WALTHAM, Mass.--(BUSINESS WIRE)--Alegeus, the market leader in consumer directed healthcare (CDH) solutions, today announced its support for a proposed enhancement to the widely-used Inventory Information Approval System (IIAS) – created and maintained by SIGIS (the Special Interest Group for IIAS Standards). The SIGIS IIAS is the industry-standard inventory coding system that allows pharmacy point-of-sale (POS) systems to discern whether transactions are FSA-eligible via the product SKU. The proposed change would expand the standard to include vision-related prescriptions and merchants.
The proposed addition of vision to the IIAS standard would be a step forward in making FSAs and benefit debit cards more consumer-friendly – as well as creating back office efficiencies for the organizations that administer them. Because the IIAS system would be able to auto-substantiate the eligibility of purchased items at the point of sale, this change would minimize the consumer inconvenience and administrative burden of tracking down receipt documentation for vision-related purchases.
SIGIS, the cross-industry working group that created the IIAS standard, will convene this fall to determine whether the change will take effect. If approved, vision merchants would then leverage the IIAS standard to code their point-of-sale terminals to begin offering auto-substantiated vision prescriptions.
“The continued expansion of industry standards and processes that simplify healthcare payments for consumers would be a win for the industry – as we continue our transition to a consumer directed healthcare system,” said Robert Natt, Alegeus Executive Chairman. “Creating a better consumer healthcare experience is our passion and is always a top priority in our decision-making. The fact that this change has tremendous benefit to consumers, and also serves to lower costs and administrative overhead for our clients makes it a no-brainer from our perspective.”
Alegeus offers the industry’s most comprehensive and widely used consumer directed healthcare platform – powering nearly 40 percent of the industry’s account-based programs (including FSAs, HSAs, HRAs) and benefit debit cards. As part of its initial platform development work to implement the IIAS standard for pharmacy, Alegeus made a strategic decision to also add the capabilities for vision and dental – even though they were not a part of the initial standard. This means that, upon approval of this expanded IIAS standard, Alegeus clients would be able to immediately support the change.
“When the IIAS standard was first introduced, Alegeus predicted that this change was likely to occur – so we built our IIAS capabilities to support this future state. We can simply flip a switch and offer product differentiation that is unparalleled in the market,” said Natt. “This is yet another example of Alegeus leading the industry with our solution capabilities and empowering our clients with the agility to quickly respond as the market landscape evolves.”
Alegeus is the market leader in consumer directed healthcare (CDH) solutions, offering the industry’s most comprehensive platform for the administration of healthcare benefit accounts (including FSAs, HSAs, HRAs, wellness incentive, dependent care, and commuter accounts), the industry’s most widely-used benefit debit card, and powerful engagement solutions to help consumers maximize savings and optimize spending for their healthcare. Over 300 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 29 million members and process more than $8.9 billion in consumer 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 Orlando, FL and Milwaukee, WI.