First Dollar expands Health Wallet platform for partners with mobile app launch

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

According to a recent report from Kalorama Information, US consumer spending on health care is projected to reach an estimated 491.6 billion dollarsor approx $1650 per person. With these rising costs, it’s no surprise that nearly one-third of Americans turn to consumer-directed benefits to help line their wallets (Bureau of Labor Statistics). Benefits providers who can provide their customers with easy access to these spending tools will be best positioned to win over new and existing customers.

But benefits providers need to do more than just offer a mobile app. According to Apptentive, financial and health apps have an average 90-day retention rate of 65% and 36% – user experience is important. With a design team more than triple the size of some of its legacy peers, First Dollar prioritizes the user experience for benefit providers and their customers. And the industry’s highest published Net Promoter Score of 72 reflects this focus.

“The app’s human-centered design is just another way First Dollar is working with partners to make it easier for members to access health care,” says Izamar Loredo, Senior Product Manager at First Dollar. “Providing an app isn’t impressive, but providing an app that people enjoy using is.”

First Dollar’s benefit partners will be able to offer the app to their customers as a white-labeled experience. In the follow-up effort, the mobile app team will unlock all Health Wallet platform products, allowing consumers to access their consumer-facing and additional 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 infrastructure for healthcare services. Our health wallet platform gives benefits providers the tools they need to launch tax-advantaged accounts, add-on benefits or whatever they come up with next. For more information, visit firstdollar.com or contact us at linkedin.

SOURCE First Dollar