SEATTLE (January 30, 2013) FlexMinder, a fast-growing Seattle startup that aggregates and automates the reimbursement process for healthcare flexible spending accounts (FSAs), announces the close of Series AA financing with a $1.4 million total investment from WRF Capital, Founder’s Co-op and other prominent angel investors. The targeted amount of $600,000 was oversubscribed, signaling high investor interest in the startup.

“FlexMinder is exactly the kind of company we love to back — the founders combine deep domain expertise with a passion for solving hard business problems with software and a customer-oriented sales approach that just blows people away. There’s a huge opportunity here and FlexMinder is already the clear leader,” said Chris DeVore, general partner of Founder’s Co-op.

The market potential for FlexMinder users is over 150 Million FSA eligible consumers. It currently has commitments from Third Party Administrators with more than 260,000 participants, and the number is growing.

The funding will allow FlexMinder to complete functionality focused on increasing revenue, scale operations and broaden its national footprint in this underserved sector. Recently FlexMinder hired five new employees focused on product, development, sales and marketing, and client services to meet current and anticipated demand.

“The response from our customers has been overwhelming,” said Lowell Ricklefs, CEO of FlexMinder. “We get immediate CEO attention because our digitizing of their manual paper healthcare processes reduces their costs by up to 50 percent. And their customers’ satisfaction drives more revenue.”

FlexMinder is an Enterprise SaaS company that aggregates an individual’s healthcare information from multiple sources and automates the reimbursement process for their FSA healthcare claims. Consumers can view all of their healthcare related claim information through a single portal.

“We were impressed with the way FlexMinder greatly reduces the hassle factor for FSA holders and helps streamline insurance claim processing for Third Party Administrators. FSAs are just the first of several addressable markets and we look forward to watching the company grow,” Loretta Little, managing director of WRF Capital.

FSA’s allow employees to save money by putting pretax (up to 40% tax savings – FICA, State and Federal) dollars (up to $2,500 for healthcare and $5,000 for childcare) aside to be spent on qualified items such as child care, insurance deductibles, co-pays at the doctor, prescription drugs, eyeglasses, orthodontic braces and even Band-Aids and contact lens solutions.

For third-party administrators (TPAs), FlexMinder automates the reimbursement process for healthcare flexible spending accounts (FSAs), providing many direct benefits including:

• Cutting claim handling costs by as much as half
• Eliminating submission errors
• Increasing participation rates
• Raising profitability

FlexMinder also has an online store that sells the 38,000 items that qualify for pre-tax spending – providing an easy way for consumers to spend their FSA dollars and providing a new revenue stream for TPA’s.

Ricklefs added that once companies understand the FlexMinder process and they see the resulting cost reductions, they “put the pressure back on us to get integrated as quickly as possible.”

About FlexMinder, Inc.
Launched in 2011, Seattle-based FlexMinder delivers Software as a Service (SaaS) that saves consumers time and money while reducing costs for TPAs, private health exchanges and health carriers. FlexMinder is an Enterprise SaaS company that aggregates an individual’s healthcare information from multiple sources and automates the reimbursement process for their healthcare FSA claims. Consumers can view all of their healthcare-related claim information through a single portal. The company, a TechStars 2011 graduate, is growing rapidly through its focus on the B2B market. For more information, visit www.flexminder.com. Join us on Facebook and Twitter.

Media Contact:
Stacia Kirby
stacia@speakeasy.net
206-363-1492

SEATTLE (October 31, 2012) FlexMinder is pleased to announce that it is partnering with Flex-Plan Services, Inc. (FPS) to provide consumers with a service that makes it easy for them to save 25-40% on their “out of pocket” health care expenses. Flex-Plan will brand this new service Flexi-Crawler and roll it out to their 2,000 employers (80,000 employees) in November, 2012.

“We partnered with FlexMinder to offer our participants a simple way to manage their Flexible Spending Accounts. Flexi-Crawler will identify out-of-pocket expenses associated with their insurance (deductible, co-pay or co-insurance) and prepare the claims and required documentation to submit for reimbursement – automatically – eliminating the work related to getting reimbursed,” said Hillarie Aitken, partner of Flex-Plan Services, Inc. “Flexi-Crawler gathers and prepares carrier EOB data directly, making the reimbursement process easier and more efficient for everyone involved.”
FlexMinder is an Enterprise SaaS company that aggregates an individual’s healthcare information from multiple sources and automates the reimbursement process for their FSA healthcare claims. Consumers can view all of their healthcare related claim information through a single portal.

“We are proud of our partnership with Flex-Plan, a company known for innovation in their quest to deliver friendly and efficient customer service. We are excited about the prospect of assisting Flex-Plan to deliver a service, which will save their FSA participants time and money (enough to buy a new iPad every year) by eliminating the manual claim submission process.. This will make life easier for close to 100,000 people.” adds Lowell Ricklefs, CEO of FlexMinder.

FSA’s allow employees to save money by putting pretax dollars (up to $2,500 for healthcare and $5,000 for childcare) aside to be spent on qualified items such as child care, insurance deductibles, co-pays at the doctor, prescription drugs, eyeglasses, orthodontic braces and even Band-Aids and contact lens solutions.

For Third Party Administrators (TPAs) FlexMinder provides many direct benefits:

• Reduce claim handling costs by up to 50%
• Eliminate submission errors
• Increases participation rates
• Increase profitability

FlexMinder can reduce transactional costs in a $10B industry by up to 50% for third party administrators by automating the reimbursement process for healthcare flexible spending accounts.

About FlexMinder, Inc.
Seattle based FlexMinder delivers Software as a Service that saves consumers time and money while reducing costs for Third Party Administrators, Private Health Exchanges and Health Carriers. FlexMinder is an Enterprise SaaS company that aggregates an individual’s healthcare information from multiple sources and automates the reimbursement process for their healthcare FSA claims. Consumers can view all of their healthcare related claim information through a single portal. The company is a TechStars 2011 graduate and is growing rapidly through its focus on the B2B market. For more information visit www.flexminder.com, join us at www.facebook.com/FlexMinder.

About Flex-Plan Services, Inc.
Jim and Stan Aitken started FPS, a third-party administrator of flexible spending accounts (FSAs) in 1989. FPS is currently considered one of the premier administrators on the West Coast with a national reach across all 50 states. Its administration has grown over the years to include the full scope of tax-advantaged plans such as HRAs, Transportation plans and HSAs and it has added employer level services such as consolidated billing, COBRA and nondiscrimination testing for group plans. Flex-Plan achieves this success on the principle of offering the highest level of customer service, administration and expertise possible to each and every business partner and participant. For more information visit www.flex-plan.com.

Media Contact:
Stacia Kirby
stacia@speakeasy.net
206-363-1492

SEATTLE (October 23, 2012) Fast growing Seattle based FlexMinder is pleased to announce Noele Emmons has joined the company as the Sales and Marketing Director. In this new position, Noele will oversee all sales and marketing efforts for the company.

Prior to joining FlexMinder Noele was most recently with Global Market Insite, Inc. (GMI) as an Account Executive for the West Region where she was responsible for over $3M in revenue and managed some of the company’s largest accounts. She also brings earlier experience as a Senior Client Operations Coordinator for GMI’s East Region. Before joining GMI, she worked for Quorum Review IRB as a Customer Support Specialist and Morgan Stanley Smith Barney, LLC as a Sales and Operations Assistant. Noele received a Bachelor’s in Business Administration from the University of Washington.

FlexMinder’s enterprise SaaS can reduce transactional costs in a $10B industry up to 50% for third party administrators by automating the reimbursement process for healthcare flexible spending accounts. With FlexMinder clients can dramatically increase profits and adoption while simultaneously making it easy for consumers to pay out-of-pocket medical expenses with tax-free dollars.

About FlexMinder
Headquartered in Seattle, FlexMinder is committed to helping businesses and consumers save time and money on healthcare costs. Its service offers online tools to manage the reimbursement process for Flexible Spending Accounts, making them work better and more effectively for millions. The company is growing quickly based on its strategy of focusing on the B2B market, which derives the largest financial benefit by easily integrating the FlexMinder service. For more information visit www.flexminder.com , join us at www.facebook.com/FlexMinder.

Media Contact:
Stacia Kirby
stacia@speakeasy.net
206-363-1492

SEATTLE (September 12, 2012) Fast growing Seattle based FlexMinder is pleased to announce that Lowell Ricklefs has been named CEO and Co-Founder for the TechStars 2011 graduate FlexMinder Inc. Original Co-Founder and transitioning CEO Deepak Kumar will resume his original role as CTO for the company.

“Lowell’s been a very active and instrumental advisor to the company for quite some time. He’s a proven leader with a wealth of experience in scaling business quickly, and has personally experienced the pain in managing his family’s Flexible Spending Accounts. He’s uniquely qualified to lead the organization going forward and we are excited to have him on the team,” said Kumar.

Most recently Ricklefs was Group COO for Toluna. He built the company from $15M in revenues to $120M over four years and 125 to 1,000 employees with a sale to a PE firm for $260M. Prior to that, he was with GMI for three years as CRO/EVP leading growth from $1M to nearly $60M. GMI was sold to WPP for close to $100M. Earlier he was an executive at Rockwell Automation including Global VP Channels ($3B Revenues) and Business Manager for Rockwell Software ($100M B2B Software Company). He has a degree from the University of Wisconsin-Madison in Electrical and Computer Engineering.

Rickfels adds, “I love this business because it is a win-win-win. This industry is very similar to what I saw in the past eight years in automating the inefficient market research data collection process by applying technology intelligently. This combined with a high integrity founding team of Deepak Kumar and Will Miceli was too good to not be a part of.”

FlexMinder can reduce transactional costs in a $10B industry by 50%. With FlexMinder clients can dramatically increase profits and users while simultaneously making it easy for people to pay out-of-pocket medical expenses with tax-free dollars.

About FlexMinder
Headquartered in Seattle, FlexMinder is committed to helping consumers save time and money on healthcare costs. The company is growing quickly based on its strategy of focusing on the B2B market, which derives the largest financial benefit by adoption of the FlexMinder service. Its service offers online tools to manage the reimbursement process for Flexible Spending Accounts, making them work better and more effectively for millions. For more information visit www.flexminder.com.

Media Contact:
Stacia Kirby
stacia@speakeasy.net
206-363-1492