Case Study: The Value of an End-to-End HSA Solution
Published on October 16th, 2023
NueSynergy pairs with Alegeus to develop a robust and flexible HSA solution
Leading benefits administrator NueSynergy is a longstanding Alegeus partner with a strong track record of market growth. The company offers a range of healthcare solutions including HSAs, FSAs, HRAs and COBRA.
Ten years ago, NueSynergy was struggling with HSA administration services that were cumbersome and lacked essential functionality. President Josh Collins explains, “At that time, TPAs really didn’t have an HSA solution beyond a flat referral.” The company’s clients were hungry for a more comprehensive solution that offered a user-friendly interface, online enrollment and payment processing, among other features. In addition, NueSynergy needed a platform that could integrate with existing systems and provide back-end support to streamline operations.
In other words, NueSynergy’s leaders were eager to grow their HSA product line. But they needed a flexible, scalable solution that could meet the needs of their diverse range of employers and account holders. They also sought to maintain end-to-end control over the HSA experience to ensure they could deliver top-notch customer service.
A strategy for success
NueSynergy turned to Alegeus for an end-to-end solution that would enable them to sell HSAs as well as other account types in a single environment. The Alegeus platform offered:
- A sleek, modern interface that ensures an intuitive online/app experience, making it simple for users to enroll, manage their accounts and pay for healthcare expenses
- A fully integrated, multi-path investment product that addresses every stage of the consumer lifespan – including spending, saving and investing – and helps account holders grow their HSA balance over time
- Simplified and flexible funding, payroll and reconciliation capabilities that make administering these programs easier and less noisy
- Back-end support, including integration with existing systems and help with operations
Further, Alegeus serving as the HSA custodian gave NueSynergy more flexibility. It also eliminated the unnecessary overhead of dealing with third-party banks.
The Alegeus approach
Alegeus’ highly configurable platform offered several key benefits for employers, including:
- Simple integration with existing systems and workflows, enabling employers to streamline their benefits administration and reporting
- Configurable rules and workflows that can be customized to meet specific business needs
- Comprehensive compliance tools and resources to help employees stay up-to-date with regulatory requirements
Through Alegeus’ unique white-label, channel approach, partners like NueSynergy have powerful, customized and localized solutions. These solutions deliver seamless user experiences, robust functionality, and flexibility to meet the specific needs of each employer client.
“Our customers preferred simplicity over complexity,” Collins notes. Alegeus’ one-stop-shop approach meant fewer vendors and consolidated points of contact. This not only streamlined the administrative process but also simplified the overall healthcare experience. By working with a single vendor, customers could avoid the hassle of managing multiple vendors, thereby reducing the risk of confusion and errors in managing their healthcare funds.
Alegeus’ investment platform further enabled NueSynergy to differentiate itself in the market by offering a wide range of investment options and flexibility in investment decisions. In turn, this allowed customers to maximize returns on their healthcare savings.
The success of this partnership is evident in NueSynergy’s growth, as the administrator has attracted more clients and improved the end-to-end experience for both employers and employees. Today, NueSynergy manages more than 100,000 accounts. The company has been recognized with multiple awards for its innovative and effective HSA solutions.
A look ahead
With an overall growth rate of 29 percent over the last five years (and >24% CAGR in HSAs specifically), NueSynergy has firmly established itself as a leader in the industry. Looking ahead, the partnership with Alegeus is expected to further fuel the company’s impressive growth trajectory by improving efficiency, reducing administrative burden, and offering more options for managing benefits and achieving financial goals. The partnership positions NueSynergy for continued success in the dynamic world of benefits administration.