2011 Highlights: Partner Growth, Lighthouse1 Mobile and Industry Awards
MINNEAPOLIS--(BUSINESS WIRE)-- Evolution1™, the nation’s largest electronic payment, on-premise and cloud computing healthcare solution that administers reimbursement accounts, including HSAs, HRAs, FSAs, VEBAs, Wellness and Transit Plans, announced today that it continued its leadership position in 2011 in terms of growth and services. Additionally, the company formed several key strategic partnerships, including relationships with several of the largest health plan providers and banks across the nation, including Horizon Blue Cross Blue Shield of New Jersey, Independent Health, Eide Bailly, Intuit, Regional Care, Nyhart Actuary & Employee Benefits, and TriZetto.
Together with its Partners, Evolution1 now serves more than 450 third-party administrators, financial institutions, health plans and software providers across the country, providing healthcare and other reimbursement account services to more than 60,000 employers and more than eight million consumers. Last year Evolution1 increased its Partner base by 70 percent, and the average growth of the company’s top 10 Partners was more than 20 percent.
Last year, Evolution1’s Lighthouse1 – the premier Web-based, software-as-a-service consumer driven healthcare (CDH) solution – facilitated more than $3.9 billion in reimbursement transactions and processed more than 52 million claims, all with an uptime of 99.999%.
Evolution1 and its Partners saved its customers and their employees more than $2 billion in 2011 through annual healthcare cost reductions and tax savings. Such a savings enabled employers to continue providing health insurance while putting more money in their employees’ wallets to pay for healthcare costs. Additionally, Evolution1 saved its Partners more than $43 million in annual operating costs through claim and payments automation.
Ongoing healthcare legislation as well as consumer self-service needs have created unprecedented change in the healthcare industry. In response, the company’s mobile solution, Lighthouse1 Mobile, continues to evolve. Launched in early 2010, Lighthouse1 Mobile plays a significant role in Evolution1’s product portfolio. In the second half of 2011, consumer adoption of Lighthouse1 Mobile increased by more than 250 percent, far outpacing even the rapid growth of U.S. smartphone sales.
Lighthouse1 Mobile enables consumers to access and upload information about their healthcare account, 24/7/365 from anywhere via their iPhone or Android. Functionality added in 2011 includes access to account activity across all accounts and drilldown capabilities for claims transactions as well as the ability to view receipts already submitted to claims (for reimbursement accounts) and the ability to submit photos of receipts taken by a smartphone’s camera.
Additionally, Evolution1 is taking consumer directed healthcare to the next level with its recently launched Defined Contribution Health Solutions. By combining powerful private health insurance exchange solutions with the industry leading consumer health accounts and employer funding technology, Evolution1 is helping employers better manage and control costs, prepare their organization for future health insurance purchasing models, and help their employees take an active role in all of their healthcare decisions.
“We continue to see extraordinary change in the healthcare industry, yet one thing remains constant: our dedication to reducing costs and simplifying the business of healthcare,” said Jeff Young, chairman CEO of Evolution1. “Consumers want more control over healthcare spending for themselves and their families. Because of our single-source end-to-end solution, our strong network of Partners, and our unwavering commitment to exceptional customer service and support, we are poised to make an unprecedented difference in the management of all types of CDH reimbursement funds, ultimately helping consumers maximize their healthcare dollars.”
Evolution1 continues to build key relationships, signing multi-year partnerships with a number of large health plans and leading third-party administrators – including Baystate, C.H. Reams, Goldleaf Partners, and H&H Administrators – that are using Evolution1 as their strategic platform of choice. These partnerships solidify Evolution1’s leadership in the consumer-driven healthcare industry and reflect the company’s growth in the areas of HSAs and HRAs. HSAs grew by 36 percent across all Evolution1 Partners that offer HSAs.
In 2011, Evolution1 received a number of prestigious awards and recognitions, including: the Information Technology Council of North Dakota (ITCND) Awards, the Marcum Tech Top 40, the Inc. 500|5000, the Institute for HealthCare Consumerism’s CEO Leadership Award, Deloitte’s Technology Fast 500™ and the Paybefore Awards.
Evolution1 continued its commitment to providing a superior value proposition to its Partners with Partner Conference 2011. The annual conference brought together the most highly respected experts in consumer-driven healthcare with Evolution1 strategic and administration Partners. The 2012 Evolution1 Partner Conference will take place June 13 and 14 in Minneapolis.
Evolution1 and our Partners serve more than 8 million consumers, making us the nation’s largest electronic payment, on-premise and cloud computing healthcare solution that administers reimbursement accounts, including HSAs, HRAs, FSAs, VEBAs, Wellness and Transit Plans. It is the only solution that offers a single end-to-end user experience, provides innovative auto-substantiation technologies, and automates workflow for Partners, employers, and consumers. It does all this on one technology platform comprised of Lighthouse1™, PayDirect®, the Benny® Benefits Debit Card, Lighthouse1 OneCard™ and integrated web portals. Evolution1 and our Partners are dedicated to delivering value, reducing costs and simplifying the business of healthcare. For more information, visit www.evolution1.com.
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