Healthcare expenses in the United States are among the highest in the world – and they continue to grow. This exponential rise in healthcare costs is driving a shift of responsibility for healthcare from the employer to the employee. Thus, the Consumer Driven Healthcare (CDH) movement was born.
The CDH premise is simple: if consumers are more aware of healthcare costs, and given real incentives to control those costs, then they will change their behaviors and overall healthcare costs will decrease. Health savings accounts (HSAs) have emerged as perhaps the most compelling CDH financial account – and HSA adoption is projected to grow rapidly over the next several years.
HSA programs can help your organization expand its reach into the healthcare market, increase deposits, generate fee and interchange revenue, and strengthen and grow customer relationships. With our integrated DDA and investment platform, FIS provides the technology backbone to support both retail and employer-sponsored HSA programs, including:
- Recordkeeping and transaction processing
- Automated account creation for large volume enrollment
- Online enrollment
- Fully outsourced HSA servicing - call center, investment options, education
- Regulatory reporting
- Multi-channel access (HSA debit card, Web, call center)
- Trust account processing for HSA investment services (mutual funds and other qualified investment options)
- Service charge and interest flexibility
- Branded self-service Web site with bill pay
- Program support, including education and marketing materials
However, a strong technology foundation is only the beginning. You also need a clear go-to-market strategy and sophisticated education and decision-support tools to drive HSA account adoption and empower individuals to take control of their healthcare situation.
With a solid technological foundation and value-added tools such as the WealthCare Portal, FIS can help you build a successful HSA program.