The American media teems with narratives concerning healthcare; particularly, who has it, who doesn’t have it, and who’s responsible for fixing the diverse inefficiencies within the system. In cultural discourse about such complicated fiscal issues, politicians often take media precedence over the entrepreneur.
It is for this reason that I would like to celebrate an entrepreneurial team committed to making healthcare administration more efficient in the years to come.
Flexminder is a Seattle startup and graduate of the Techstars accelerator, bent on more efficient administration of medical claims. The group focuses on flexible spending arrangements (FSAs), health reimbursement accounts (HRAs), and the claims associated with each of these tax-free medical resources.
Flexminder “[Solves] FSA participants’ biggest pains by automating the FSA submission process, making their FSAs easier to manage, and ensuring participants don’t lose money at year end [due to “use it or lose it” stipulations.]” Additionally, Flexminder has a strong value for the third party administrators (TPAs) responsible for managing FSA/HRA claims, as it automates and minimizes administrative procedures. This technology stands to save third parties a bundle of cash (up to a 50% reduction in administrative costs!) and could greatly alter the way young Americans approach their tax-free FSA spending.
As more young Americans are presented with FSA/HRA benefit options through work, technologies that simplify the relationship between workers, TPAs, and insurance providers stand to make a creative buck… while providing a relevant social service.