• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Banks Choose Fast Track to Profit From Consumer-Directed Healthcare

Posted on: Thursday, 27 October 2005, 09:00 CDT

With employers switching to consumer-directed healthcare (CDH) plans at a faster rate than experts originally predicted, banks are partnering with innovative healthcare technology and administration providers to offer customers important healthcare decision-making and transactional tools. CDH accounts are predicted to top eight million in 2006, and banks that are not able to offer the critical administrative tools risk lagging behind industry innovators in the consumer-driven marketplace.

ConnectYourCare, the first company to combine healthcare savings accounts, decision supports tools, and administrative services, into a single coherent platform, is now offering banks administrative tools for Health Savings Accounts (HSAs). HSA Private Label Express(SM) not only allows banks to enter the healthcare financing business and remain the trustee, but it also gives banks the flexibility to put their own brand on the offering.

"The CDH sector is estimated to earn $10 billion for banks over the next decade, however, HSA account administration requires expertise in transaction level data management and CDH customer service - functions that are outside of banks' core competencies," said Jamie Spriggs, President and COO of ConnectYourCare.

ConnectYourCare designed HSA Private Label Express(SM) to create a private-labeled portal solution integrated with a bank's web site and debit card that can be operational in a matter of weeks. The debit card transactions are paperless, and the healthcare claims substantiation is automated with leading debit card transaction technology. ConnectYourCare also provides a full suite of communications for selling through to employers and employees.

"For financial services companies, HSAs represent the biggest opportunity for deposit and investment growth since the birth of the IRA," added Spriggs. "Employers are utilizing various types of healthcare-related savings accounts to adopt innovative benefit models to control healthcare costs. Banks can become a significant channel for CDH if they want to leverage their relationships with commercial customers and provide more solutions that help employers manage their businesses better."

Through HSA Private Label Express(SM), a bank's customers are given access to a medical library with comparison tools for prescription drugs and hospital treatments, a customer service line, IVR, and wellness education encouraging healthy lifestyles. ConnectYourCare's services platform is carrier neutral, so when an employer or individual changes carriers, or wants to use multi-carrier health plans, its HSA, HRA and FSA administration, CDH education and wellness solutions stay consistent across their organization.

About ConnectYourCare

ConnectYourCare's (http://www.connectyourcare.com) benefit delivery platform provides direct and private labeled solutions for employers that provide a pathway for employers to migrate to CDH, supplying tools for employees to better manage their healthcare choices and a vehicle for employers to realize healthcare cost containment. ConnectYourCare is not an insurance company and does not market insurance products. ConnectYourCare is a Revolution Health Group company. For more information please send an email to info@connectyourcare.com or call 1-877-495-3341.

Source: Business Wire

More News in this Category