November 1, 2012
For entrepreneurs looking to take on full-time employees, healthcare costs are a major concern. With all the excess paperwork plaguing our healthcare system today, it can be difficult for businesses and consumers to streamline their healthcare processes.
Currently, there’s $150 billion in waste from excess paperwork and administration in the healthcare industry, and this can negatively impact both businesses and their employees. That’s why a new Seattle-based startup is offering enterprise software for businesses to reduce these costs.
FlexMinder, founded in 2011, offers a Software as a Service (SaaS) solution for businesses looking to automate their healthcare processes. FlexMinder was born after one of the co-founders spent hours filling out his father’s flexible spending account (FSA) paperwork–including receipts, forms, scanning, faxing, and online data entry–so he could get reimbursed from his tax-free account. FlexMinder eliminates the waste produced by the manual healthcare billing and reimbursement process, saving businesses and employees valuable time and money.
“We automatically detect an out-of-pocket healthcare expense, and instead of simply reporting the information to you, FlexMinder actually packages the proper documentation and submits it on your behalf,” says Lowell Ricklefs, CEO. “It’s kind of like having a bookkeeper do your taxes and e-file on your behalf, except we do it all electronically.”
FlexMinder offers online tools to manage the process for FSAs, particularly focusing on the B2B market. Its enterprise software can reduce transactional costs by up to 50 percent for third-party administrators, automating the reimbursement process for healthcare FSAs, and making it easy for employees to pay out-of-pocket medical expenses.
But despite recently becoming a success story in the startup world, FlexMinder hasn’t been challenge-free.
“It’s important for entrepreneurs to understand the food chain of your customers and their ecosystem. You should focus on the group with the greatest vested benefit from your product,” says Ricklefs. “We started FlexMinder to solve a consumer problem, but consumers were slow to adopt. We shifted the focus to the claim processors when we realized that solving the consumer problem saved the claim processors a lot of money, reduced claim submission errors, and helped them increase revenue.”
For entrepreneurs and business owners looking to reduce the time and money they spend on healthcare costs, FlexMinder is an agreeable solution. For more information on FlexMinder, you can visit its website here.
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