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|WEX Health Cloud Platform Helps Employers Make Sense of Big Data with Customizable Features and Functionality|
Updated Platform Provides Enhanced Consumer Experience
The company continues investing in Big Data solutions, and the product release includes several Big Data functionalities to harness the power of data to create value and enable greater opportunities for key stakeholders. The release also includes updates that provide consumers with increased flexibility for accessing and using their consumer-driven health account funds and investments.
For employers, the company has developed a new, customizable analytics platform – the WEX Health Cloud Employer Dashboard – that allows benefits professionals to access an overview of employees’ healthcare spending and saving habits. The dashboard provides insights into several key healthcare financial metrics, including how much employees contribute to health accounts, where they’re spending their healthcare funds, and how they’re engaging with the healthcare tools offered. By leveraging comparative averages and median benchmarks, the dashboard offers companies the opportunity to compare consumer behavior data to other “like-me” companies in the market. This type of comparative data will help employers evaluate the effectiveness of their benefits plans.
The dashboard also includes a new, innovative method for assessing an employee base’s ability to pay for out-of-pocket expenses through the Health Financial Viability Index. This data will be a key indicator of employees’ financial health and help employers gain visibility into how employees are spending their CDH dollars, so they can select plans that best fit the needs of their employees.
For consumers, a powerful new user experience – driven by key analytics – will bring them the right messages at the right time and help improve engagement and consumer satisfaction. Additionally, a new feature called HSA Advance allows consumers to receive an HSA advance on either future payroll deductions or employer contributions. This functionality gives employers the option to offer employees the ability to “borrow” from their future HSA contributions while providing flexibility in employer management of the program.
“The growth we’ve seen reflects the need for more innovative technology
and solutions that help businesses navigate and streamline
administrative and regulatory changes,” said
“These enhancements help
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