Let’s Get Modern: Consumer Convenience Prioritized with Digital Reimbursement

Aug 15, 2023 | Posted by Elevate

The industry is familiar with reimbursement hassles for benefits accounts like flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), and even health savings accounts (HSA). Not only are consumers responsible for keeping track of what expenses are eligible and their balances, but they often have to deal with actual paperwork, physical checks, and waiting on money transfers.

This constant friction drives down consumer satisfaction while driving up administrative costs for processing claims and servicing these plans. Many TPAs, financial institutions, and health plans dedicate a staggering 30% or more of account revenue to administrative and service costs for these accounts—significantly cutting into profit margins.

Unlike traditional methods that require manual paperwork and lengthy processing times, Elevate's platform puts the consumer first by delivering hassle-free, real-time reimbursements. 

Introducing a Smarter Technology

In today's fast-paced digital landscape, consumer expectations are evolving rapidly. Recognizing this need for modern, user-friendly payments in the consumer benefits space, we built a solution that goes above and beyond by offering streamlined, AI-enabled reimbursement solutions from start to finish–eliminating the friction and getting cash into consumers’ hands faster. 

  • Step One – Assisted Claim Submission: Using optical character recognition (OCR) and AI technology, receipts are automatically translated to a digital request, eliminating the need for consumers to type in tedious claim details. 
  • Step Two – Immediate (and we mean immediate!) Processing: Using AI-enabled technology, documentation is reviewed, the request is approved, and payment is issued on the spot. If the request does not meet IRS guidelines for approval (less than 10% of the time), consumers receive instant coaching tips. No more waiting weeks for mailed claim denial letters.   
  • Step Three – Real-time Money Transfers: With cash app integration and debit card transfers, money is transferred to consumers in moments, not days.
“When a busy family is faced with a toddler needing costly emergency care, the second most important question for this family, after the child’s health, is how to pay for it,” said Brian Cosgray, co-founder & CEO of Elevate. “Our cash apps and debit card reimbursement options mean this family can have money from their benefits accounts in their hands in minutes.”‍

Cash Apps and Debit Cards to the Rescue

Let’s look at step three a bit more closely. Once the reimbursement is processed and approved, most solutions force the consumer to wait days for a money transfer or mailed checks. That all changes with integrated cash apps and debit card transfers.

Cash apps like Venmo and PayPal have sparked a paradigm shift in how consumers pay for goods and services in all parts of their lives, from paying the babysitter to ordering online goods and even splitting vacation costs with friends. 

Cash apps can now also be used for benefit account reimbursements. The Elevate platform is integrated with Venmo and PayPal to offer a convenient and user-friendly way for consumers to receive FSA, HRA and HSA reimbursements—delivering cash into their hands right away.

Another convenient choice for Elevate consumers is real-time money transfers directly to their debit cards. Debit card transfers once again cut the reimbursement time from days to mere moments.

Traditional Reimbursements

Of course, consumers can still choose more traditional reimbursement options, with reimbursements deposited to a personal bank account of choice or mailed paper checks. By offering a comprehensive range of both traditional and new options to cater to the diverse needs of consumers, we truly serve the consumer on their terms.

The Future of Reimbursements, Today

Our commitment to modernizing the reimbursement process and prioritizing consumer convenience is a game-changer for benefits accounts like FSAs, HRAs, and HSAs. The traditional methods of manual paperwork and lengthy processing times, which have long been a source of frustration for consumers and a cost driver for administrators, are a thing of the past. The Elevate platform, built on smarter technology, revolutionizes the reimbursement experience into one that is modern, convenient, and hassle-free.

Interested in learning more? Let’s get talking. 

Stay ahead of the curve with key industry insights and milestone updates about what Elevate can do for you.

Thank you! You're successfully signed up.
Oops! Something went wrong while submitting the form.