PayFlex Systems USA ("PayFlex"), a leading administrator for employee benefit programs, today announced the launch of its broad mobile application platform, PayFlex Mobile, introducing the first of several mobile-specific offerings planned by PayFlex.
This initial application will allow consumers to access and act on all elements of their personalized healthcare financial benefits including Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs) from anywhere and at anytime. The application will initially be piloted at several large PayFlex customers and is expected to be generally available in the early summer of 2010.
Companies deploying PayFlex Mobile will achieve an unheard level of direct engagement with their employees. One of the key benefits is the broad range of compatibility, as the application will be compatible with more than 300 mobile devices-approximately 90 percent of the worldwide market. The PayFlex Mobile application, designed specifically for any type of mobile device, can be easily downloaded in a matter of seconds. This allows consumers to easily access and act upon their personalized information, on-demand, whether they are at home or in their physician's office, pharmacy or hospital.
"The early response we have received from our customers has been exceptionally positive," said Robert Natt, PayFlex CEO. "The ease of use on a 24/7 basis and the ability to check your account balances, while also seeing past claim history are some of the more prominent features that our clients and prospective clients have raved about."
PayFlex, which administers over 14 million claims a year representing nearly $1 billion, has over 20 years experience in the reimbursement market. As a result, a wealth of data and information has been formulated to address the questions consumers commonly encounter with FSAs, HSAs and HRAs. For example, the first release will include an application that allows people to actually see their respective physician, pharmacy and hospital co-pays-a common consumer question.
"We believe that HSAs are going to be a critical component moving forward as high-deductible plans gain more and more traction," added Natt. "As a result, we will have a 'HSA Deductible Tracker' in the application. The tracker will create visibility for consumers in a convenient format, enabling better cash management. When you add that component to our new HSA bank-agnostic model, we believe we have the best HSA platform in the market."
PayFlex, which recently announced a new Web service HSA offering that enables employer clients to choose their respective bank custodian, has received considerable attention and traction from the new technology.