September 18, 2013
1Pay by Evolution1, a suite of payment solutions that allows simplified access to healthcare account funds claims to enable flexible automated provider payments and reimbursements that use best-in class web, printing, virtual payment and mobile technologies.
Evolution1 was formed through the merger of Evolution Benefits, Inc. (founded in 2001) and Lighthouse1, LLC (founded in 2002). They cater to around 75,000 employer groups and 9,000,000 consumers with a network of over 500 Partner organizations across the country. Apart from 1Pay, their other payment solutions include 1cloud, 1direct, 1mobile, 1plan and 1view. Among the major players such as Walmart, Alageius Technologies, the Bankcorp Bank, Aetna, Citi prepaid services 1Pay by Evolution1 was awarded the Paybefore Award 2013 in the Best Benefits Distribution category.
The Evolution1 Prepaid Benefits Card claims to offer clients smooth, paper free processing of HSA (Health Savings Account), HRA (Health Reimbursement Arrangement) and FSA (Flexible Spending Account) claims and reimbursements without having to deal with complex IT costs, transaction fees and other administrative work. Over the last decade, Evolution1’s technology advancements in auto-substantiation of healthcare expenses using the Prepaid Benefits Card has helped us deliver exceptional value to our clients. 1Pay continues to add convenience and simplify our participants’ experiences as well as reduce administrative costs, said Shelly Alexander, president and CEO, Employee Benefits Corporation.
Using a prepaid benefits card improves a participant’s or users cash flow and increases convenience. Evolution1 and its Partners saved its customers and their employees more than $2 billion in 2012 through annual healthcare cost reductions and tax savings. Our clients love the higher auto-substantiation and the automatic recurring expenses. Our auto-substantiation increased more than 12 percent after moving to 1Pay as compared to the other debit cards we used previously. said Kim Shook, Vice President of operations at BASIC. In addition, Evolution1 saved its Partners more than $80 million in annual operating costs through claim and payments automation.
Although Evolution1’s software serves more than 9 million consumers through partners such as Blue Cross Blue Shield of North Dakota and CieloStar, the name Evolution1 usually stays in the background. Third-party administrators use our platform, but they roll it out with their own branding to their employee groups, said Todd Reynolds, chief technology officer for Evolution1. We don’t go direct to employees at all. We sell through partners.
LTP View: Modern Healthcare Magazine named Evolution1 to their second annual Healthcare’s Hottest list which honours the top 40 fastest growing organizations in the healthcare industry as based on revenue growth. The company has a 3 year sales growth rate of 103 per cent according to 4-traders.com. The major competitors for Evolution1 in this field are Healthcaresource, Globalmed, Arcadia Solutions and Infosys Public Services among others. The easy availability of their card, together with their simplistic approach in the consumer’s point of view makes it easy for most consumers and employers to choose Evolution1. The company should focus on educating the customers to the benefits of their payment system and why exactly they should choose Evolution1.