The AI-powered claims tool now supports Health Reimbursement Arrangements (HRAs) and Limited Purpose Health Flexible Spending Accounts (FSAs), in addition to the Health FSAs it already supported, according to the release.
These capabilities are now live across the WEX web portal and mobile app, and their launch follows a year in which the technology automatically approved more than 600,000 Health FSA claims, the release said.
The AI-powered claims tool processes eligible claims with 95% accuracy in under two minutes, the release said.
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The tool verifies required IRS data elements, including expense type, date of service and dollar amount, in real time, and identifies missing details or partial eligibility prior to final submission. This reduces preventable denials as well as the need for human resources leaders to field support calls or chase forms, per the release.
“When people submit a health care claim, they shouldn’t have to wait days to learn that a receipt is missing information,” Jennifer Whitmire, senior vice president of product for health and benefits at WEX, said in the release. “By identifying those issues at the moment of submission, we can help people get reimbursed faster while reducing the administrative burden on employers.”
The reimbursement timing and payout clarity of healthcare and HR benefits have long been sources of frustration for employers and participants alike, Whitmire told PYMNTS in an interview posted in July.
The most persistent friction points appear in claims substantiation and reimbursement timing, as missing documentation can trigger exceptions that move claims into manual review or automated outreach, extending timelines and increasing complexity, Whitmire said.
“Missing or late documentation combined with reimbursement delays creates downstream confusion, more outreach and additional manual intervention,” Whitmire said.
WEX CEO and President Melissa Smith said during an April earnings call that the company is working to amplify its core, expand its reach and accelerate innovation.
“We continue to embed AI into our workstreams and product development processes to both accelerate operational efficiency and deliver smarter, more efficient payment workflows to our customers,” Smith said.
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