HealthEquity, Inc. (HQY) is an American company that offers innovative solutions for managing health care costs. The company provides health savings accounts (HSAs) and other integrated health and wealth solutions. Founded in 2002, HealthEquity, Inc. is headquartered in Draper, Utah, and it's one of the nation's largest health savings custodians.
Part of the firm's mission is to utilize its cutting-edge technology platform to inspire individuals to make wiser and more informed decisions regarding their health care. They do this by enabling seamless integration of HSAs, Flexible Spending and Reimbursement Accounts, Health Reimbursement Arrangements, and other health-related benefits.
The operations of HealthEquity, Inc. are spread over four business segments: service, custodial, interchange, and others. Their platform facilitates the management of an HSA, allowing users to make payments, invest HSA assets, and receive benefit information digitally at their convenience. Service revenue comes from monthly account maintenance fees, custodial revenue originates from interest earned on deposit accounts, and interchange revenue is generated every time a member uses their Visa debit card. They also offer 24/7 consumer engagement support.
With a strong focus on helping users take control of their savings for health care and retirement, HealthEquity, Inc. built a significant presence in the American market. They serve 12 million health savings account members across the 50 states, partnering with employers, benefits advisors, health, and retirement plan providers who see value in their integrated consumer-directed benefits platform.
The company has long-standing connections with numerous health plan partners across the country. As of 2020, HealthEquity, Inc. manages over $10 billion in healthcare savings, a figure that has seen continuous growth over the years. Its remarkable performances have drawn the attention of investors and stakeholders with the long-term growth story of HealthEquity, Inc. traded under the HQY ticker at NASDAQ. The firm's steady growth has banished fears of instability and has earned it a place as a financial ally for many households across America.
HealthEquity, Inc. aims to revolutionize health care in a way that benefits all. The ambitious mission to help people save and spend wisely on their health is reflective of the company's commitment to its core values of integrity, teamwork, and passion.