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WEX Health Strengthens Position as an Industry Leader

FARGO, N.D.--(BUSINESS WIRE)--Feb. 26, 2018-- WEX Health, a WEX Company and an award-winning healthcare financial technology platform provider, further solidified its leadership position in 2017 in terms of growth and services:

  • WEX Health Cloud processed more than 350 million transactions, all with an uptime of 99.99 percent over the past five years.
  • Product releases delivered more than 350 key enhancements, extending WEX Health’s unique leadership position.
  • Our Partner ecosystem connects us to more than 300,000 employers, ultimately helping us serve more than 25 million consumers across the United States and Canada.
  • WEX Health continues building key relationships with industry-leading third-party administrators, health plans, financial institutions, exchange partners, payroll providers and multiple Taft-Hartley union and labor funds. In 2017, growth was driven by the addition and/or renewal of numerous notable partners including American Benefit Administrators, ASI Flex, Benefitfocus, Compusys/Erisa Group, Kaiser Permanente, PIOPAC, and Tri-Star Systems. Additionally, we added several notable COBRA and advanced billing partners.
  • Growth continues across all categories of employers choosing WEX Health Cloud as their technology platform for administering healthcare benefit accounts. Among Fortune 1000 companies, forty-four percent (44%) are on the WEX Health Cloud platform.
  • The WEX Health Cloud mobile app continues strong year-over-year growth and was downloaded more than a million times in 2017. The mobile app continues as a leader in innovation, value, and technology in the market.
  • WEX Health remains a leader in the HSA market with nine of the top 20 HSA providers powered by WEX Health, and more HSAs utilizing WEX Health technology than any other. Additionally, HSA Bank, a WEX Health Partner, grew beyond 2.4 million accountholders in 2017.
  • WEX Health executives shared thought leadership, insight, and expertise by speaking at industry conferences and by being featured in industry trade and national media, including: Barron’s, Employee Benefit News, HR Technologist, BenefitsPro, SHRM and Health Leaders Media. WEX Health's announcements and press releases were featured in national and regional outlets, such as the Miami Herald, Pittsburgh Post Gazette, International Business Times, and the Star Tribune.
  • We continue to receive industry awards and accolades, including being named a Paybefore 2017 Pay Awards Winner in the Health Care Payments Innovation category and a “Best of 2017” award winner in MobileVillage’s Mobile Star awards. Additionally, Jeff Young, president of WEX Health, was named a Technology Innovator Award winner by Employee Benefit News and Employee Benefit Adviser, and Jeff Bakke, chief strategy officer of WEX Health, was named a 2017 Eureka! Innovation award winner by the Minneapolis/St. Paul Business Journal.

“Our growth and achievements reflect the ongoing need for innovative technology and integrated solutions that help organizations streamline administrative and regulatory changes,” said Young. “At WEX Health, we remain committed to investing in technology and investing in our partners to help them grow and succeed. Our tremendous success is a result of our partners’ hard work, dedication, and determination to simplify the business of healthcare.”

WEX Health Partners will gather April 30-May 2 at The Westin Kierland Resort & Spa for Partner Conference 2018, the industry’s go-to event.

About WEX Health
We simplify the business of healthcare through WEX Health Cloud, a cloud-based healthcare financial management platform that drives efficiency for benefit administration technology, consumer engagement, and advanced billing and payments. Our partner organizations enable us to deliver our industry-leading and award-winning solution to 300,000 employers and more than 25 million consumers. Together we take the complexity out of defined contribution, HSAs, HRAs, FSAs, VEBAs, PRAs, premium billing, public and private health insurance exchanges, COBRA, wellness plans, and transit plans. Learn more at www.wexhealthinc.com, and follow WEX Health at @WEXHealthInc.

About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment solutions. From its roots in fleet card payments beginning in 1983, WEX has expanded the scope of its business into a multi-channel provider of corporate payment solutions representing 11 million vehicles and offering exceptional payment security and control across a wide spectrum of business sectors. WEX serves a global set of customers and partners through its operations around the world, with offices in the United States, Australia, New Zealand, Brazil, the United Kingdom, Italy, France, Germany, Norway, and Singapore. WEX and its subsidiaries employ more than 3,000 associates. The Company has been publicly traded since 2005, and is listed on the New York Stock Exchange under the ticker symbol “WEX.” For more information, visit www.wexinc.com and follow WEX on Twitter at @WEXIncNews.

Source: WEX Inc.

WEX Health
Tiffany Wirth, 701-461-6473
twirth@wexhealthinc.com

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding WEX Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

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