FARGO, N.D.--(BUSINESS WIRE)--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.