WEX Expands AI Capabilities to Fast-Track Healthcare Reimbursements
By PYMNTS
AI summary of the source article
WEX has expanded its artificial intelligence-powered claims tool to support Health Reimbursement Arrangements and Limited Purpose Health Flexible Spending Accounts in addition to Health FSAs. Available across WEX's web portal and mobile app, the expansion follows a year in which the system automatically approved over 600,000 Health FSA claims. According to the company, the tool evaluates required IRS data elements in real time—such as expense type, date of service, and dollar amount—to process eligible claims in under two minutes with 95% accuracy. This real-time verification flags missing information prior to submission to minimize preventable denials and employer administrative tasks.
Why it matters
Identifying missing claim details at submission helps participants receive reimbursements faster and reduces administrative burdens and manual reviews for employers.
Key facts
- WEX expanded its AI claims tool to support HRAs and Limited Purpose Health FSAs alongside Health FSAs.
- The technology automatically approved more than 600,000 Health FSA claims over the past year.
- According to the release, the tool processes eligible claims with 95% accuracy in under two minutes by checking IRS data elements in real time.