Alegeus Unveils Industry’s First Smart HSA to Bolster Healthcare Spending and Saving Decisions
Published on May 21st, 2019
Waltham, MA — May 21, 2019 — Alegeus, the market leader in consumer-directed healthcare (CDH) solutions, today announced that the industry’s first Smart HSA that features machine learning and artificial intelligence (AI) was presented for the first time during the 2019 Alegeus Client Conference. At the event, clients, prospects, and other industry stakeholders saw a detailed demonstration of the new Alegeus innovation that delivers a more intuitive, personalized, and self-guided account experience.
This next generation of the existing Alegeus solution provides broader support for the benefits lifecycle and greater influence across the full spectrum of healthcare benefits. It will guide employers and brokers to create smart plan designs and empower employees to make smart benefit choices during open enrollment and throughout the year to get the most value from every dollar they spend on out-of-pocket healthcare expenses. Capabilities demonstrated during the show included:
- A modern, native mobile interface that integrates new health management capabilities with existing CDH self-service capabilities
- Data-driven tools, including a personalized 'Smart Score,' that guide consumers to make intelligent choices on where to best spend and save their healthcare dollars
- AI-based recommendations that use historical spending to drive better future outcomes (e.g. "You might have paid too much for this service.")
- A virtual medicine cabinet for managing monthly drug costs
- Long-term saving recommendations based on healthcare spending habits (e.g. “You have a chronic condition that will require you to have X dollars saved for retirement.”)
- Intelligent prompts throughout the app to optimize the member experience for existing self-service functions beyond HSAs (e.g. "It looks like you need to provide a receipt for your latest debit card swipe.”)
- Year-end recommendations about funding and account enrollment that are based on the past year of health and wealth activity (e.g. “It looks like you didn't hit your deductible or max out your HSA. Next year, we recommend the following funding levels.”)
As consumer financial responsibility for healthcare grows, consumers and employers will no longer tolerate poor experiences. This is why we have worked diligently to deliver this market-disrupting innovation,” said Steven Auerbach, Alegeus CEO. “By providing a more personalized consumer experience and delivering meaningful insights to better guide spending and saving recommendations, the Smart HSA is well positioned to redefine the benefits selection process and revolutionize the industry.
The Smart HSA is expected to be fully available to the market in Q1 2020.
With more than 25 years of growth and innovation, Alegeus is the market leader in SaaS-based healthcare payment solutions. Our highly flexible, white-label platform powers account-based benefit programs such as HSAs, FSAs, HRAs, COBRA, wellness incentives, lifestyle benefits and beyond. We deliver exceptional user experiences and differentiated capabilities that help our partners strengthen their product offerings, operate more efficiently, and unlock their full growth potential. Our partnerships with the industry’s leading health plans, third-party administrators, financial services and benefit solution providers give Alegeus unparalleled reach in the market, with access to more than 100 million commercially insured Americans. And our unique partnership model empowers our clients to achieve outsized results – growing their programs at a rate that is 3-4X the market, and with the highest net promoter scores (NPS) in the industry. We never compete with our clients in the market – we win when they win. Alegeus is headquartered in Waltham, Mass., with operations centers in Orlando and Bangalore, and a large remote workforce.