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SHPS Launches Proprietary Spending Accounts Platform
Date:2/24/2012

to make changes to overall consumer health strategy or spending accounts, and, ultimately one that supports post-reform standards for compliance and security.

"Whether employers elect to offer group coverage to their employees or move them to individual coverage through exchanges, we will be able to meet their needs," said Mehrotra. "We are providing a route for individual employees to choose how they want to spend, save, and grow their dollars to meet their healthcare needs."

According to Jerry Kreisler, chief operating officer for SHPS HR Solutions, the platform is designed to manage the controlled disbursement of monies and it can be executed across a wide range of scenarios. Some examples include health incentives accounts, retiree accounts, premium contribution accounts, tuition reimbursement, fitness, and other defined contribution arrangements.

The platform also has many convenience features for participants and members, including:

  • a mobile application;
  • online claims submission;
  • texting service;
  • the ability to research and review all medical claims online; and
  • client reporting tools.

By fall of 2011 SHPS had successfully transferred all of its clients onto this single platform. Some of SHPS' largest clients have been using the platform now for nearly two years. Not only does the platform mean more options, convenience, and flexibility for its users, it also allows for greater quality assurance because SHPS is managing every aspect from a single centralized location.

"Our longevity in the industry and our ability to work within complex environments provides a direct benefit to our clients," said Kreisler. SHPS administers more than 1 million spending accounts, with an average client size of 15,000 employees. The new platform is customizable for smaller organizations and large Fortune 100 clients alike. "We administer HSAs, HRAs, and FSA
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SOURCE SHPS, Inc.
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