After a series of delays, businesses are finally being exposed to the full impact of extensive Affordable Care Act (ACA) regulations—and many are expected to fall short of compliance, warns James P. Anelli, a shareholder in the national law firm of LeClairRyan. To help them cope, LeClairRyan is launching “ACAMONITOR,” a “one-stop shop,” multidisciplinary network offering valuable compliance services and advice. Insurance brokerage and risk management firm Marsh & McLennan Agency and accounting, tax and advisory firm CohnReznick will also offer their professional services to ACAMONITOR network clients.
“The ACA represents one of the most sweeping changes in U.S. law during the last half century, and even the most experienced benefit managers report that they’re stymied by the confusing, serpentine maze of rules,” explains Anelli, who leads LeClairRyan’s ACA Practice team. “This is no minor matter, since companies that fall short could face crippling fines, excise taxes, litigation, claims and other penalties.”
LeClairRyan, through ACAMONITOR, offers a turnkey compliance review on a flat-fee basis based on employer size. Organizations that join the ACAMONITOR network will also receive free-of charge client alerts and updates on cutting-edge issues, as well as hotline access, webinars and white papers on key compliance issues.
“No single entity within an organization can handle all the ACA issues, so many are simply waiting to comply,” Anelli adds. “But the clock is ticking, the stakes are high, and the price of delaying will far outweigh the cost of preparing for implementation. ACAMONITOR can offer valuable help in a timely manner through a compliance program staffed by key professionals.”
Through this network, the three firms will each also offer turnkey services on a broad range of issues associated with ACA compliance, including those impacting the areas of accounting, payroll software and design, information reporting, taxation, employment regulations, and insurance design.
“The ACA is complicated and time-consuming, but it can be managed with the right mix of people and expertise,” Anelli adds. “Preparing now by joining the ACAMONITOR network can help you avoid having to take expensive corrective action later.”Related Articles: