Lynx Launches Platform to Manage Consumer-Directed Health Accounts
Lynx, a FinTech platform for healthcare, has launched a new platform that helps firms create and manage consumer-directed health (CDH) accounts.
The CDH Core platform offers tailored experiences, streamlined interactions, and expanded revenue streams across banking, investments and eCommerce for CDH account administrators, the company said in a Wednesday (Sept. 13) press release.
Traditionally, launching CDH accounts was a time-consuming process, according to the release. Lynx’s CDH Core platform changes that with fully programmatic application programming interfaces (APIs) and white-labeled experiences that enable administrators to create and maintain a unified CDH account experience in just weeks. This eliminates the need for managing multiple vendor relationships and fragmented digital experiences, simplifying operations and empowering consumers.
“With the launch of Lynx CDH Core, we’re rewriting the narrative of healthcare financial management,” Lynx Co-founder and CEO Matthew Renfro said in the release. “With a unified API platform, businesses can eliminate the need to combine disparate solutions and white-label experiences.”
The healthcare industry currently operates in isolation, with various stakeholders working independently, according to the press release. This fragmentation creates barriers to achieving the unified health and finance platforms consumers increasingly demand.
Lynx CDH Core addresses these challenges by providing an end-to-end API platform that unites all CDH capabilities and vendors under a single roof, the release said. This streamlines business operations and creates a seamless consumer journey, revolutionizing how CDH accounts are managed.
Lynx CDH Core offers several key advantages for different stakeholders, per the release. For example, financial institutions can create a unique customer experience by displaying CDH accounts alongside checking accounts, eliminating the need for a separately managed mobile app. Health plans can prioritize CDH accounts for enhanced member engagement and tap into new revenue streams through integrated eCommerce functionality. Benefit administrators can embed the CDH account experience alongside their suite of product offerings.
PYMNTS Intelligence has found that healthcare is joining the long list of industries in which the economy’s digital shift has taken hold, and consumers are gravitating toward products and services that increase convenience and help them access services and treatment.
Today, 91% of consumers have encountered problems using their healthcare services or insurance benefits and are at least somewhat interested in a unified digital platform for managing their healthcare needs, according to “Healthcare in the Digital Age: Consumers See Unified Platforms as Key to Better Health,” a PYMNTS and Lynx collaboration.
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