Benefits Administration Poised for Rapid Growth, Powered by Alegeus Technologies
Published on March 25th, 2014
Alegeus Technologies, the market leader in healthcare and benefit payments, today announced that its client, E Benefits Administration, has achieved record growth in its first year of operations by leveraging the Alegeus benefit account administration platform as the backbone of its benefits offering – including flexible-spending accounts (FSAs), health savings accounts (HSAs) and health reimbursement arrangements (HRAs). After having direct experience working with many of the other popular benefit administration platforms available in the market, E Benefits Administration selected and implemented the Alegeus platform a year ago because they felt it provided the most powerful and user-friendly engine to manage tax-advantaged accounts and employer groups.
We have experienced tremendous growth in our first year of operation, and are forecasting an additional 25 percent growth in just the first half of 2014 alone. To keep pace, we needed a technology platform that was easy to implement, easy to learn and use by our staff, and provided user-friendly features for our employer groups and participants – while still offering the most comprehensive capabilities for managing complex benefit account offerings,” said Elizabeth Jerns, president, E Benefits Administration. “Alegeus has not disappointed. It has given us a tremendous engine for uniformly managing employer groups and handling all of the administrative workflow and transaction processing associated with our benefit account offerings.
A major factor in E Benefits Administration’s decision to work with Alegeus was the ability to support real-time transaction processing. Alegeus is the only solution provider in the market that offers a single, wholly-owned platform for benefit account administration and benefit debit card processing. Because the balance and system of record for account administration and card processing are one-in-the-same within the Alegeus solution, every financial transaction is settled in the same way, in real-time, with absolutely no batch processing – regardless of whether the transaction is a manual claim or a card swipe.
Other prominent administration software vendors claim to have real-time card transaction processing, but in reality their solutions are dependent on batch windows. Even if those windows are mere seconds, the potential exists for balances to become out of sync – creating reconciliation challenges and the risk of overpayment,” said Jerns. “The Alegeus solution provides true real-time transaction processing because their offering is a single solution, maintaining a single balance and a single system of record for both manual claims and card processing.
Looking forward, E Benefits Administration plans to further enhance its participant experience and expand its relationship with Alegeus by launching the Alegeus mobile application – giving participants anywhere, anytime access to account information and the ability to manage accounts, make payments, submit claims and perform a variety of other self-service functions from mobile devices and tablets.
Alegeus is in business to help our clients succeed,” said Tom Torre, Alegeus CEO. “We are very pleased to partner with E Benefits Administration, providing solutions and support to help them differentiate their offerings, provide excellent service to employer groups and participants, operate efficiently, and continue their rapid growth.
About E Benefits Administration
E Benefits Administration is a full service third-party administrator and plan service provider – providing services to support simple and complex plan design, and specializing in administration of Section 125 Flexible Spending Accounts (FSA), Section 105 Health Reimbursement Arrangements (HRA), Section 223 Health Savings Accounts (HSA) and COBRA. The founding principle of our business is to provide responsive and flexible administrative services that create real value for our clients and their employees. We are a customer-focused business that blends exceptional people and technology to provide the highest-quality customer service and administration processes in the industry.
With more than 25 years of growth and innovation, Alegeus is the market leader in SaaS-based healthcare payment solutions. Our highly flexible, white-label platform powers account-based benefit programs such as HSAs, FSAs, HRAs, COBRA, wellness incentives, lifestyle benefits and beyond. We deliver exceptional user experiences and differentiated capabilities that help our partners strengthen their product offerings, operate more efficiently, and unlock their full growth potential. Our partnerships with the industry’s leading health plans, third-party administrators, financial services and benefit solution providers give Alegeus unparalleled reach in the market, with access to more than 100 million commercially insured Americans. And our unique partnership model empowers our clients to achieve outsized results – growing their programs at a rate that is 3-4X the market, and with the highest net promoter scores (NPS) in the industry. We never compete with our clients in the market – we win when they win. Alegeus is headquartered in Waltham, Mass., with operations centers in Orlando and Bangalore, and a large remote workforce.