $5. Now let’s say they have an opportunity for more business but do not have the capital (cash) to take on the jobs. So, would you agree they will not make any profits? John reluctantly responded with “Yes”. Let’s say the company has access to the capital (cash) presently locked up in their accounts receivable. Now, they can take advantage of their opportunity in the following manner. They still sell their services for $50 and now have a $3.50 profit instead of a $5 profit. In other words, your client will make $3.50 with me or $0 without me.

Before John had a chance to comment, the business owner said “I like your deal. Factoring can make me money.” Finally, John agreed, and the meeting moved forward.

For more tips on how to improve cash flow, click here to access our 25 Ways to Improve Cash Flow whitepaper.

factoring, Situations Where Factoring Would Make or Save Money

[box]Strategic CFO Lab Member Extra

Access your Strategic Pricing Model Execution Plan in SCFO Lab. The step-by-step plan to set your prices to maximize profits.

Click here to access your Execution Plan. Not a Lab Member?

Click here to learn more about SCFO Labs[/box]

factoring, Situations Where Factoring Would Make or Save Money

Working Capital Analysis

See Also:
Balance Sheet
How to Collect Accounts Receivable
Factoring
Working Capital from Real Estate
Quick Ratio Analysis
Current Ratio Analysis
Financial Ratios

Working Capital Analysis Definition

Working capital (WC), also known as net working capital, indicates the total amount of liquid assets a company has available to run its business. In general, the more working capital, the less financial difficulties a company has.

Working Capital Analysis Formula

Use the following formula to calculate working capital:

WC = Current assetsCurrent liabilities

Working Capital Analysis Calculation

For example, a company has $10,000 in current assets and $8,000 in current liabilities. Look at the following formula to see the calculation.

Working capital = 10,000 – 8,000 = 2,000

Applications

Working capital measures a company’s operation efficiency and short-term financial health. For example, positive working capital shows that a company has enough funds to meet its short-term liabilities. In comparison, negative working capital shows that a company has trouble in meeting its short-term liabilities with its current assets.

It is very important for CFOs and financial managers to look at trailing net working capital as a very important Key Performance Indicator (“KPI”).  If the trend is for your net working capital to decrease over the last 12 months, quarters or years, this may be an indication of a cash shortage and financial distress situation looming nearby.

Working capital provides very important information about the financial condition of a company for both investors and managements. For investors, it helps them gauge the ability for a company to get through difficult financial periods. Whereas, for management members, it helps them better foresee any financial difficulties that may arise. In conclusion, it is very important for a company to keep enough working capital to handle any unpredictable difficulties.

If you want more tips on how to improve cash flow, then click here to access our 25 Ways to Improve Cash Flow whitepaper.

working capital analysis

[box]Strategic CFO Lab Member Extra

Access your Strategic Pricing Model Execution Plan in SCFO Lab. The step-by-step plan to set your prices to maximize profits.

Click here to access your Execution Plan. Not a Lab Member?

Click here to learn more about SCFO Labs[/box]

working capital analysis

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