Jellyvision Makes Healthcare Savings Its Jam, Acquires FlexMinder Assets

CHICAGO--(BUSINESS WIRE)--Jellyvision, maker of industry-leading employee communications platform ALEX®, announced today that is has entered into an asset purchase agreement with FlexMinder, a Techstars company that automates the healthcare reimbursement process for third-party administrators (TPAs), making it easier for their participants to manage medical spending. With this agreement, Jellyvision plans to incorporate health savings account functionality to its existing benefits communication platform.

“We have long been a leader in the HR tech space because of our innate ability to simplify boring and complex topics like benefits selection and debt management using humor,” said Amanda Lannert, CEO of Jellyvision. “Our ALEX benefits counselor serves over 14 million people and we have found that healthcare savings is one topic people still struggle to understand. We believe that FlexMinder’s capabilities will help make our service even more useful to people by enabling them to easily view and understand their benefits and claims activity. In many cases, people leave free money on the table every year due to the need to follow laborious process. By introducing FlexMinder’s capabilities to our existing platform, we look to make a difference by putting money back into people’s wallets.”

Similar to selecting health insurance, the traditional method of filing and submitting claims for healthcare reimbursement is a painful and confusing one. The high cost and time associated with manual processing deters individuals from taking advantage of their healthcare savings, prevents them from being reimbursed and is a real headache for TPAs.

FlexMinder’s technology supports TPAs by automating the reimbursement process, making it easier than before for their participants to manage money, ensuring they don’t lose out at year end. Additionally, FlexMinder’s automation has proven to decrease costs by 50 percent for TPAs, empowering them to drive new efficiencies.

“Health insurance is complicated enough so we are thrilled to integrate these technologies to help consumers and TPAs generate meaningful - and where possible, automatic - savings without jumping through the system’s hoops,” added Lannert.

“I am excited to witness the next phase of our growth as a part of Jellyvision,” said Lowell Ricklefs, founder and CEO of FlexMinder. “Our TPA focused business will continue to grow and the core technology will power new solutions for Jellyvision.”

The FlexMinder team will become the FlexMinder Division of Jellyvision and remain in Seattle. Financial terms were not disclosed.

About Jellyvision

Jellyvision is an award-winning technology company whose interactive software talks people through important, complex and potentially snooze-inducing life decisions - like choosing a healthcare insurance plan, saving for retirement or managing finances - in simple, fun and engaging ways. Our recipe: behavioral science, great writing, purposeful humor, mighty tech and oregano.

Our SaaS employee communication platform ALEX is used by more than 800 companies with more than 14 million employees in total – including 88 of the Fortune 500 and 1 in 4 of the country's largest companies. ALEX helps employees make better decisions about more than $90 billion of health insurance premiums, 401k allocations and financial wellness.

To learn more, visit www.jellyvision.com and www.MeetAlex.com. Also, sign up for the ALEX newsletter here.

 

Contacts

Propllr
Kaitlin Meyers, 913-220-5292
kaitlin@propllr.com

FlexMinder Partners with Consumer Driven Healthcare Leader Acclaris

SEATTLE (January 26, 2015): FlexMinder, the Seattle technology startup that is powering the healthcare revolution, has announced its new partnership with Acclaris, a leader in account based health plan technology and services.  The partnership and integration of technologies between the two companies is a step toward revolutionizing a heavily paper processed industry.

With FlexMinder, Acclaris’s 6,000 employer groups will now have the option for automated carrier claim data to be pushed straight to their platform, eliminating the need for participants to manually submit paperwork. Leveraging this technology allows Acclaris clients to significantly improve their customer satisfaction, reduce costs, increase participation rates, and win new business.

“Our goal is to make it easier for participants to save money by simplifying the reimbursement process. FlexMinder’s powerful tool removes the pain points for reimbursement plan participants and empowers administrators to drive new efficiencies,” said Lowell Ricklefs, CEO of FlexMinder. “We’ve seen TPAs realize as much as 50% savings in processing costs while drastically improving the participant experience. No more debit card challenges or paperwork, no hassle, no more wasted time.”

“This partnership will be beneficial for many of our clients” said Dean Mason, Acclaris Chief Executive Officer. “FlexMinder allows Acclaris to integrate carrier claim data straight into administrators’ workflows, which can eliminate the need to build direct carrier feeds and saves time and resources as administrators adjudicate claims and substantiate card transactions.”

FlexMinder saw 488% growth in 2014 and currently works with over 2,500 employers.

