How First Dollar's platform helps solve pain points for third-party administrators.
Third-party administrators (TPAs) provide the administrative services required to manage health care plans, including consumer-directed benefits (CDBs). But managing CDB accounts is very complex and challenging, leaving TPAs looking for a tech solution. This post will discuss why TPAs find First Dollar's Health Wallet platform to be that sought-after solution.
Our partners already provide top-notch platforms for their members. They’re looking for a customizable solution that works well with their existing technology. First Dollar’s embeddable widgets and white-label options help make the Health Wallet a customizable solution for our partners.
Embeddable widgets. Forget extra portals to bookmark and another soon-to-be-forgotten password as TPAs can embed First Dollar’s solution directly onto their platform. This means members never have to exit the TPA platform to access their healthcare funds.
White-label options. Through First Dollar’s use of templates, partners can choose between a full white-label member experience (everything under the TPA’s brand) or a co-branded member experience (First Dollar and TPA brand). This flexibility allows partners to choose the best experience for their members.
Bank and card agnostic. First Dollar’s software-first platform can embed with any existing solution. We can work with a partner's existing card as well as offer TPAs and their members a new card. And our virtual cards enable TPAs to easily switch vendors or make quick member benefit adjustments.
Tailored education solutions. Most platforms offer one member education journey — take it or leave it. Because of our ability to customize the data received, we can offer our partners truly tailored education solutions that drive member benefit utilization.
Customer issues are inevitable. A member will fail the CIP process, and an employer will accidentally contribute the wrong amount. And while banks move at the speed of risk mitigation, TPAs need to move at the speed of business. If given a platform that properly leverages technology, TPA teams can solve these issues quickly on their own. That's why we've spent the time to build a partner app that uses an API for every function and has integrated banking functionality.
API-first platform. Every function in First Dollar's platform has an API, from the consumer experience to the administrative workflows and core bank functions. These API endpoints provide TPA teams the ability to quickly access accurate data. And as we build new features, we continue to add to our open API documentation.
Flexible, software-defined benefits. With templates and individual program controls, TPA partners can design and deploy any benefit with a few clicks. This flexibility allows TPAs to leverage software to create unique benefit opportunities and remove member friction.
Customizable, integrated banking functionality. First Dollar has flexible setups for banking operations that allow our partners to create the ecosystem that works best for them and their customers. This functionality allows our partners to resolve most issues independently instead of emailing their bank for customer support.
CIP visibility. Say goodbye to the days of waiting thirty days to figure out why a member failed CIP and another thirty to get it resolved. FD provides powerful partner tools that offer transparency into every step of the CIP process and allows the TPA to resolve any issues quickly.
Competing for new customers in today’s market is difficult. New clients are hard to win, and existing platforms lack differentiation, making it hard for TPAs to compete. They need an innovative platform with features designed for their customers' and members’ needs in 2022.
First Dollar’s mobile app, one-card benefits solution, and multi-lingual support help TPAs compete and offer a member-first platform in 2022.
Mobile app. With the Health Wallet app, TPA partners and their members can access their health care payment funds on their phones with a well-designed app. This app provides TPAs with an additional member touchpoint to promote healthcare fund access.
One-card benefits solution. In a recent survey conducted by the Harris Poll on behalf of First Dollar, 84% of members said they would be at least somewhat likely to switch to a health plan that offered a single-card solution that streamlined how they would pay for healthcare services. First Dollar has that solution as our Health Wallet allows members to carry their health care funds on one single card, applying the appropriate benefit for payment.
Multi-lingual support. We all deserve access to easy-to-understand health care information. And because First Dollar’s developers have accounted for language localization within the platform's architecture, First Dollar partners can reach their members in their native language.
TPAs are choosing First Dollar because they’re looking for a platform that helps them provide a modern experience for their members, empowers their teams, and is a fully customizable solution that integrates easily with their platform. That’s our Health Wallet platform. How can the Health Wallet help you achieve your goals?