CHICAGO--(BUSINESS WIRE)--Jellyvision, maker of industry-leading employee communications platform ALEX®, announced today that is has entered into an asset purchase agreement with FlexMinder, a Techstars company that automates the healthcare reimbursement process for third-party administrators (TPAs), making it easier for their participants to manage medical spending. With this agreement, Jellyvision plans to incorporate health savings account functionality to its existing benefits communication platform.
“We have long been a leader in the HR tech space because of our innate ability to simplify boring and complex topics like benefits selection and debt management using humor,” said Amanda Lannert, CEO of Jellyvision. “Our ALEX benefits counselor serves over 14 million people and we have found that healthcare savings is one topic people still struggle to understand. We believe that FlexMinder’s capabilities will help make our service even more useful to people by enabling them to easily view and understand their benefits and claims activity. In many cases, people leave free money on the table every year due to the need to follow laborious process. By introducing FlexMinder’s capabilities to our existing platform, we look to make a difference by putting money back into people’s wallets.”
Similar to selecting health insurance, the traditional method of filing and submitting claims for healthcare reimbursement is a painful and confusing one. The high cost and time associated with manual processing deters individuals from taking advantage of their healthcare savings, prevents them from being reimbursed and is a real headache for TPAs.
FlexMinder’s technology supports TPAs by automating the reimbursement process, making it easier than before for their participants to manage money, ensuring they don’t lose out at year end. Additionally, FlexMinder’s automation has proven to decrease costs by 50 percent for TPAs, empowering them to drive new efficiencies.
“Health insurance is complicated enough so we are thrilled to integrate these technologies to help consumers and TPAs generate meaningful - and where possible, automatic - savings without jumping through the system’s hoops,” added Lannert.
“I am excited to witness the next phase of our growth as a part of Jellyvision,” said Lowell Ricklefs, founder and CEO of FlexMinder. “Our TPA focused business will continue to grow and the core technology will power new solutions for Jellyvision.”
The FlexMinder team will become the FlexMinder Division of Jellyvision and remain in Seattle. Financial terms were not disclosed.
FlexMinder is a technology startup that automates costly manual healthcare reimbursement processes, a $190B problem in the US. FlexMinder is committed to helping businesses and consumers save time and money on healthcare costs. Its service offers online tools to manage the reimbursement process for Flexible Spending Accounts, making them work better and more effectively for over 2,500 employers. For more information, visit www.flexminder.com.
Jellyvision is an award-winning technology company whose interactive software talks people through important, complex and potentially snooze-inducing life decisions - like choosing a healthcare insurance plan, saving for retirement or managing finances - in simple, fun and engaging ways. Our recipe: behavioral science, great writing, purposeful humor, mighty tech and oregano.
Our SaaS employee communication platform ALEX is used by more than 800 companies with more than 14 million employees in total – including 88 of the Fortune 500 and 1 in 4 of the country's largest companies. ALEX helps employees make better decisions about more than $90 billion of health insurance premiums, 401k allocations and financial wellness.