WEX recently released product updates to its WEX Health Cloud solution. The innovative new features and functionality provide the WEX community with improved business analytics and consumer tools for managing consumer-driven health (CDH) account funds and investments.
New Employer Dashboard
For employers and benefits professionals, the WEX Health Cloud Employer Dashboard – a new, customizable analytics platform – allows them to access an overview of employees’ healthcare spending and saving habits. The Dashboard provides insights into several key healthcare financial metrics, including how much employees contribute to health accounts, where they’re spending their healthcare funds and how they’re engaging with the healthcare tools offered. By leveraging comparative averages and median benchmarks, the dashboard offers companies the opportunity to compare consumer behavior data to other similar companies in the market. This type of comparative data can prove essential to employers who are competing to recruit, support and retain their employees.
The new Dashboard also includes an innovative method for assessing an employee base’s ability to pay for out-of-pocket expenses through an innovative Health Financial Viability Index. This data will be a key indicator of employees’ financial health and is based on contributions and disbursements since the beginning of the calendar year. Values range from 0 to 100, with higher scores reflecting a greater capacity to pay.
Improved Consumer User Experience
For consumers, a powerful new user experience – driven by key analytics – brings the right messages at the right time and helps improve engagement and consumer satisfaction. Updates to WEX Health Cloud also include a new feature called HSA Advance, a consumer-and-employer-friendly feature that enables consumers to receive an HSA advance on either future payroll deductions or employer contributions. This functionality gives employers the option to offer employees the ability to “borrow” from their future HSA contributions while providing flexibility in employer management of the program.
“We are really excited about HSA Advance. It is such a relief for consumers to know they have additional funds available if they have expenses that outweigh their current HSA balance,” said Abbey Monson, senior lead program manager, Discovery Benefits. “They can use the HSA Advance to avoid out-of-pocket costs.”
Another added convenience for consumers is the ability to log in to the WEX Health Cloud Mobile App using Touch ID. Now more than ever, consumers’ healthcare benefits account information is at their fingertips. Consumer Portal users also now have a new investment experience that gives a snapshot of their investment account – again, right at their fingertips – and provides the opportunity for administrators to motivate consumers via custom messaging on investment pages.
WEX Health Cloud Advanced Messaging is an additional new feature which automatically displays relevant banner messaging based on the date or on consumer information like age, plan enrollments, state of residence or email address status. “We’re very excited to use the Advanced Messaging feature,” Kylie Ross, vice president product management, HSA Bank. “It’s a simple yet effective way to communicate to our consumers, and the rules-based logic allows us to create a more personalized experience.”
Learn more about how WEX Health simplifies the business of healthcare and WEX Health Cloud solutions for consumers, employers and administrators.