Evolution Health Fact Sheet
(see press release, placement)
The Company
Evolution Health, LLC was founded to develop products and services designed
to support the evolution toward consumer-directed health care funding.
The company's founders recognize that employers and employees are seeking
better ways to finance health care services. And while they don't want
to abandon current systems entirely, administrators, employers and employees
are eager to integrate choice, flexibility, personal control and convenience
into their benefit plans - all elements built into the company's first
product marketed by its Evolution Benefits (EB) division: the Benny Card.
The Product
The Benny Card has applied the technology of stored-value MasterCard®
cards first to flexible spending accounts (FSAs), making it easier for
employees to access the pre-tax dollars they've set aside. Through its
unique features, the Benny Card offers employers, employees and administrators
enhanced convenience and savings (in time, money and paperwork), while
paving the way toward new levels of individual responsibility. The company
sees application of Benny beyond FSAs and is working with several national
health plan companies on the potential use of the Benny Card to power
their new product designs. For more information about Evolution Benefits
and the Benny Card, visit www.EvolutionBenefits.com.
Overall Facts About Evolution Health
Founded: Summer of 2000
By: Robert E. Patricelli, former founder and CEO of Value Health,
along with senior managers from Value Health and other health care companies
Funded: Privately, principally by Robert Patricelli and his affiliated
companies
Organization: limited liability company
Headquarters: Avon, Connecticut
Employees as of January 2002: 22
Nationwide Benny Card Product Launch: January 1, 2002
Target markets: Large employers (2,000+ employees), third party
administrators, insurers, and pharmacy benefit management companies
Initial Customers: 4, including Connecticut-based Northeast Utilities,
a Fortune 500 company and one of the nation's top 20 utilities with 8,000
employees
Benny Cards in circulation as of 1/1/02: 2,500+
Total FSA contributions for cards in circulation: $1.2 million
Our Leadership Team
Robert E. Patricelli, Evolution Health Chairman and CEO
Andrew W. Dahl, Evolution Benefits Division President and CEO
Denise J. Steele, Chief Operating Officer
Patrick J. Murphy, Senior Vice President and Chief Financial Officer
Christopher M. Byrd, Senior Vice President of Strategy and Development
Donna E. Porritt, Senior Vice President of Sales and Marketing
Paul L. Chabot, Vice President and Chief Information Officer
Benny Card Partners and Affiliates
MasterCard International, Purchase, NY
The Benny Card is a special purpose stored-value MasterCard® card,
and can be used at any health care provider that accepts MasterCard.
Wildcard Systems, Sunrise, FL
EB's payment processor and the company that developed the payment application
for the Benny Card is the nation's leading provider of stored-value cards.
WCS also maintains the EB database, accepts and transmits data to our
clients, and provides reporting.
BANKFIRST, Sioux Falls, S.D.
The Benny Card is sponsored by BANKFIRST, one of the nation's leading
card-issuing banks. BANKFIRST allows EB to use one of its "program
slots," or bank identification numbers, and provides the banking
infrastructure necessary to run the Benny Card program with MasterCard.
Leading Pharmacy Benefit Managers (PBMs).
The nation's leading PBMs, including Advance PCS, Merck-Medco, and Express
Scripts among others, participate in processing for substantiation of
pharmacy transactions and in marketing efforts.
Benny Card Facts
- At one company, enrollment in FSAs more than doubled as a result of
the Benny Card, which heightened awareness of the FSA's value and increased
total contributions by nearly 50%.
- Within 10 days of the Benny Card launch, more than 55% of cards had
been activated; the number of activations grows daily.
- Of the total Benny Card activations to date 75% were via phone/ IVR,
25% via Benny Card web site.
- 99% of web activators supplied email addresses to receive future
Benny Card communications.
- Where transactions have occurred most frequently to date:
- Drug Store / Pharmacy 51%
- Physician 32%
- Dental / Ortho 9%
- Vision 8%
- Average transaction amount to date: $100
Contact: Elayne Cree
Cree Communications
909-590-3262 (10 am to 8 pm Eastern Time)
elayne@creecommunications.com
Donna Porritt
Evolution Health, LLC
860-678-3471 (9 am to 6 pm Eastern Time)
dporritt@evhinc.com
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