The U.S. Patent and Trademark Office extended its recognition of Evolution Benefits’ significant advances in the electronic benefit payment services industry by granting the company its second U.S. patent in as many months. EB’s newest patent, U.S. Patent 7,197,468, titled “Methods and Systems for Processing Transactions Involving Accounts for Reimbursing Medical Expenses or Patient Responsible Balances with Multiple Transactions Substantiation Modes” enables the seamless and dynamic management of real-time and retrospective substantiation methods at the individual cardholder level for an employer group. Regardless of which method is used to substantiate a purchase as an allowable IRS expense, cardholders can use their BennyÃ¢Â¢ Prepaid Benefits to debit their FSA or HRA and achieve the highest level of substantiation available.
The company received its first patent, titled “System and Method for Processing Flexible Spending Account Transactions,” for its development of real-time substantiation of card transactions prior to authorizing payment. The system is widely used by EB’s clients and permits 100 percent electronic substantiation of transactions like prescription drug claims.
“Evolution Benefits has invested substantial resources and intellectual property in developing methods and advanced auto-substantiation technologies to simplify the process for cardholders and plan administrators,” said Robert Patricelli, chairman and CEO of Evolution Benefits. “Our technology simplifies a complex process for employers with multiple benefit plan offerings, enabling the dynamic management of both real-time and retrospective substantiation, depending upon the employee, to maximize the flexibility of substantiation choices and ease of card use.”
The two patents issued by the U.S. Patent Office validate EB’s recognition as technology leader in electronic benefit payment services. In February, the company was awarded the “Most Innovative Consumer Directed Health Care (CDHC) Product or Solution” in the payment card arena at the CDHC Expo in Las Vegas.
About Evolution Benefits
Evolution Benefits, Inc., headquartered in Avon, Connecticut, began operation in 2002 with a mission to provide innovative payment services for the evolving consumer-directed benefits movement. Its primary product, the BennyÃ¢Â¢ Prepaid Benefits Card, applies advanced payment and patented auto-substantiation technologies to FSAs, HRAs and HSAs. EB’s core auto-substantiation technologies were patented in 2007 and other patents are pending. Evolution Benefits powers the card programs of more than 145 managed care and administrative services organizations and covers more than 4,400 employers, including 50 of the nation’s top-ranked Fortune and Forbes companies. Visit www.EvolutionBenefits.com for more information.