Updated Platform Provides Enhanced Consumer Experience
FARGO, N.D.--(BUSINESS WIRE)--Nov. 14, 2017--
WEX
Health, a WEX Company and an award-winning healthcare financial
technology platform provider, recently updated its WEX
Health Cloud platform with significant new features and
functionality, including improved business analytics and consumer tools
for managing consumer-driven health (CDH) account funds and investments.
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 Jeff Young, senior vice
president and general manager, WEX Health. “At WEX Health, we understand
that technical excellence is critical to help simplify the business of
healthcare, and we remain committed to creating technology that helps
our partners succeed.”
WEX Health continuously invests in its technology to ensure the user
experience and mobile technology enables employees to better engage with
their healthcare spending. Consumers can now conveniently log in to the
WEX Health Cloud Mobile App using Touch ID. For portal users, a new
investment experience gives a snapshot of the consumer’s investment
account right at their fingertips and provides the opportunity for
administrators to motivate consumers via custom messaging on investment
pages.
“These enhancements help WEX Health continue to innovate and support our
partners’ growth as the healthcare benefits administrative market adapts
to new demands and regulatory pressures,” said Young.
About WEX Health
We simplify the business of healthcare
through WEX Health Cloud, a cloud-based healthcare financial management
platform that drives efficiency for benefit administration technology,
consumer engagement, and advanced billing and payments. Our partner
organizations enable us to deliver our industry-leading and
award-winning solution to 225,000 employers and more than 24 million
consumers. Together we take the complexity out of defined contribution,
HSAs, HRAs, FSAs, VEBAs, PRAs, premium billing, public and private
health insurance exchanges, COBRA, wellness plans, and transit plans.
Learn more at www.wexhealthinc.com,
and follow WEX Health at @WEXHealthInc.
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 11
million vehicles and offering exceptional payment security and control
across a wide spectrum of business sectors. WEX serves a global set of
customers and partners through its operations around the world, with
offices in the United States, Australia, New Zealand, Brazil, the United
Kingdom, Italy, France, Germany, Norway, and Singapore. WEX and its
subsidiaries employ more than 3,000 associates. The Company has been
publicly traded since 2005, and is listed on the New York Stock Exchange
under the ticker symbol “WEX.” For more information, visit www.wexinc.com
and follow WEX on Twitter at @WEXIncNews.
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Source: WEX Health
WEX Health
Tiffany Wirth, 701-461-6473
twirth@evolution1.com