TSYS Healthcare(R) and Paragon Benefits Sign Partnership Agreement With My Care Card(SM) Launch
TSYS Healthcare and Paragon Benefits today announced their partnership in the roll-out of the My Care Card to provide an “off-the-shelf” card product for flexible benefit payment processing. Paragon’s selection of TSYS Healthcare, which offers the industry’s most advanced benefits payment solutions, provides its subscribers with the ability to pay from up to 50 funding sources on one card and includes Flexible Spending Accounts (FSA), Health Reimbursement Accounts (HRA), Health Savings Accounts (HSA), credit and cash accounts.
The switch to the TSYS Healthcare platform provides the easiest conversion possible for Paragon and its clients while enhancing the company’s outstanding service and maximizing revenue opportunity.
“We were particularly interested in the TSYS My Care Card because we had a short window of opportunity to switch processors, and the ‘off-the-shelf’ package of cards, statements and supporting portal access meant we could quickly begin providing the card to our customers,” said Dan Thomason, chief executive officer of Paragon Benefits. “By moving to the TSYS Healthcare platform, we’ll enjoy increased flexibility, functionality and revenue from the best-in-class system.”
The My Care Card was introduced following the launch of the TSYS Healthcare solution in 2007 and was developed specifically for TPAs (third-party administrators) to enable a cost-effective switch to the next generation healthcare processing platform. TSYS is an industry leader in payments processing, having processed more than 12.5 billion electronic payments worldwide in 2007.
“At TSYS Healthcare, we’re pleased to offer Paragon Benefits a rich environment of architecture, experience and service that eliminates the mark-up of middleware and the headaches of cobbled systems,” said Duane White, president of TSYS Healthcare. “Additionally, our unique business model allows for improved revenue for Paragon in an income stream that will increase over time with added business growth.”
About Paragon Benefits
Paragon Benefits (www.paragonbenefits.com), based in Columbus, GA, is a wholly owned subsidiary of the Georgia Bankers Association Insurance Trust, Inc. Paragon specializes in Tax-Favored Accounts including Flexible Spending Accounts (FSA), Health Reimbursement Accounts (HRA), Health Savings Accounts (HSA), Qualified Transportation Benefits (QTB) and Partially Self-Funded claims administration for a diverse group of companies across the Southeast.
About TSYS Healthcare
TSYS Healthcare, based in Minneapolis, Minn., was created as a division of TSYS in 2007 to provide end-to-end solutions tailored to the emerging market of consumer-directed healthcare. TSYS Healthcare is a founding member of the Special Interest Group for IIAS Standards (SIGIS), formed in 2007 to enable real-time, auto-substantiation for eligible medical items purchased with a FSA/HRA payment card. The division provides financial institutions, insurers, participants and third-party administrators (TPAs) with the expertise and support to navigate all aspects of health savings accounts (HSAs), health reimbursement accounts (HRAs), flexible spending accounts (FSAs) and lines of credit. Its new processing model enables consumers to use a single card to access their healthcare dollars.
About TSYS
TSYS (NYSE: TSS) is one of the world’s largest companies for outsourced payment services, offering a broad range of issuer- and acquirer-processing technologies that support consumer-finance, credit, debit, debt management, healthcare, loyalty and prepaid services for financial institutions and retail companies in the Americas, EMEA and Asia-Pacific regions. For more information contact news@tsys.com or log on to www.tsys.com.