WEX Expands AI Capabilities to Fast-Track Healthcare Reimbursements

WEX has expanded its artificial intelligence-driven claims tool to accommodate additional account types, including Health Reimbursement Arrangements (HRAs) and Limited Purpose Health Flexible Spending Accounts (FSAs), according to a press release on September 30th. The AI-powered claims tool, already in operation across the WEX web portal and mobile app, now processes eligible claims with 95% accuracy in under two minutes.

This tool verifies required IRS data elements in real-time, such as expense type, date of service, and dollar amount, and identifies missing details or partial eligibility before final submission. This reduces preventable denials and the need for human intervention, according to Jennifer Whitmire, senior vice president of product for health and benefits at WEX.

Whitmire stated that the tool helps employees receive reimbursements faster while alleviating administrative burdens for employers. The AI tool's capabilities come as employers and participants grapple with persistent issues around claims substantiation and reimbursement timing, particularly regarding missing documentation and reimbursement delays.

WEX CEO and President Melissa Smith announced in April that the company is focusing on amplifying its core operations, expanding its reach, and accelerating innovation, including the integration of AI into its workstreams and product development processes.