ST. LOUIS, July 6, 2015 /PRNewswire/ -- Equifax Workforce Solutions, a leader in human resource, analytics and verification services, and a business unit of Equifax Inc. (NYSE: EFX), today announced that it has achieved a major milestone in Affordable Care Act (ACA) management for employers. The company's ACA Management Platform, a software application that automates ACA administrative tasks and helps employers reduce their potential for penalties, is now used to manage compliance for over 10 million employees.
"The widespread adoption of the ACA Management Platform underscores the increasing need for technology to help employers navigate the rules and regulations associated with the Pay or Play mandate," said Kristin Lewis, senior director of Product Management for Equifax Workforce Solutions. "We recognize the challenges employers are facing and are thrilled so many have experienced the positive impact of our solution. We are excited about this milestone and look forward to supporting even more employers as additional regulations go into effect in the coming months."
The Equifax ACA Management Platform, which has been recognized as a leading technology by Human Resource Executive® Magazine, Ventana Research, and the Brandon Hall Group, has seen the adoption rate for ACA-related services grow exponentially since the final versions of Internal Revenue Service (IRS) reporting forms 1094 and 1095 were released. These forms, which require detailed monthly information regarding the coverage offered and provided to employees and their dependents, will be used by the IRS to assess fines under both the individual and the employer mandate.
"Our main focus in 2015 is on IRS reporting for the ACA. However, we are also starting to get state exchange subsidy appeal notifications. It's critical that we respond to these notifications appropriately and in a timely manner. Equifax Workforce Solutions has made that easy for us. The ACA Management Platform is very easy to learn and feels intuitive, and the data is easy to pull. We've actually seen requests for product functionality come out in future releases, which makes our relationship with Equifax feel more like a partnership than a vendor relationship," said Rachel Stevens, director of Benefits and Compensation for Staffmark.
In addition to releasing the IRS Reporting module to automate the preparation and fulfillment of forms 1095 and 1094, the company recently released additional features, including the Appeals Management module that streamlines the process of storing and responding to subsidy notifications from the exchanges.
"Equifax Workforce Solutions is committed to helping our clients overcome the compliance challenges they face in this ever-changing regulatory environment," said Dann Adams, president of Equifax Workforce Solutions. "We are proud to offer a cutting-edge solution that not only helps companies meet stringent reporting requirements, but also provides meaningful workforce insights to help them make the decisions that are best for their business and employees. With ten million employees now managed by the ACA Management Platform, the value of this solution to today's employers is clear."
Following the Supreme Court's ruling on King v. Burwell, in favor of Burwell, the government has taken another step in the longevity of the ACA and its impact on employers. The much anticipated decision upheld the legality of Premium Tax Credits, or subsidies, for health insurance provided under the federal Marketplace. Because subsidies trigger penalties for employers, this decision had the potential to significantly impact the Pay or Play mandate. To help employers understand the impact of the Court's ruling and the next steps they should take in the ACA compliance journey, Equifax is hosting a webinar on July 7, 2015.
Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 600 million consumers and 81 million businesses worldwide. The company's significant investments in differentiated data, its expertise in advanced analytics to explore and develop new multi-source data solutions, and its leading-edge proprietary technology enables it to create and deliver unparalleled customized insights that enrich both the performance of businesses and the lives of consumers. Equifax Workforce Solutions (also known as TALX), an Equifax business unit, is a leading provider of human resource, data, analytics and verification services.
Headquartered in Atlanta, Equifax operates or has investments in 19 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2014, Equifax was nominated as a Bloomberg BusinessWeek Top 50 company; its CIO was listed as one of the top 100 by CIO magazine; and the company was named to the Fintech 100 list, was recognized as a top 20 company to work for by the Atlanta Journal-Constitution, and was named a 2014 InformationWeek Elite 100 Winner. For more information, please visit www.equifaxworkforce.com or www.equifax.com.
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SOURCE Equifax Inc.