PayFlex is a trusted advisor with over 30 years of experience, offering world-class service and engagement solutions that help individuals make the right decisions for their health and financial wellbeing. The company simplifies paying and saving for healthcare with its innovative payment options. PayFlex provides tools to help individuals, employers, and consultants achieve financial wellness through education, digital resources, and an intuitive member website. The company is the first to create a platform that combines benefit financial accounts, and eligibility management in one place.
Optimizing Healthcare Investments
PayFlex leverages the latest trends in the payment landscape to optimize healthcare investments of individuals and deliver an exceptional experience to them. With over three decades of tax-advantaged account administration experience, the company provides integration of offers and incentives that reward healthy behavior alongside a seamless and connected virtual payment experience. PayFlex is evaluating how digital wallets such as Apple Pay and Samsung Pay change the way people interact with their health and wellness related payments.
The multiple offerings of PayFlex include Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs), among others. Some offerings allow customers to set aside money on a pre-tax basis for eligible out-of-pocket expenses, helping customers pay for their current eligible healthcare costs and save for future healthcare expenses. The contributions, earnings, and withdrawals from FSA and HSA accounts are all tax-free. Furthermore, the company offers wellness products and incentive-based reward programs to ease payments for customers, with solutions such as commuter benefits, Health and Wellness Reimbursement Arrangements (HRA/WRAs), dependent care reimbursement benefits, Consolidated Omnibus Budget Reconciliation Act (COBRA)/Direct Billing, assistance with leave of absence, tuition, adoption, and more.
In terms of the positive outcomes of PayFlex’s solutions, the company firstly promotes consumer adoption, leveraging its local presence across multiple counties and cities. PayFlex reaches consumers in a whole new supportive way, empowering consumers to plan, save and pay for their wellbeing.
Moreover, PayFlex’s solutions are agnostic to medical plans and can seamlessly integrate with any carrier product to assure a simplified end-to-end member experience, connecting all of their healthcare planning and financial needs to the money they manage. With such capabilities, PayFlex has been able to assist customers on their path towards wellbeing. In one instance, PayFlex resolved the challenge of health plan members having difficulty paying providers for their out-of-pocket responsibilities. PayFlex deployed its member-to-provider payments solution to ensure ease and flexibility while improving the provider cash flow. Widely accepted to date, the solution has become an industry standard. Over the years, the company has continued to re-invent the process associated with the payment and reimbursement flow for its FSA account holders. PayFlex has also introduced enhanced verification technology to enable members to match their claims with their debit card activity and significantly reduce the friction associated with industry standard substantiation practices.
The future for PayFlex is extremely bright—we’re part of a much larger disruptive force that is truly transforming the healthcare experience
Investments towards Innovation
“In my experience, true innovation happens in unexpected places, and I am always looking for the next boundary to push. Even if we don't move the line, we've learned something in the pursuit,” wisely articulates DiSimone. Leaving behind apprehensions about fitting a mold or conforming to conventional standards, PayFlex follows self-defined investment principles to protect and prioritize innovation. The principles comprise customer and member satisfaction, fulfilling their unmet needs, and allowing the company’s service teams the ease to do their jobs. Further driving innovation are PayFlex’s various streams, sources, and a larger product development pipeline. The company’s IT partners evaluate the latest in technological advancements and prefigure upcoming changes to feed product development. PayFlex’s formal product development team leverages design thinking principles to consolidate the perspectives and creativity of cross-functional groups, clients, members, and business partners. PayFlex also has the advantage of leveraging a broader enterprise to support innovation and creativity, which often generates diverse ways of combating a problem in the industry and creating lifetime value.
"PayFlex offers a full suite of products designed to help individuals get the greatest benefit from their tax-advantaged accounts"
PayFlex is the only company to reach a perfect score and consistently maintain a 99 percent rating based on third-party evaluations across system, data, personal health information, fraud detection, and monitoring. Moreover, the company has the unique ability to deliver its members value on products and services they are using every day in the form of real discounts and rewards curated and personalized for PayFlex members.
A major factor that differentiates PayFlex from its competitors in the payment space is the company’s ability to significantly expand the purchasing power of its members.
The Avant-Garde PayFlex Work Culture
Fostering and fortifying the unparalleled performance of PayFlex solutions are their skilled, experienced, and motivated employees. They function at an exceptional workplace where diversity is celebrated, teamwork is not just an aspiration, and the fear of failure is absent! Backed by their extensive tax-advantaged account administration experience, PayFlex provides a suite of wellness and engagement services that are integrated to educate employees on healthcare issues, engage them in wellness through customized programs and incentives, and empower employees to make their own healthcare decisions. Among them, the PayFlex leadership abides by a work ethic wherein they immerse their employees, partners, and themselves within the PayFlex purpose of innovating and simplifying payments in healthcare. They promote a culture of engagement, purpose, trust, and consistency alongside encouraging teams to embrace their vulnerabilities by empowering them to be curious and take risks. “We will be positive in supporting accomplishments and failures. We will make others the priority by asking better questions and actively listening. We will encourage each other to work hard and play harder. We will be the example that inspires joy for our PayFlex family,” proclaims DiSimone.
Evolution: PayFlex Then and Now
Since its founding over three decades ago, PayFlex has been committed to the development of account-based benefits administration. Their full suite of products is designed to help individuals step towards good health and financial wellbeing. Acquired in 2011, PayFlex joined Aetna to make saving and paying for healthcare simple. The company focused on how the integration of their products and services could better support people in their corporeal and economic health journeys. PayFlex celebrated 30 years as a company in 2017 accompanied by the launch of a redesigned member web experience, and then the next year launched a brand new mobile app. Following the CVS acquisition in the fall of 2018, PayFlex is now part of a new company. The company strives to make it simple for people to structure their payments and save for their personal wellbeing.
Over the years, PayFlex has continued to re-invent the process associated with the payment and reimbursement flow for its FSA account holders. The company has also introduced enhanced verification technology to enable members to match their claims with their debit card activity. “We believe that the opportunity to affect people’s financial wellness overall is a powerful purpose that gives us the freedom to tackle many of the unmet needs in our industry in a whole new way,” shares DiSimone.
Reshaping the Payment Path Ahead
According to DiSimone, "the payments space evolves every day, where change is inevitable and with change comes great opportunity.” He advises entrepreneurs whether in healthcare or payment and card solutions sector to trust their instincts, to learn, and to explore other people's perspective to genuinely understand the performance of solutions. “The future for PayFlex is extremely bright—we’re part of a much larger disruptive force that is truly transforming the healthcare experience. We’re experimenting with new ways of reaching people to optimize each and every dollar they invest in themselves. We are here to ensure people have the money they need to support their wellbeing today and into the future,” concludes DiSimone.