Visa and SHPS, an independent provider of health solutions, have renewed a collaborative agreement. Under the terms of the renewal, Visa remains the preferred payment brand for employee benefit card programs administered by SHPS, which serves large and mid-sized employers, health insurance carriers, and government agencies.
Visa claimed that its healthcare cards provide employees a convenient way to pay for qualified healthcare expenses with funds in SHPS’ carewise health spending accounts. One card can be used to access multiple spending accounts and can accommodate new spending accounts as services are added.
When Visa healthcare cards are used as the means for accessing a benefit account, employee benefit participants can pay for qualified healthcare expenses ranging from doctor visits and prescriptions to everyday healthcare items such as over-the-counter medicines, with a quick swipe at the check out counter, directly accessing spending account funds.
Rishabh Mehrotra, president and CEO of SHPS, said: “Visa’s payments industry leadership will help us continue to offer clients card-based solutions that provide a much more convenient way to access needed funds in health benefit accounts, helping consumers and employers truly maximize these benefit programs and creating efficiencies for plan sponsors.”
Stacy Pourfallah, senior business leader of healthcare products at Visa, said: “The convenience and efficiencies offered by a Visa payment card play a valuable role in encouraging the adoption of consumer-driven healthcare programs. By enhancing its benefit accounts with a Visa healthcare card, SHPS helps create a better experience for employee benefit participants while helping to reduce costs and paperwork for employers and administrators.”
