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Auto-approval of FSA-eligible transactions reduces need for
paper-based claims reimbursement process
Metavante Corporation today announced it is partnering with Longs
Drugs to provide automated, electronic substantiation of
over-the-counter flexible spending account (FSA)-eligible purchases
for customers using Metavante's MBI Benefits Card(TM). Metavante is
the banking and payments technology subsidiary of Marshall & Ilsley
Corporation (NYSE:MI).
Metavante Healthcare Payments technology electronically
substantiates FSA-eligible purchases made at any of Longs Drugs' 477
retail stores across California, Hawaii, Nevada, Washington, Oregon
and Colorado, eliminating the need for FSA-participants shopping at
Longs to make out-of-pocket payments or submit paper receipts for
reimbursements. As paper-based substantiation and reimbursement
processes disappear, FSA administrators can gain efficiencies
associated with reductions in documentation requests and manual
transaction analysis to verify purchase eligibility.
More than 19,000 employers offer the MBI Benefits Card to their
employees, resulting in 1.8 million of the most widely used,
nationally accepted benefits debit card in consumers' hands.
Metavante's benefits debit card platform includes single-card,
multi-account electronic access to benefit accounts and has the
flexibility to support any customized set of auto-substantiation
rules. Consequently, Metavante Healthcare Payment Solutions
auto-substantiates well over 1 million transactions for benefit
account holders every month.
"FSAs are a major component of consumer-directed healthcare in
America, and Metavante is dedicated to removing obstacles to
widespread adoption by making payments more convenient for the
consumer and more cost-effective for the administrator," said John M.
Reynolds, president, Metavante Healthcare Payment Solutions. "With
over 50 percent of our MBI Benefits Card transactions occurring at
retail pharmacies, the value of our auto-substantiation service is
self-evident for retailers."
Metavante Healthcare Payment Solutions enables health plans,
third-party administrators, healthcare providers and financial
institutions to support the broad-based adoption of consumer-directed
healthcare (CDHC) and improve efficiencies in their business
processes. Metavante supports flexible spending accounts (FSA), health
savings accounts (HSA), health reimbursement arrangements (HRA),
transit/parking and dependent care accounts with a comprehensive,
integrated benefit account platform and solution suite. Offering the
country's leading benefits debit card, Metavante supports single-card,
multi-account electronic access to benefit accounts and
auto-substantiation of benefit account transactions. Metavante's
retail and employer-sponsored HSA solution, complete with investment
functionality, supports online or group enrollment, enabling employers
and financial institutions of all sizes to offer HSA programs.
Metavante also offers combination medical eligibility/payment cards,
claims payment distribution services, provider billing presentment and
payment services, and medical remittance processing.
About Metavante
Metavante Corporation delivers banking and payments technologies
to financial services firms and businesses worldwide. Metavante
products and services drive account processing for deposit, loan and
trust systems, image-based and conventional check processing,
electronic funds transfer, consumer healthcare payments, and
electronic presentment and payment. Headquartered in Milwaukee,
Metavante (www.metavante.com) is wholly owned by Marshall & Ilsley
Corporation (NYSE:MI).
Metavante is a registered trademark of Metavante Corporation.