|By Business Wire||
|September 11, 2013 12:01 PM EDT||
1Pay by Evolution1®, the industry-leading suite of payment solutions that enables simplified access to healthcare account funds, continues to receive industry recognition, most recently winning a 2013 Paybefore Award for benefits card innovation for its Benny® Prepaid Benefits Card. 1Pay is a suite of payment solutions offered by Evolution1®, the nation’s leading provider of innovative healthcare software and payment solutions that administer and manage consumer directed accounts.
“We are very pleased to note another groundbreaking year for innovation, products, and services, which continues to shape the gift, prepaid, and payments industry,” said Dave Hunt, chairman of Payments eXchange. “I would like to personally congratulate Evolution1 for winning a 2013 PX Award. The caliber of nominations this year clearly demonstrates a shift in form factor and substantial technology convergence with unprecedented disruption to the status quo.”
Leading with the revolutionary Benny Prepaid Card, 1Pay innovation ranges from patented card processes to flexible automated provider payments and reimbursements that use best-in class web, virtual payment, printing, and mobile technologies.
“Our clients love the higher auto-substantiation and the automatic recurring expenses,” said Kim Shook, vice president of operations at BASIC. “Our auto-substantiation increased more than 12 percent after moving to 1Pay as compared to the other debit cards we used previously.”
With the Prepaid Benefits Card from Evolution1, participants experience seamless, hassle-free, and highly paperless processing of their HSA, HRA, and FSA claims and reimbursements – all without complicated IT costs, transaction fees, and extra work for administrative staffs. Use of the card helps eliminate mounds of paperwork and countless hours of tedious processing. Claims are submitted and substantiated automatically, payments are made directly to providers, and consumers pay no out-of-pocket expenses at the time of service. Participants simply swipe the Prepaid Benefits Card, and the funds are automatically deducted from the applicable benefit account(s) for payment. This convenience and improved cash flow lead to increased enrollment, contributions, and FICA savings for employers.
“Over the last decade, Evolution1’s technology advancements in auto-substantiation of healthcare expenses using the Prepaid Benefits Card has helped us deliver exceptional value to our clients,” said Shelly Alexander, president and chief executive officer at Employee Benefits Corporation. “1Pay continues to add convenience and simplify our participants’ experiences as well as reduce administrative costs. Congratulations to Evolution1 for its well-deserved recognition.”
The Prepaid Benefits Card is yet another powerful example of how Evolution1 delivers on its mission of simplifying the business of healthcare. Evolution1 and its Partners saved its customers and their employees more than $2 billion in 2012 through annual healthcare cost reductions and tax savings. Such a savings enabled employers to continue providing health insurance while putting more money in their employees’ wallets to pay for healthcare costs. Additionally, Evolution1 saved its Partners more than $80 million in annual operating costs through claim and payments automation.
At Evolution1, we simplify the business of healthcare. We do that through innovative healthcare software and payment solutions that administer and manage consumer directed accounts. But we don’t do it alone. Our network of 500 Partner organizations enables us to deliver our industry-leading solution to 80,000 employer groups and 9,500,000 consumers across the country. Together we take the complexity out of defined contribution, HSAs, HRAs, FSAs, VEBAs, PRAs, wellness plans and transit plans. Created with users in mind, our solutions provide a single end-to-end intuitive user experience that reduces costs, saves time and ultimately simplifies the business of healthcare. Learn more at www.evolution1.com.