Online banking and payment technology vendor Metavante is adding to its healthcare payment solutions suite of products with the acquisition of San Diego-based BenSoft Inc.
BenSoft's RepayMe solution is designed specifically for third-party administrators, health plans and self-administrating employers seeking a solution for flexible spending accounts (FSAs), health reimbursement accounts (HRAs), health savings accounts (HSAs) and transportation accounts. RepayMe offers a Web-based tool for individuals needing reimbursement for eligible expenses that are covered by benefit plans.
"RepayMe enhances Metavante's ability to help health plans and TPAs more effectively compete, manage costs and help consumers make more effective healthcare choices," said John Reynolds, president of Metavante's Healthcare Payment Solutions division. "It strengthens our market leadership with a more comprehensive healthcare benefit account solution."
Metavante officials say the deal will create a more comprehensive solution for the company.
"As the healthcare market moves toward more consumer-driven healthcare plans, the marketplace is demanding a single integrated benefit administration solutions for FSAs, HRAs, HSAs, transportation spending accounts and related benefit services," said Frank D'Angelo, president of Metavante Payments Solutions Group. "The acquisition of a leading Web-based, easy to use and cost-effective flexible benefit system expands Metavante's current consumer-driven healthcare and benefit account processing services and represents our continuing investment in single-source solutions to consumer, provider and payer healthcare payments."
Metavante's healthcare services are designed to expedite eligibility verification, claims substantiation, medical remittance processing and payment and explanation of benefit distribution. The company offers Web-enabled tools, an HSA platform, multi-purse benefit debit cards and combo eligibility/payment cards.
"This acquisition now provides Metavante with additional cross-sell opportunities for HSAs, payment distribution services and business process outsourcing, as well as additional call center resources," added Tom Horan, BenSoft's CEO.
Terms of the transaction were not disclosed. When the deal is complete, Metavante will incorporate RepayMe into its existing HealthCare Payment Solutions suite of products.