First Dollar Expands Health Wallet Platform For Partners With Launch of Mobile App

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Nov 15, 2022, 06:00 ET

AUSTIN, Texas, Nov. 15, 2022 /PRNewswire/ -- First Dollar, a healthcare benefits technology company, today announced the launch of its mobile Health Wallet app. With its app, First Dollar partners (financial institutions, health plans, HR tech platforms, and third-party administrators) can provide their customers with on-the-go access to their health benefits. Granting quick, mobile access to common user requests like tap-to-pay, card replacement, account balance, and fund contributions provides First Dollar partners with customer support savings and happy, knowledgeable customers.

According to a recent report by Kalorama Information, U.S. consumer out-of-pocket spending on healthcare is set to hit an estimated $491.6 billion, or about $1,650 per person. With these rising costs, it's no surprise that almost a third of the U.S. turn to consumer-directed benefits to help provide some pocketbook relief (Bureau of Labor Statistics). Benefit providers who can provide their customers with easy access to these out-of-pocket spending tools will be best positioned to win new and existing customers.

But benefit providers need to do more than just offer a mobile app. According to Apptentive, finance and healthcare apps have an average 90-day retention rate of 65% and 36%—user experience matters. With a design team more than triple the size of some of its legacy counterparts, First Dollar prioritizes the user experience for benefit providers and their customers. And its highest published net promoter score in the industry of 72 reflects this focus.

"The app's human-centered design is just another way that First Dollar is collaborating with benefit provider partners to make accessing healthcare funds easier for their members," says Izamar Loredo, Senior Product Manager at First Dollar. "Offering an app isn't impressive, but offering an app that people like to use is."

First Dollar's benefit partners will be able to offer the app to their customers as a white labeled experience. In follow-up work, the mobile app team will unlock all Health Wallet platform products, allowing consumers to access their consumer-directed and supplemental benefits through the tool. First Dollar users can find the app by searching for "First Dollar Health Wallet" in the Apple App and Google Play Stores.

About First Dollar

First Dollar is a technology company that builds healthcare benefits infrastructure. Our health wallet platform gives benefit providers the tools they need to launch tax-advantaged accounts, supplemental benefits, or whatever they dream up next. For more information, visit firstdollar.com or connect with us on linkedin.

SOURCE First Dollar