MINNEAPOLIS, MN / ACCESSWIRE / February 13, 2024 / Nexben , a fintech platform powering health benefits payments and administration, and Lynx, a top-tier API-first healthcare fintech platform, today announced a strategic partnership. This collaboration is set to transform the employer-sponsored health benefits sector by simplifying Individual Coverage Health Reimbursement Arrangements (ICHRA) for employers and employees.
Administrators are increasingly recognizing that ICHRAs offer employees more autonomy and provide employers with improved budget control compared to traditional group plans. According to the HRA Council , there has been a noteworthy 64% increase in employer adoption from 2022 to 2023.
"With adoption and interest growing dramatically, Nexben's capabilities are vital beyond ICHRA to support ancillary products and Medicare Advantage," said Mark Pontliana, Chief Operations Officer at Nexben. "Our collaboration with Lynx redefines employer-sponsored health benefits, streamlines the experience, and eases administration by integrating all health benefit accounts into a unified platform."
Highlights of Nexben's Innovative Approach
- Transforming Health Benefits: Nexben simplifies ICHRA, enabling tailored health benefits for employers and employees, including dental vision.
- Seamless Payments Platform: Nexben powers seamless many-to-many payments between employers and insurers.
- Flexibility and Choice: Nexben provides employers and employees with flexibility and greater choice in health benefits.
Lynx's Cutting-Edge CDH Core Platform (Consumer-Directed Health)
- Unified CDH Platform: Lynx CDH Core offers an API-first integration of ICHRAs, HSAs, FSAs, and HRAs, improving management of health benefits and allowing for expansion into more account types.
- Compliance Assurance and Protection: The Lynx platform features a secure ledgering and banking structure that ensures accurate tracking and reporting for ICHRA and all CDH account types. By adhering to healthcare and financial regulations, Lynx stands out in the market by helping administrators and employers effectively manage compliance risk.
- Ease of Use: Lynx streamlines health benefit setup and management, easing administrative tasks for employers and enhancing user experience for employees.
The Nexben and Lynx partnership marks a significant milestone in advancing defined contribution health plans by introducing a unique pre-tax, payroll-withholding solution that moves beyond traditional reimbursement models.
This collaboration is simplifying ICHRA premium payments, empowering individuals with greater financial control, and expanding their freedom of choice through simple, effective, and accessible administrative and payment solutions. The partnership is strategically positioned to unravel ICHRA complexities, paving the way for Nexben's future growth in the evolving landscape of health benefits.
"We are thrilled to be partnering with Nexben," said Matthew Renfro, Co-founder and CEO of Lynx. "Our collaboration empowers health plans, third-party administrators, financial institutions, and other administrators alike to effortlessly deliver an ICHRA solution. This innovative alliance streamlines account administration, simplifies premium payments to providers, and significantly reduces administrative costs for our collective partners. Lynx and Nexben are shaping the future of healthcare benefits, creating an unparalleled user experience that revolutionizes the industry."
To learn more about simplifying ICHRA for employers and employees, visit nexben.com .
Nexben is driving health benefits forward with a leading fintech platform powering payments and administration. The company empowers employers and individuals with financial control, providing simple, effective, and accessible administrative and payment solutions. Nexben's many-to-many payments solution transforms the benefits landscape, facilitating seamless distribution and reconciliation of payments. For more information, visit nexben.com .
Lynx is the premier API-first fintech platform for healthcare, unlocking APIs and end-to-end solutions to administer a broad selection of healthcare financial accounts and wraparound services. By embedding these functions directly into existing UI/UX, Lynx enhances consumer access, management, and engagement with healthcare and financial services. Own the experience at lynx-fh.com .
View the original press release on accesswire.com