For financial institutions, the healthcare market represents an unprecedented opportunity to grow deposit balances, increase fee and interchange income, and (perhaps most importantly) grow customer relationships through the cross-sales of additional products and services. With year-over-year account growth of more than 22 percent and asset growth of more than 27 percent, HSAs are gaining momentum in the market and represent a logical entry-point to the healthcare market.
However, healthcare is an unfamiliar market for most financial institutions. Many struggle to quantify the market opportunity and do not fully understand what is required for success. Also, though they may be interested in “dipping their toe into the healthcare water”, financial institutions have entrenched systems and infrastructure that they may not be willing or able to modify to accommodate this new type of account offering.
Alegeus Technologies can help – we help financial institutions enter the market with a robust and flexible consumer directed healthcare solutions:
- Healthcare industry knowledge. Alegeus knows healthcare intimately. Whatever your business objectives, whether you are establishing an HSA program for the first time, expanding an existing program to include advanced HSA capabilities such as integrated investments, or looking to deploy a full suite of CDH account solutions – Alegeus can consult with you to assess your market potential and define an effective strategy.
- Administrative record keeping. For financial institutions, HSA custodians and non-bank trustees, Alegeus provides a complete HSA solution including HSA recordkeeping, employer administration services and online account access for employers and accountholders. Our modular approach allows you to provide your own HSA recordkeeping platform or use ours. If you have an HSA processing platform but it doesn’t allow you to effectively serve the employer market, then you can integrate your platform with Alegeus’ complementary services.
- Flexible approach. Alegeus offers flexible and complete solutions to meet our clients’ needs – which may range from technology to solution support to complete business process outsourcing. The addition of an outsourced servicing component to our processing and record keeping solution enables financial institutions to minimize the administrative burden for offering these new account types, giving them a flexible variable-cost approach vs. fixed cost of modifying their infrastructure.