The Prepaid Press - United Preference Launches Healthcare Currency

05/22/2013

United Preference Launches Healthcare Currency

"Tailored Spend" Geared Toward Healthcare and Wellness

PRINCETON, NJ (April 23, 2012) United Preference is now offering a new currency for healthcare incentives and wellness programs, Tailored Spend. United Preference prepaid health cards can be tailored so they can only be used to purchase health related products like over-the-counter medications, healthy foods, and supplements at retail, and products and services like athletic gear, consumer goods, yoga studio memberships, and doctor office copays that can motivate and drive healthy behaviors. Health plans and employers are able to understand where health incentives are being spent, exactly what products and services they are being used to purchase, and how that spend influences and drives member engagement in preventative health programs, long-term behavior change, and health outcomes.

"Sixty billion dollars is spent annually by health plans and employers to engage members in healthy behaviors in an effort to improve health and reduce overall healthcare costs. However, it is delivered via a fragmented system of cash, gift cards, and prepaid cards that fail to engage members long term, and cannot be tracked or tied directly into behavior analytics," said Pamela Hall, chief operating officer of United Preference.

Three Things Differentiate United Preference From All Other Health And Wellness Card Products:

1) Guaranteed Return On Investment (ROI). United Preference says over eight billion dollars annually in gift cards goes unspent, which is money thrown away. United Preference has the ability to annually or bi-annually sweep accounts and return all unused funds to health plans and employers, so money is never thrown away. This provides immediate cost reduction.

2) One Card, One Platform To Deliver All Incentives And Benefits. Tailored Spend cards can be tailored to the program, so everyone within a weight loss program receives benefits for healthy foods and supplements; or down to the member, so a high risk individual can receive benefits towards gym memberships, or even retail goods like athletic gear and consumer electronics to drive participation in preventative health programs.

3) Ability To Tie Into Behavior Analytics. United Preference can track and report on how incentive dollars drive member engagement, and influence long-term lifestyle changes. United Preference's platform offers a way to monetize incentives focused on engagement and results.

Source: United Preference