SOURCE: Evolution Benefits, Inc.

March 22, 2005 11:23 ET

Full Electronic Substantiation of Retail Rx OTC Purchases Available With Evolution Benefits' Benny™

Covers Qualified Debit Card Transactions With Leading National Drugstore Chain

AVON, CT -- (MARKET WIRE) -- March 22, 2005 -- Evolution Benefits Inc. today announced a further enhancement to its industry-leading auto-substantiation capabilities. Specifically, the enhancement involves the application of electronic substantiation to eligible over-the-counter drugs purchased in retail stores using the company's benefits debit card, Benny™.

EB has been receiving and matching over-the-counter (OTC) data to verify IRS eligibility of such expenses from one of the nation's leading retail chains for transactions made with Benny since November 2004. Health plan providers and third party administrators that offer Benny now have a complete OTC substantiation solution for their clients, reducing the need for employees to provide receipts when they use the card for OTC retail purchases. EB will also be receiving OTC data to match against the chain's online purchases in the next few weeks.

"This new enhancement represents yet another application of our robust, flexible technology that's enabled us to become the leader in working with third party data to substantiate benefit debit card transactions," according to Christopher M. Byrd, executive vice president, Evolution Benefits. "We currently process data from dozens of sources and have others in the works - health plans, pharmacy benefit managers, vision plans, dental plans and more. We are proud to be working with this national chain on OTC transactions and applaud their vision and leadership in this area."

Mr. Byrd continued, "At Evolution Benefits, we recognize that auto-substantiation matters most when it comes to satisfying cardholders and providing efficient administration. That is why we have worked so hard to develop both the technology and the business partnerships that allow us to go far beyond co-pay matching using third-party data. The result is the highest auto-substantiation rate in the benefits card industry. We measure ourselves against this rate constantly and, as the leader in the industry, we intend to continue to raise the bar."

Evolution Benefits provides payment technology and services that help employees easily access funds contributed to employee benefits programs. Benny, which can be either a debit MasterCard® or debit Visa® card, electronically accesses the contributions set aside in health reimbursement arrangements, as well as flexible spending, health savings and qualified transportation accounts. Benny gives consumers greater control in the management of their benefits, while providing employers and benefits administrators a popular product enhancement at a very low cost.

About Evolution Benefits

Evolution Benefits was founded in 2000 with a commitment to supporting the movement toward greater consumer choice in and responsibility for employee benefits. Its primary product, the Benny™ debit card, applies advanced payment technologies and pioneering electronic substantiation methodologies to health reimbursement arrangements, as well as flexible spending, health savings and qualified transportation accounts, creating a bridge between traditional benefit structures and the evolving, self-directed benefits movement. Evolution Benefits now powers the programs of more than 40 managed care organizations, more than 1500 employers, including 30 of the nation's top-ranked companies, and hundreds of thousands of employees. Please visit www.EvolutionBenefits.com for more information.

Contact Information


  • EVOLUTION BENEFITS MEDIA CONTACT:
    Elayne Cree
    Cree Communications
    860-651-7773 (8 am - 8 pm Eastern Time)
    843-412-8271 (Cellular - anytime)
    elayne@creecommunications.com

    EVOLUTION BENEFITS COMPANY CONTACT:
    Anne Carpenter
    Evolution Benefits Inc.
    860-678-5561 (8 am - 6 pm Eastern Time)
    pr@evolutionbenefits.com