Business Editors/Healthcare Editors
MINNEAPOLIS, Minn.
--(BUSINESS WIRE)--
--
TSYS Healthcare
and Paragon Benefits today announced their partnership in the roll-out of the My Care Card to provide an âoff-the-shelfâ card product for flexible benefit payment processing. Paragonâs selection of
TSYS Healthcare
, which offers the industryâs 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 companyâs outstanding service and maximizing revenue opportunity.
âWe were particularly interested in the TSYS My Care Card because we had a short window of opportunity to switch processors, and the âoff-the-shelfâ package of cards, statements and supporting portal access meant we could quickly begin providing the card to our customers,â said
Dan Thomason
, chief executive officer of Paragon Benefits. âBy moving to the
TSYS Healthcare
platform, weâll enjoy increased flexibility, functionality and revenue from the best-in-class system.â
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.
âAt TSYS Healthcare, weâre 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,â said
Duane White
, president of
TSYS Healthcare
. âAdditionally, our unique business model allows for improved revenue for Paragon in an income stream that will increase over time with added business growth.â
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 worldâs 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
.
TSYS Media Relations
Cyle Mims
, +1.706.644.3110
cylemims@tsys.com
or
TSYS Investor Relations
Shawn Roberts
, +1.706.644.6081
shawnroberts@tsys.com
State Keywords:
Georgia
;
Minnesota
Industry Keywords: Health; Other Health; Professional Services; Finance
Source: TSYS
