COLUMBUS, Ga.--(BUSINESS WIRE)--Total healthcare spending in the U.S. climbed to $3.4 trillion in 2016 and is expected to reach $5.5 trillion by 2020.1 With these costs on the rise, the adoption of wellness incentive programs by healthcare plans is becoming very popular.
TSYS today announced that its new patent pending payment solution, Advanced AuthControlSM, that recognizes qualified purchases determined by a consumer’s healthcare plan, will be implemented at Walmart and Sam’s Clubs locations nationwide. This solution, combined with Walmart’s proprietary, point-of-sale decisioning capabilities known as “Directed Spend,” enables TSYS healthcare clients to provide incentive dollars to members through their healthcare plan wellness incentive program.
A major benefit of the Advanced AuthControlSM is program customization, linking customizable rewards to healthy behaviors. Through the unique features of the new payment solution, TSYS provides a wide range of options for where the rewards card can be accepted, which is determined by merchant category and product level.
“The addition of Walmart and Sam’s Club to our growing network of retail providers is a huge testament to the capabilities and benefits of Advanced AuthControlSM,” said Trey Jinks, Group Executive, Loyalty, Healthcare & Emerging Markets, TSYS. “The geographic coverage and breadth of merchandise these retailers offer, combined with TSYS’ innovative payment solution, creates tremendous opportunities to be healthy and reduce the growth in healthcare expenses by incenting healthy and preventative behaviors versus expensive treatments.”
“We care about our customers’ well-being,” said Mike Cook, Senior Vice President and Assistant Treasurer, Walmart. “Through this strategic relationship with TSYS, we’re able to leverage Walmart’s extensive network of stores and our Directed Spend platform to deliver enriched wellness incentive programs conveniently, right in our customers’ neighborhoods — something only Walmart can do.”
As part of the agreement, TSYS will promote Walmart and Sam’s Club locations to its existing customer base.
TSYS® (NYSE: TSS) is a leading global payments provider, offering seamless, secure and innovative solutions across the payments spectrum — from issuer processing and merchant acquiring to prepaid program management. We succeed because we put people, and their needs, at the heart of every decision. It’s an approach we call ‘People-Centered Payments®’.
Our headquarters are located in Columbus, Ga., U.S.A., with approximately 12,000 team members and local offices across 13 countries. TSYS generated revenue of $4.9 billion in 2017, while processing more than 27.8 billion transactions. We are a member of The Civic 50 and were named one of the 2018 World's Most Ethical Companies by Ethisphere magazine. TSYS is a member of the S&P 500 and routinely posts all important information on its website. For more, visit tsys.com.
1 Source: Centers for Medicare and Medicaid Services.