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Former Exante unit changes name to focus mission

By Fred Bazzoli

A large financial services company that's playing a role in electronic healthcare transactions is taking on a new name and hoping to become a one-stop destination for individuals navigating the nation's healthcare system.

Exante Financial Services, the financial services unit of OptumHealth, on Monday announced that it will begin operating under the name OptumHealth Financial Services.

OptumHealth is a division of UnitedHealth Group.

The financial services unit has several initiatives under way. One of its biggest service lines are its 1.5 million consumer healthcare accounts; the company estimates that it has about $560 million in health savings account assets under management.

OptumHealth Financial Services also issues more than 15 million debit and medical cards annually, and some 20,000 employers use the company's health accounts and benefits administration services.

The unit also aids in transaction processing for the healthcare industry. Officials estimate that it processes $2 billion in electronic transactions each month, and its account-based services are used by 20 independent health plans. Some 350,000 healthcare providers use the company's electronic payables solution.

The former Exante unit has been testing programs enabling real-time adjudication of claims between providers and payers.

 

"The name change reflects our belief in the power of combining financial services with healthcare support," said Dawn Owens, OptumHealth's CEO. "This combination, aligned with our other capabilities, helps people maximize the value they can get out of the healthcare system."

The company is integrating clinical programs with health incentive accounts, making it easier to financially reward people who actively participate in health management programs. It's also developing a direct-to-consumer portal that will enable individuals to access their healthcare information along with their health-related financial accounts.

The OptumHealth unit includes OptumHealth Bank, formerly known as Exante Bank, and Administration Resources Corp., one of the largest voluntary employees' beneficiary association administrators, serving thousands of public sector and commercial employers.