PALO ALTO, Calif., Aug. 3, 2018 /PRNewswire/ -- CoinFlip Solutions Inc. (CoinFlip), an innovative electronic benefits payment platform, has announced the introduction of new capabilities for the Health Care industry, enabling Health Plans to provide electronic Nutrition Benefit programs to its Plan members which serve as payment at both grocery and non-grocery retail locations.
CoinFlip's technology links the Plan Member's retail loyalty ID's to their Health Plan ID, creating a virtuous loop for the issuance and redemption of benefits at check-out, using only their existing shopper loyalty ID. CoinFlip enforces benefit program rules in real-time by connecting the retailer's existing Point of Sale (POS) infrastructure to CoinFlip's cloud-based adjudication engine, enabling benefit balance management and UPC-level benefit governance.
In an effort to support Plan's goals of improving chronic health conditions and overall health outcomes, CoinFlip works directly with plan executives to identify program rules varying from real-time healthy food discounts and OTC restricted spend benefits to health risk assessment incentive programs.
"We've spoken with Health Plan leaders and industry disrupters and there is a monumental shift in strategy; from reactive to preventive health care," said Bill Catania, CEO, CoinFlip Solutions Inc. "Our technology simplifies and tracks complex rules to apply benefits during the check-out process, delivering an optimal experience for consumers and ultimately driving increased member retention and acquisition strategies for innovative plans."
CoinFlip provides rich data and insights to all partners via a reporting platform that tracks conversion from awareness to redemption at a retail, allowing plans real-time controls to continually "tune" their benefit programs. While retailers can maintain "one view" of their shoppers through CoinFlip's integration with existing retail shopper marketing platforms.
CoinFlip has recently partnered with a large Health Plan Provider to begin implementing the solution within its retail network, which will launch live to consumers in January 2019.
With newly-raised capital, CoinFlip is actively scaling its retail footprint and program nationally in 2018 across multiple retail channels including grocery, medicine, drug, convenience, big box, and eCommerce.
CoinFlip is a cloud-based payment platform that enables electronic benefits and points to be applied as payments. CoinFlip offers retailers and partners a wide range of integration options, including direct point of sale, loyalty platform, payment terminal, receipt scan and use of the ISO 8583 payment standard. CoinFlip's diverse integration capabilities allow its partners to reach a national footprint quickly, with the ability to deliver pay with points, restricted spend and savings programs to their membership base. For more information, please visit CoinFlip.
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SOURCE CoinFlip Solutions Inc.