Tech-Powered Innovation Transforms Member Experiences and Earns HealthEquity Industry Recognition

Rhea-AI Summary

HealthEquity (NASDAQ: HQY), the largest HSA custodian in the US, has received industry recognition for its Expedited Claims tool from the Best in Biz Awards and Brandon Hall Excellence in Technology Awards. The AI-powered solution, released to approximately 1.1M members in 2024, has shown significant improvements in claims processing efficiency.

The tool has achieved a 66% reduction in claims processing time and an 18% increase in member satisfaction compared to traditional methods. Claims processing time has been reduced from approximately two business days to under two minutes for over 60% of claims. The system automates receipt processing, categorizes items, and efficiently handles variables like discounts and taxes, resulting in fewer errors and faster reimbursements.

Positive

• 66% reduction in claims processing time
• 18% increase in member satisfaction
• Successful implementation with 1.1M members in 2024
• Processing time reduced from 2 days to under 2 minutes for 60% of claims
• Multiple industry awards recognition for technological innovation

Negative

• release to only portion of customer base

Awards acknowledge innovative approach that shows promise in making benefits simpler and faster to navigate

DRAPER, Utah, Jan. 28, 2025 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ: HQY), the nation’s largest health savings account (HSA) custodian, has been recognized by two industry awards programs for its Expedited Claims tool. Both the Best in Biz Awards and the Brandon Hall Excellence in Technology Awards have honored the time-saving solution, further underscoring HealthEquity’s commitment to simplifying healthcare benefits and empowering members to better manage their health and financial well-being.

Expedited Claims is a member-first solution designed by HealthEquity to streamline the receipt upload process, significantly reducing manual errors, and saving members time spent managing claims. In a limited release to approximately 1.1M members in 2024, the claims innovation has reduced time spent on claims by approximately 66 percent while increasing member satisfaction by 18 percent compared to traditional claims processes. It also yielded greater efficiency for health plan partners, reducing the need for clarifications and inquiries.

By leveraging cutting-edge AI technology, the tool automates user receipt processing, categorizes items, and efficiently sorts variables such as discounts and taxes. This member-centric approach has reduced errors relating to calculating sales tax, discount details and accurately classifying expenses that led to frequent mistakes and delayed or denied claims. Expedited Claims reduced user claim errors in its limited release enabling faster and more accurate claims processing. It also shortened the claims filing process for more than 60% of claims with those who had access to the tool from approximately two business days to generally under two minutes, reimbursement to the member is easier, faster and creates a better experience for everyone.

“At HealthEquity, we're dedicated to helping improve people’s experience with benefits by using technology that streamlines and improves pain points in their healthcare journeys,” said Bryan Rhodes. “These awards reflect our dedication to creating meaningful solutions that ease the complexities of healthcare benefits for our members and clients so they can focus on what matters most — their health and peace of mind.”

HealthEquity earned the following awards from the two organizations:

Best in Biz Awards

• Gold: Most Innovative Product Feature of the Year
• Silver: Most Innovative App of the Year
• Bronze: Best New Product of the Year – Healthcare Industry
  

Brandon Hall Excellence in Technology Award

• Gold: Best Advance in AI Business Impact
  

By actively incorporating feedback and harnessing cutting-edge technology, HealthEquity continues to drive innovation, empowering individuals to manage their health savings effectively.

About HealthEquity
HealthEquity and its subsidiaries administer HSAs and various other consumer-directed benefits for over 16 million accounts, working in close partnership with employers, benefits advisors, and health and retirement plan providers. With a commitment to saving and improving lives, HealthEquity empowers individuals to take control of their healthcare journey through cutting-edge solutions, innovation, and a relentless focus on well-being. Learn more about HealthEquity’s “Purple service” and our approach to consumer-driven benefits at www.healthequity.com.

Media Contact
Amy Cerny 
801-508-3237 
acerny@healthequity.com

FAQ

What improvements has HQY's Expedited Claims tool shown in 2024?

The tool has reduced claims processing time by 66% and increased member satisfaction by 18%, with processing times dropping from two business days to under two minutes for over 60% of claims.

How many members have access to HQY's new Expedited Claims tool?

Approximately 1.1 million members received access to the Expedited Claims tool in its release in 2024.

What awards did HealthEquity (HQY) receive for its Expedited Claims tool?

HQY received Gold, Silver, and Bronze awards from Best in Biz Awards and a Gold award from Brandon Hall Excellence in Technology Awards.

How does HQY's Expedited Claims tool improve the claims process?

The tool uses AI technology to automate receipt processing, categorize items, and handle variables like discounts and taxes, reducing errors and speeding up reimbursements.