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

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.

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. The company's commitment to saving and improving lives through cutting-edge solutions, innovation, and a relentless focus on well-being is evident in its approach to consumer-driven benefits.

In conclusion, HealthEquity's Expedited Claims tool is a testament to the company's dedication to improving people's experience with benefits by using technology that streamlines and improves pain points in their healthcare journeys. The tool's success in reducing time spent on claims, increasing member satisfaction, and earning industry recognition highlights the potential of digital health innovations to transform member experiences and drive innovation in the healthcare industry.