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Company: WEX Health, West Fargo, ND USA
Category: Benefits Management Solution - New Version

Entry Title: WEX Health

Products Essay:

WEX Health, a WEX Company and an award-winning healthcare financial technology platform provider, introduced significant new features and functionality to its WEX Health Cloud platform through its recent June 2018 Release. The updates reflect WEX Health’s continued focus to improve usability and deliver greater value to consumers, employers, and its network of Partners.

Healthcare is quickly becoming a mobile-first business as consumers seek solutions that fit their busy lifestyles: Sixty-five percent of consumers prefer to spend time on native mobile apps over a desktop,according to Comscore. WEX Health—one of the first to hit the market with a mobile app—continues to deliver an award-winning private-labeled mobile solution that drives consumer engagement and efficiency.

The June 2018 release introduced the WEX Health Cloud COBRA & Direct Billing Mobile App, which provides consumers ease of use and quick accessibility to several convenient WEX Health COBRA & Direct Billing features, including: online registration and election, credit/debit card payments, recurring ACH, and one-time checking/savings payments. The app, which uses PIN security, enables consumers to view communications as well as payment history.

Updates to the WEX Health Cloud Mobile App include a user interface refresh, enhanced customization capabilities, a healthcare Eligible Expense Scanner, and access to health savings account (HSA) investment details. With the Eligible Expense Scanner, consumers now can scan a product bar code to determine eligibility as a qualified medical expense. On the HSA front, investment details such as fund activity, balance, rate of return, and related analytics are now readily available.

For administrators, updates to the WEX Health Cloud Administrator Dashboard help them see teh state of their CDH account-based business, allowing them to better manage growth, efficiency, and engagement.

The June 2018 release also includes updates to the WEX Health Cloud Consumer Portal.

Consumers are met with a new, dynamic, and interactive home page that features an enhanced message center. Identity verification management (IDV) provides an efficient and secure way for consumers to upload documents and for administrators to view and store highly sensitive information. Additionally, the Healthcare Savings Goal simulates a personalized conversation about the consumer’s plan for healthcare savings.

WEX Health Partners—who connect WEX Health to more than 300,000 employers, ultimately helping the company serve more than 25 million consumers across the United States and Canada—are excited about the June 2018 Release.

“Discovery Benefits is seeing more and more of our millions of participants rely on consumer-driven
healthcare (CDH) accounts as part of their health and wealth plan,” said Kelly Hockett, senior vice president of software solutions and systems of Discovery Benefits, a WEX Health partner. “The expanded feature set in the app makes it even easier for these consumers to maximize their benefit dollars anywhere they go.”

About WEX Inc.

Powered by the belief that complex payment systems can be made simple, WEX Inc. (NYSE: WEX) is a leading provider of payment processing and business solutions across a wide spectrum of sectors, including fleet, travel and healthcare. WEX operates in more than 10 countries and in more than 20 currencies through more than 3,300 associates around the world. WEX fleet cards offer 11.5 million vehicles exceptional payment security and control; purchase volume in its travel and corporate solutions grew to $30.3 billion in 2017; and the WEX Health financial technology platform helps 300,000 employers and more than 25 million consumers better manage healthcare expenses. For more information, visit www.wexinc.com.

For its second quarter 2018 financial results, WEX Inc. reported that its Health and Employee Benefit Solutions (under which WEX Heatlh falls) average number of Software-as-a-Service (SaaS) accounts in the U.S. grew 20% to 10.7 million from 8.9 million in the second quarter of 2017.

Products Summary

-WEX Health Cloud processed more than 350 million transactions, all with an uptime of 99.99 percent over the past five years.

-Growth continues across all categories of employers choosing WEX Health Cloud as their technology platform for administering healthcare benefit accounts. Among Fortune 1000 companies, forty-four percent (44%) are on the WEX Health Cloud platform.

-Product releases delivered more than 350 key enhancements in 2017, extending WEX Health’s unique leadership position.

-The WEX Health Cloud mobile app continues strong year-over-year growth and was downloaded more than a million times in 2017. The mobile app continues as a leader in innovation, value, and technology in the market.

-WEX Health remains a leader in the HSA market with nine of the top 20 HSA providers
powered by WEX Health, and more HSAs utilizing WEX Health technology than any other.

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