Published:
MBI Benefits Turns on Real-Time Integration for Lighthouse1
Benefits Administration and Health Plan Cash Account Management Moves Onto a Single System
Metavante Corporation today announced its MBI
Benefits affiliate is providing Lighthouse1 with real-time health plan cash
account management -- further solidifying MBI Benefits' standing as an
employee benefits payment systems market leader. Metavante Corporation is
the financial technology subsidiary of Marshall & Ilsley Corporation
(NYSE: MI).
MBI Benefits will enhance the Lighthouse1 OnDemand Web-based benefits
administration software for health plan providers and third-party
administrators (TPA) by providing the ability to deliver all benefits
administration functions and cash account management services on one,
real-time operating software platform. Through MBI Benefits, TPAs and
health plan providers affiliated with Lighthouse1 will now have a single
interface to multiple custodians for the establishment and administration
of health savings accounts (HSA).
"A single administration platform linked in real-time with MBI's benefits
debit card creates system efficiencies, reduces tedious paper-based
processes and delivers cost savings to third-party administrators and
health plan providers. Now, they can manage and receive all of their
benefits claims electronically as opposed to maintaining one system for
handling debit card transactions and another for all other types of
benefits administration," said Jeffrey L. Fritz, chief executive officer of
Lighthouse1. "Plus, the Web-based solution from Lighthouse1 allows plan
administrators access from any secure Internet browser, while delivering
automation of many claims processing tasks and potent financial
management."
Lighthouse1 OnDemand delivers automated management of employer benefits
plans such as flexible spending accounts (FSA), HRA and health savings
accounts (HSA). MBI Benefits delivers the MBI Benefits Card(TM) and the
company's proprietary healthcare payment platform to support benefits debit
cards and manage the transfer of electronic payments between consumers,
pharmacies, health plans and financial organizations.
The MBI Benefits Card leads the industry in linking employee benefits
accounts with a nationally accepted MasterCard or Visa debit card and
enables employees to gain quicker access to and electronically track
healthcare account funds -- eliminating the time-consuming paper-based
reimbursement process.
"With an integrated Lighthouse1 OnDemand-MBI Benefits Card system,
healthcare consumers swipe their benefits plan debit card at FSA- or HSA-
recommended pharmacies for items like prescription medications and the
money is automatically deducted from their account. No paper. No waiting,"
said Frank D'Angelo, president and chief operating officer, Metavante
Payment Solutions Group. "Because our cash account management platform
delivers real-time information to Lighthouse1, a healthcare consumer can
instantly know how much money remains in their account."
Metavante acquired MBI, the employee benefits payment systems market leader
with nearly 1.5 million card holders, in July 2005. Metavante's healthcare
solutions include a comprehensive HSA offering that provides everything a
financial institution, health insurance company, third-party administrator,
or commercial business needs to offer HSAs. This includes account
processing, checks and debit cards, online and phone access to account
information, investment options, and regulatory reporting. Metavante also
offers medical identification cards, combination eligibility/payment cards
and the ability to access multiple benefits accounts from a single card.
About Lighthouse1
Lighthouse1 offers consumer-directed benefits administration software
solutions including Lighthouse1 OnDemand, the high performance Software as
a Service (SaaS) solution developed to address challenges in the
administration of Sections 125, 105, 132 and other pre-tax spending
programs in the employee benefits industry. Its mission is to use the
latest technology and services to assist and support business
administrators in the management of healthcare account services through
their core business and infrastructure. Lighthouse1 OnDemand allows
third-party administrators to manage services for employer plans that
include: flexible spending accounts, health reimbursement arrangements,
variable employee benefits arrangements, health savings accounts and
transit plans. More information is available at www.lighthouse1.com.
About MBI Benefits
MBI Benefits, Inc. (MBI), a Metavante company, offers a consumer-directed
benefits payment platform plus the country's leading employee benefits card
-- electronically accessing flexible spending accounts, health
reimbursement arrangements, health savings accounts, transit/parking
accounts and dependent care accounts, all with one MasterCard or Visa card.
The MBI Benefits Card allows employees to pay for eligible expenses at
physician and dental offices, pharmacies and vision service facilities. In
July 2003, MBI was selected by America's Health Insurance Plans as a
Solutions partner and extends preferred terms to America's Health Insurance
Plans' nearly 1,300 health insurance plan members. More than 17,000
employers, including many Fortune 500 companies, have made the MBI Benefits
Card the card of choice for their employees. MBI (www.mbibenefits.com) is
based in Waltham, Mass. Metavante products and services drive account
processing for deposit, loan and trust systems, image-based and
conventional check processing, electronic funds transfer, consumer
healthcare payments, and electronic presentment and payment. Headquartered
in Milwaukee, Metavante (www.metavante.com) is wholly owned by Marshall &
Ilsley Corporation
(NYSE: MI).
Distributed by Market Wire
Copyright © 2008, MarketWire
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