About Acclaris

Acclaris provides the services and technology that health plans, benefit consultants, private exchanges and financial institutions rely on to deliver healthcare and reimbursement accounts to a growing market. Acclaris stands out from the competition for its operational efficiency, configurable (SaaS) technology and responsive services team. Partnering with Acclaris, clients of all sizes are able to deliver a range of innovative account options and an exceptional consumer experience. For more information, visit www.acclaris.com.

FlexMinder Announces Funding

SEATTLE (March 25, 2014): FlexMinder, a fast-growing Seattle startup, today announced the closing of a $1.2 million funding round.

 

Key investors in the round include Rudy Gadre, Founders Co-op, AOA, WRF Capital and Walt Winshall. Funds will be used to drive execution against a large (up to $12 million annually) contract recently secured by FlexMinder. Rollout of the new contract started this month and has included development, sales and support for pending embedded Medical Expense Management solutions.

“We are very pleased to have attracted such a strong set of investors. Our new long term partnerships are driving exponential revenue growth,” said Lowell Ricklefs, CEO of FlexMinder. “We are laser focused on helping customers expand their revenue base and reduce costs by automating access to medical expense data.”

Chris Devore of Founders Coop says: “We’re incredibly excited about FlexMinder’s execution to date. They’re bringing smart ‘big data’ solutions to the massive inefficiencies in health care payments and medical cost control. The FlexMinder team has laid the foundation for aggressive growth and large enterprise customers are now beating a path to their door.”

“The health benefits arena is changing as employees take a more active role in their family’s health spending,” says Loretta Little of WRF Capital. “We think FlexMinder is in the right place at the right time to offer valuable tools to healthcare consumers as well as helping organizations tasked with efficiently managing the huge amounts of data being processed.”

FlexMinder has also recently added some talent to their team to support this large contract rollout, including seasoned industry veteran Emma Cochrane who has recently stepped in as COO, Noele Emmons as Director of Client Services and Cindy Hughes as Marketing Manager.

FlexMinder Announces Partnership with Alegeus Technologies

SEATTLE (February 2, 2014) FlexMinder, a fast growing startup that automates costly manual healthcare reimbursement processes, is pleased to announce a new partnership with Alegeus Technologies, the market leader in healthcare and benefit payments.

 

Alegeus offers the industry’s most widely-used technology platform for the administration of tax-advantaged benefit accounts – including FSAs, HSAs, and HRAs. Through integration with FlexMinder, Alegeus clients will be able to receive automated insurance carrier claim data feeds within the Alegeus platform. Administrators can then leverage this data to drive unprecedented levels of automation for claims submission, adjudication, and reimbursement processes. This new functionality has the potential to significantly reduce claim handling costs, eliminate submission errors, increase participation rates, and raise client profitability.

“Our simple but powerful tool is cutting costs and eliminating headaches for our customers,” said Lowell Ricklefs, CEO of FlexMinder. “We’ve helped some TPAs cut their total processing costs in half while greatly reducing the hassle factor for benefit account holders. No more inefficient paperwork, time-consuming communications, or stressed out customers. This is a solution we’re proud to be part of.”
“Integrating carrier claim data into the benefit administrators’ workflow creates significant efficiencies for administrators by reducing the time and resources required to substantiate card transactions and adjudicate claims,” said Tom Torre, Alegeus Chief Executive Officer. “From the participant’s perspective, having the ability to view and manage claim data inside our portal, and to facilitate claim payments directly from their benefit accounts, is a very powerful value proposition.”

About Alegeus Technologies
Alegeus Technologies is the market leader in healthcare and benefit payments – offering the industry’s most comprehensive platform for the administration of tax-advantaged benefit accounts (FSAs, HSAs, HRAs, MERPs, VEBAs, DCAPs and transit accounts), the industry’s most widely-used benefit debit card, and leading services for the outsourced management of claim payments and associated data exchange. Over 500 clients – including health insurance plans, third party administrators and financial institutions – leverage Alegeus’ deep expertise and proven technology to administer benefit accounts for more than 17.5 million members and process more than $18 billion in healthcare payments annually. As the healthcare and benefit markets continue to evolve, Alegeus delivers solutions that enable clients to evolve their service offerings, operate their businesses more efficiently, and focus on their customers. The company is headquartered in Waltham, MA with operations in Carrollton, TX, Orlando, FL and Milwaukee, WI. To learn more about Alegeus, please visit www.alegeus.com.

FlexMinder Announces Partnership with Flex-Plan Services

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.

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 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.

 

FlexMinder Adds Director

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.

FlexMinder Names CEO

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.