WEX Health Cloud Platform Helps Employers Make Sense of Big Data with Customizable Features and Functionality
November 14 2017 - 6:30AM
Business Wire
Updated Platform Provides Enhanced Consumer
Experience
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 HealthWe 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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WEX HealthTiffany Wirth, 701-461-6473twirth@evolution1.com
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