Steven Auerbach, CEOEveryone knows that healthcare costs continue to rise. To deal with this conundrum, the industry is rapidly transitioning to consumerism—an approach to benefits that shifts financial responsibility and accountability to consumers. Following the healthcare market’s transition path, Alegeus—a consumer-driven healthcare solutions provider—helps organizations evolve and adapt their business models to embrace the opportunities of today’s consumer driven healthcare landscape. “We support more than 30 million consumers and process more than $9.1 billion in consumer healthcare payments annually,” extols Steven Auerbach, CEO, Alegeus.
It 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.