New solution leverages WEX Health technology to settle
post-adjudication claim payments between payers and providers
electronically, driving savings and efficiency
SOUTH PORTLAND, Maine--(BUSINESS WIRE)--Jun. 10, 2013--
WEX
Inc. (NYSE: WEX), a leading provider of corporate payment solutions,
today announced it has partnered with Alegeus
Technologies, the market leader in healthcare and benefit payments,
to introduce a virtual card solution for the post-adjudication claims
market. An alternative to automated clearing house (ACH) payments, the
new solution offers an additional electronic settlement method for
payers and providers - using WEX Health electronic technology to settle
claim payments more efficiently and eliminate costly check payments.
Jim Pratt, general manager of global virtual payments at WEX said, “We
are delighted to join efforts with Alegeus Technologies and continue our
strategic expansion into the healthcare payments sector. Through WEX’s
pioneering technology and our experience in healthcare payments, Alegeus
and its payer clients will be able to achieve the same benefits of our
customers in the health, insurance, travel and education markets.”
Payers have long been eager to realize the benefits of electronic
payments. However, driving provider enrollment in ACH programs can be a
substantial, costly and time-consuming undertaking – and industry-wide
adoption rates have been low. Unlike ACH, virtual card payments do not
require additional information or consent from providers to implement if
they are a MasterCard accepting merchant. A provider can be set up to
receive virtual card payments from participating payers automatically,
giving payers the option of transitioning a large percentage of provider
payments from paper checks to virtual card payments – and allowing them
to realize significant cost savings and efficiency gains.
“Alegeus is already a leading provider of post-adjudication claim
payment and communication services – enabling payers to settle claim
payments via print/mail and ACH methods,” said Tom Torre, Alegeus CEO.
“We are very excited to partner with WEX to offer virtual card payments
as another electronic payment method, providing our payer clients with
the broadest set of settlement options available.”
The WEX Health product provides businesses with the ability to:
-
Simplify invoice and payment reconciliation with enhanced remittance
data
-
Earn revenue share on payments processed
-
Manage payments anytime and anywhere through a tablet or Smartphone
browser
-
Add business rules and approve workflows to maximize control over
security policies
-
Reduce fraud risk and disputes
-
Provide global acceptance
-
Eliminate the cost of paper checks
For more information about WEX Health, please visit: www.wexinc.com/wex-health.
For more information about the Alegeus virtual card solution, please
visit: http://www.alegeus.com/solutions/virtual-card-payments.
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment
solutions. From its roots in fleet card payments beginning in 1983, WEX
has expanded the scope of its business into a multi-channel provider of
corporate payment solutions representing more than 7.6 million
cardholders and offering exceptional payment security and control across
a wide spectrum of business sectors. The Company’s operations include
WEX Bank, Fleet One, Pacific Pride, rapid! PayCard, Wright Express
Australia, Wright Express New Zealand and CorporatePay Limited, England,
as well as a majority equity position in UNIK S.A., Brazil. WEX and its
subsidiaries employ more than 1,300 associates. For more information
about WEX, please visit www.wexinc.com.
About Alegeus Technologies
Alegeus Technologies is the market leader in healthcare and benefit
payments – offering the industry’s most comprehensive platform for the
administration of tax-advantaged benefit accounts (FSAs, HSAs, HRAs,
MERPs, VEBAs, DCAPs and transit accounts), the industry’s most
widely-used benefit debit card, and leading services for the outsourced
management of claim payments and associated data exchange. Over 500
clients – including health insurance plans, third party administrators
and financial institutions – leverage Alegeus’ deep expertise and proven
technology to administer benefit accounts for more than 17.5 million
members and process more than $18 billion in healthcare payments
annually. As the healthcare and benefit markets continue to evolve,
Alegeus delivers solutions that enable clients to evolve their service
offerings, operate their businesses more efficiently, and focus on their
customers. The company is headquartered in Waltham, MA with operations
in Carrollton, TX, Orlando, FL and Milwaukee, WI. To learn more about
Alegeus, please visit www.alegeus.com.
Source: WEX Inc.
WEX Inc.
Jessica Roy, 207-523-6763
Jessica.Roy@wexinc.com
or
Alegeus
Technologies, LLC
Jennifer Irwin, 414-699-5927
jennifer.irwin@alegeus.com
or
PAN
Communications
Nikki Festa, 617-502-4300
alegeus@pancomm.com