DALLAS, March 22, 2016 /PRNewswire/ -- Viverae®, a leader in total population health, announced today that it has partnered with FinFit, a nationwide leader in employee financial wellness. The partnership will provide a comprehensive suite of offerings to help employees achieve financial health and well-being. This includes access to small loans, financial assessments, budgeting tools and calculators, a personalized financial dashboard, a virtual learning center, engagement incentives, and much more.
According to a recent survey by the Certified Financial Planner Board of Standards (CFP Board), nearly 86 percent of Americans experience financial stress. Personal finances are a major stress contributor and are known culprits of poor health outcomes, including anxiety, high blood pressure, and poor immune function, among others. Employers acknowledge the impact through loss of productivity, increased absenteeism, high turnover costs, and most importantly, growing healthcare costs.
While financial wellness has recently grown in popularity, many programs fail to offer real solutions coupled with effective education to make significant progress in the lives of employees struggling with financial difficulty. Another critical piece missing from many financial wellness offerings is the ability to tie incentives to financial education. With Viverae's comprehensive program design and robust platform, clients are able to positively affect behavior change in their employees. Additionally, members will have access to small, short-term loans, with a substantially low interest rate compared to alternatives such as a typical payday loan. More than 12 million Americans use payday loans and roughly 60 percent of borrowers roll over their loans so frequently that they pay more in fees than the amount borrowed. By offering a better, affordable solution tied to education, employees are empowered with resources to manage their finances, reduce stress, and positively affect their overall wellness.
"We understand that financial health is a pillar of wellness," said Mike Lamb, president and chief executive officer at Viverae. "Finances play a critical role in our daily lives. By providing individualized support with true aid, we can empower employees with resources to make decisions that will impact the rest of their lives."
"Rather than being supportive of an employee's hardships, employers can now actually provide a solution to the problem," said David Kilby, president of FinFit. "Unexpected emergencies can be catastrophic to the majority of American families. We are providing education and resources to avoid financial disasters that can be impossible to overcome."
With the FinFit mobile app, employees can conveniently access financial wellness tools and resources at any time. The customized portal gives users an overall financial picture by allowing them to link all of their financial accounts, including checking and savings accounts, mortgage and auto loans, credit cards, and even investment accounts. Users simply set their monthly budgeted amount for each spending category and the dashboard will automatically organize and categorize their spending.
Both Viverae and FinFit believe that expertly executed workplace health programs provide the most positive impact on the health of total populations. Viverae is best known for its expertise in workplace wellness with over 350 clients and nearly 1 million members in a variety of industries across the country. Its wellness programs are designed to create a culture of health and well-being within employee populations while managing healthcare costs.
Dallas-based Viverae is a total population health management provider and an industry thought leader. Our comprehensive solutions help employers build healthy cultures and manage healthcare costs. Our configurable programs manage engagement and incentives with our proprietary application, MyViverae®. This secure, simple yet powerful app integrates third-party claims and member health data to personalize wellness programs and create an engaging experience.
Viverae's health management programs are compliant with Affordable Care Act requirements and applicable law, and National Committee for Quality Assurance and national health advocacy group standards.
About FinFit LLC
Founded in 2008, FinFit is a no cost benefit to employers throughout the United States. During a time of great financial stresses in the workforce, FinFit developed a means by which today's employees can use their job to gain financial knowledge and also access high quality credit services. Today, FinFit is serving tens of thousands of employees which allow their members to become better contributors in the workforce, by eliminating the stresses associated with various financial challenges, while accessing credit solutions that are responsible and affordable.
FinFit Loans are issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC.
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