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Steven Auerbach, CEOIt is Auerbach’s passion to empower healthcare consumers that is positioning the firm as a market leader today. Based out of Waltham, MA, Alegeus is a pioneer in consumer-driven healthcare solutions, offering a comprehensive platform for the administration of healthcare benefit accounts (including FSAs, HSAs, HRAs, wellness incentives, dependent care and commuter accounts), benefit debit cards and powerful engagement solutions to help consumers maximize savings and optimize spending for their healthcare. The Alegeus platform allows users to easily set up and administer the most complex benefit account product designs without requiring the involvement of IT resources—through the simple configuration of the platform. The platform’s interactive tools help analyze customer data, uncover strategic insights, and deploy turnkey marketing strategies. With one platform and one consumer experience for all benefit account types, Alegeus enables clients to simplify business operations, reduce costs, and improve participant satisfaction.
With the ability to easily implement custom debit card authorization rules, Alegeus clients can achieve the highest card penetration, usage, and auto-substantiation rates in the industry. Alegeus’ wide network of pre-integrated HSA custodians, and the ability to easily bring partner banks, gives clients ultimate flexibility in their choice of HSA custodians. Also, because all transactions, including both debit card transactions and manual claims, are settled in real time, Alegeus eliminates out-of-balance issues and participant servicing challenges. “Our platform helps clients evolve their product offerings to fully unlock the consumer directed healthcare market opportunity and build competitive advantage,” adds Auerbach.
Our platform helps clients evolve their product offerings to fully unlock the consumer directed healthcare market opportunity and build competitive advantage
Alegeus assists more than 300 clients including health insurance plans, third party administrators, and financial institutions across the country to achieve their business goals. In one instance, one of the industry’s largest national health plans approached Alegeus after recognizing an increased demand from their employer groups for consumer-friendly designs. Also, their legacy systems offered limited flexibility and capability. Alegeus addressed these challenges with full support for all account-based products in a single platform, offering one card and one online and mobile experience all under their brand. For the client, account volumes grew from 50,000 to more than 1.6 million in just a few years. Leveraging analytics, the health plan identified the top reasons for consumers calling into their contact center and utilized the platform’s alerts and communications to achieve an 80 percent reduction in unnecessary calls by promoting self-service features within the system.
Pairing Auerbach’s organizational approach, with an unrelenting passion to redesign technology and processes for better outcomes, Alegeus will continue to empower healthcare consumers to become highly-engaged, economically-aware, and well prepared to make critical decisions regarding their healthcare. “Our clients including health plans, benefit administrators, and banks will continue to focus on the consumer directed healthcare market opportunity. We will continue to expand our relationships with these firms and others who seek to capitalize on the compelling market opportunity,” concludes Auerbach.
Alegeus Wins 2023 FinTech Breakthrough Award for Best Employee Benefits Solution
Tuesday, March 28, 2023
Awards recognize today’s breakthrough companies and products in the global financial services and technology industry
WALTHAM, Mass: Alegeus, the market leader in healthcare payment solutions , has been awarded the 2023 FinTech Breakthrough Award for Best Employee Benefits Solution. Now in its seventh year, the annual FinTech Breakthrough Awards program recognizes today’s breakthrough companies and products in the global financial services and technology industry.
This recognition comes on the heels of another strong year of growth at Alegeus. The organization delivers its partners—including the industry’s largest health plans and administrators—a scalable and customizable SaaS-based platform that adapts with the changing healthcare marketplace, fueling better outcomes for employers and their employees. Moreover, Alegeus enables partners to significantly outpace the market in terms of account adoption growth.
“We are honored to receive the FinTech Breakthrough Award for Best Employee Benefits Solution. It is a testament to our incredible team whose understanding of both healthcare payments and the intersection of health and wealth is unmatched in the industry,” said John DeFeo, Chief Product and Technology Officer, Alegeus. “In concert with our great partners, we are creating better lives for consumers across the country, and this award reiterates that.”
The FinTech Breakthrough Awards is a premier awards program founded to recognize the FinTech innovators, leaders and visionaries from around the world. The 2023 FinTech Breakthrough Award program attracted more than 4,000 nominations from across the globe.
Through its Unique Partnership Model, Alegeus Caps Strong Fiscal Year with Continued Significant Growth for its HSA Solution
Friday, April 07, 2023
WALTHAM, Mass.: Alegeus, the market leader in healthcare payment solutions, has capped a strong fiscal year with continued significant growth for its health savings account (HSA) solution. Over the past year, Alegeus partners have outperformed the HSA market, delivering account growth of nearly 30 percent—six times the market rate.
Alegeus powers HSA programs for more than one hundred of the nation’s leading benefits providers, and 75 percent of all Alegeus partners offering HSAs outperform the market on a 5-year compound annual growth rate (CAGR).
The Alegeus HSA solution, WealthCare HSA, is the industry’s most complete HSA offering, which is designed to support the needs of spenders, savers and investors alike. And in a market in which forecasters anticipated HSA account growth in the low to mid-single digits, Alegeus partners look to the company to help them differentiate and turbocharge their growth.
“Alegeus is expanding its value by continuing to invest in its partners’ success,” said Josh Schneider, director, CDH and Product Innovation, Medical Mutual. “Alegeus introduced us to a new HSA-investing approach that helps position Medical Mutual to continue being a leader in the Ohio health insurance market.”
Additional Alegeus Company Highlights from the Past Year:
Bolstered Leadership
• Strengthened executive leadership team with the appointments of Roy Luria as General Counsel and Corporate Secretary, and Dan Brames as Chief Payments Officer. Luria leads the company’s legal and compliance function, including enterprise risk management and corporate governance, and Brames drives the company's banking and financial services offerings.
Product Expansion
• Unveiled WealthCare HSA High-Yield, an innovative enhanced interest option that helps account holders maximize the value of the funds kept in their cash (spending) accounts, giving them more to spend on healthcare needs now and in the future.
• Launched the industry’s first comprehensive COBRA online open enrollment capability; now included within the Alegeus WealthCare COBRA platform, the new capability greatly simplifies the complexity of open enrollment for participants and administrators.
“We are proud of our continued momentum, which we attribute to our unique channel and white label approach. Through Alegeus, our partners can provide a powerful, customized and localized solution to their employers, setting them apart and priming them for greater success,” said Leif O’Leary, CEO, Alegeus. “Through the power of this model, coupled with our great team and unmatched technology, Alegeus partners continue to significantly outpace the market in terms of account growth, asset growth and overall success.”
Company
Alegeus
Management
Steven Auerbach, CEO
Description
Provider of consumer directed healthcare solutions, offering a
comprehensive platform for the administration of healthcare
benefit accounts
