HealthEquity's Expedited Claims tool wins multiple awards, enhancing claims processing efficiency and member satisfaction through advanced technology.
Quiver AI Summary
HealthEquity, Inc., the largest health savings account (HSA) custodian in the U.S., has been awarded by the Best in Biz Awards and the Brandon Hall Excellence in Technology Awards for its Expedited Claims tool. This innovative solution simplifies the claims process for members, significantly reducing time spent on claims by approximately 66% and increasing member satisfaction by 18% compared to traditional methods. By utilizing advanced AI technology, the tool automates receipt processing and minimizes errors related to calculating sales tax and discounts, leading to faster and more accurate claim resolutions. HealthEquity's commitment to enhancing the healthcare experience is reflected in these awards, highlighting its focus on simplifying benefits and improving member well-being. The company manages over 16 million accounts, helping individuals effectively navigate their healthcare journeys.
Potential Positives
- HealthEquity's Expedited Claims tool was recognized with multiple prestigious awards, including Gold for Most Innovative Product Feature of the Year by the Best in Biz Awards, highlighting its notable innovation in the healthcare technology sector.
- The tool has shown a significant reduction in claims processing time by approximately 66 percent, which greatly enhances member satisfaction and efficiency.
- By leveraging AI technology, the tool reduces errors related to claims processing, leading to a better experience for users and health plan partners, thus strengthening HealthEquity’s position in the market.
- The company demonstrates a strong commitment to member-centric solutions that address real pain points in healthcare, reinforcing its dedication to improving client service and satisfaction.
Potential Negatives
- The limited release of the Expedited Claims tool to only approximately 1.1 million members may indicate that the company is not yet confident in the widespread effectiveness or reliability of the tool.
- While the tool has reportedly reduced claim errors and processing times, the reliance on AI technology introduces risks associated with potential system failures or inaccuracies that may not have been fully addressed in the press release.
- The awards and recognition, while positive, may raise expectations that could lead to disappointment if the company fails to maintain or expand upon the reported improvements with the Expedited Claims tool in the long term.
FAQ
What is the Expedited Claims tool from HealthEquity?
The Expedited Claims tool streamlines the receipt upload process, reducing manual errors and saving time for members managing their claims.
How has the Expedited Claims tool improved member satisfaction?
The tool has increased member satisfaction by 18% compared to traditional claims processing methods, making claims management easier.
What awards has HealthEquity received for the Expedited Claims tool?
HealthEquity received multiple awards including Gold for Most Innovative Product Feature at the Best in Biz Awards and Gold for Best Advance in AI at Brandon Hall.
How much time does the Expedited Claims tool save in claims processing?
The tool reduces the claims filing process from approximately two business days to generally under two minutes for over 60% of claims.
How does HealthEquity ensure accuracy in claims processing?
The tool uses AI to automate receipt processing, categorizing items and reducing errors related to sales tax, discounts, and expense classification.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$HQY Congressional Stock Trading
Members of Congress have traded $HQY stock 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $HQY stock by members of Congress over the last 6 months:
- REPRESENTATIVE JOSH GOTTHEIMER sold up to $15,000 on 11/07.
To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.
$HQY Insider Trading Activity
$HQY insiders have traded $HQY stock on the open market 18 times in the past 6 months. Of those trades, 0 have been purchases and 18 have been sales.
Here’s a breakdown of recent trading of $HQY stock by insiders over the last 6 months:
- STUART B. PARKER has made 0 purchases and 2 sales selling 25,000 shares for an estimated $2,417,900.
- JON KESSLER (PRESIDENT AND CEO) has made 0 purchases and 4 sales selling 29,749 shares for an estimated $2,332,992.
- ROBERT W SELANDER has made 0 purchases and 7 sales selling 16,500 shares for an estimated $1,522,437.
- ELIMELECH ROSNER (EVP, CHIEF TECHNOLOGY OFFICER) has made 0 purchases and 2 sales selling 15,165 shares for an estimated $1,225,724.
- DEBRA CHARLOTTE MCCOWAN sold 5,000 shares for an estimated $477,800
- FRANK CORVINO has made 0 purchases and 2 sales selling 2,286 shares for an estimated $199,938.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$HQY Hedge Fund Activity
We have seen 196 institutional investors add shares of $HQY stock to their portfolio, and 198 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- WASATCH ADVISORS LP added 483,269 shares (+6.6%) to their portfolio in Q3 2024, for an estimated $39,555,567
- GENERATE INVESTMENT MANAGEMENT LTD removed 280,557 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $22,963,590
- JPMORGAN CHASE & CO removed 252,244 shares (-17.2%) from their portfolio in Q3 2024, for an estimated $20,646,171
- AQR CAPITAL MANAGEMENT LLC added 251,605 shares (+190.6%) to their portfolio in Q3 2024, for an estimated $20,593,869
- VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. added 226,563 shares (+36.7%) to their portfolio in Q3 2024, for an estimated $18,544,181
- JANUS HENDERSON GROUP PLC removed 202,233 shares (-18.4%) from their portfolio in Q3 2024, for an estimated $16,552,771
- BLACKROCK, INC. added 202,177 shares (+1.9%) to their portfolio in Q3 2024, for an estimated $16,548,187
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
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
[email protected]