A pair of Minneapolis-based healthcare finance companies are joining forces to create an integrated end-to-end payment solution.
TSYS Healthcare, which offers real-time substantiation for eligible medical services purchased with a healthcare payment card, announced Wednesday that it is partnering with Lighthouse1 and will integrate with that company's OnDemand Platform.
"TSYS Healthcare is a strong player in the payment card space, and is a clear leader in providing robust CDH payment solutions," said Jeff Young, chief executive officer and president of Lighthouse1. "Our partnership with TSYS provides our partners and consumers with an industry leading, comprehensive CDH solution."
"This partnership offers another single source solution for all administrative activities related to plan members who use their healthcare cards to pay for healthcare products and services," added Mark O'Leary, senior vice president of business development for TSYS Healthcare. "TSYS Healthcare's approach of client-driven innovation reduces unnecessary complexity when the industry needs it most."
TSYS offers financial institutions, insurers, participants and third-party administrators support in dealing with health savings accounts, health reimbursement accounts, flexible spending accounts and lines of credit. Lighthouse1's products, which include Lighthouse1 OnDemand, the Lighthouse1 OneCard and Web-based portals, are deigned to offer consumers a paperless means of relegating and processing healthcare claims and reimbursements. Company officials say they and their partners serve more than 2.5 million consumers using HSAs, HRAs, FSAs and Transit Plans and that their products meet more than 1,100 unique benefit plan designs.
Lighthouse1 has increased its customer base by 130 percent to more than 90 partners in little more than a year, according to company officials, and has signed multi-year partnerships with two of the nation's largest banks and a number of health plan providers and TPAs.
TSYS Healthcare is a division of the global TSYS chain, created in 2007 to focus on the growing consumer-directed healthcare market. Some of its partners include HealthEquity, Consumer Health Technologies and mPay Gateway.