HealthEquity's Expedited Claims Technology Wins Artificial Intelligence Excellence Awards
DRAPER, Utah, April 15, 2025 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ:HQY) ("HealthEquity"), the nation's largest Health Savings Account (HSA) administrator, has been recognized by the Business Intelligence Group for its Expedited Claims AI system at the 2025 Artificial Intelligence Excellence Awards.
The award honors outstanding organizations, products, and individuals who have harnessed the power of AI for good to solve real-world problems. HealthEquity won awards for "Innovative AI Products" in the categories of health and automation.
"Our team identified a pain point for members, and they determined a way to fix it," said Bryan Rhodes, principal product manager at HealthEquity. "That's how we are using AI, and any new technology — to make Americans' experiences with the healthcare system simpler and faster, especially where the end result is to quickly put money back into people's pockets after they file a reimbursement."
Expedited Claims streamlines the healthcare claims process for those who have access to the tool while delivering faster, more accurate results. By automatically apportioning discounts and sales tax from uploaded receipts, the solution removes common reimbursement barriers that have long frustrated members who previously entered this information manually. Expedited Claims enables users to submit claims quickly through the EZ Receipts mobile app, often in under a minute, and more than half of all claims are processed in less than two minutes. In total, members save an average of 70% of the time typically spent on claims entry and processing by using Expedited Claims.
Since implementing Expedited Claims, member satisfaction has risen 18%, with 70% of members indicating satisfaction or high satisfaction with their reimbursement experience.
This is just one of the AI-powered products recently developed by or currently in development at HealthEquity. Last year, HealthEquity launched HSAnswers, an AI knowledgebase that answers HSA-related questions. And last month, HealthEquity announced HealthEquity Assist™, a suite of tools to help members navigate benefit options, gain insights into benefit spending and receive recommendations that leverage AI for business and individual decision-making.
"We are honored to recognize these trailblazers who are pushing the boundaries of what AI can achieve," said Russ Fordyce, CEO of the Business Intelligence Group. "These innovators are not only demonstrating technical excellence but also showing how AI can be harnessed to solve real-world challenges and improve lives."
For more information, visit healthequity.com.
About HealthEquity
HealthEquity and its subsidiaries administer HSAs and various other consumer-directed benefits for over 17 million accounts, working in close partnership with employers, benefits advisors, and health and retirement plan providers who share our unwavering commitment to our mission of saving and improving lives by empowering healthcare consumers. Through cutting-edge solutions, innovation, and a relentless focus on improving health outcomes, we empower individuals to take control of their healthcare journey while ultimately enhancing their overall well-being. Learn more about our "Purple service" and approach at www.healthequity.com.
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