WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions, today announced the introduction of WEX Health, a customized virtual payments solution, for the healthcare market. This product builds on WEX's strategic entrance into this vertical in 2012, and expands upon its virtual card success in the insurance, travel and education markets.
Jim Pratt, vice president and general manager of global virtual payments for WEX said, "We are excited to bring our pioneering technology and proficiency in virtual payments to the healthcare marketplace. The Affordable Care Act and other industry changes have created new challenges for healthcare businesses. WEX Health presents a solution to help them drive cost savings, with secure and controlled electronic payments to medical providers."
The U.S. Department of Health and Human Services has identified the adoption of electronic payments as a key area for cost savings for the healthcare industry. Current estimates by The Council for Affordable Quality Healthcare indicates that 80 percent - 90 percent of payment transactions to providers are still made by paper check, which is a highly inefficient and costly process.
The WEX Health product provides businesses with the ability to:
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Automate reconciliation and improve data quality
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Earn revenue share on payments processed
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Create business rules and controls aligned with security and compliance polices
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Reduce fraud risk and misuse
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Reduce the cost associated with paper checks
Launched in 2000 in the United States, the WEX Virtual technology has been expanded into, Europe, Australia, and Brazil, as part of the Company's growth strategy. Today, WEX processes $31 billion in annual commercial payments for 350,000 WEX Virtual customers.
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