HealthEquity, a Leading Healthcare Account Administrator, Licenses Thomson Reuters Information Solutions to Help People Make Better Healthcare Decisions
Consumer Advantage™ Applications Show Individuals How Much They Will Pay for Treatment and How They Can Save Money and Improve Their Healthcare
Ann Arbor, MI - As people take more responsibility for their healthcare and its cost, employers and health insurers need better ways to help employees, members and beneficiaries make well-informed decisions about their health and use of healthcare services.
To address this challenge, HealthEquity has embedded Consumer Advantage™, a suite of online solutions developed by the Thomson Reuters healthcare business, into its HEQ FusionTM platform. Consumer Advantage provides individuals with personalized information based on their own healthcare claims data along with the specific details of their insurance coverage and medical needs.
Many health plans and other organizations provide decision support tools, but utilization typically is low — often because these resources are not personalized for consumers. HealthEquity, which provides services to health insurers, benefits administrators, employers, and financial institutions, addresses this issue by emphasizing the savings each consumer can realize. HealthEquity has embedded the Thomson Reuters’ applications and content into its online solutions, allowing individuals to view their personal health information and highlighting ways to reduce medical costs.
“For consumerism to work in healthcare, people need accurate, detailed information specific to their financial and medical circumstances,” said Thomson Reuters Senior Vice President David Crean. “HealthEquity is arming consumers with the solutions they need to evaluate their options, and we’re honored to be a part of this solution.”
Dave Hall, HealthEquity’s Senior Vice President of Innovation, said: “Consumer Advantage allows individuals to base their healthcare decisions on empirical data. That is an essential ingredient to any consumer transaction. As we’ve seen in other industries, quality and cost improve when the marketplace has access to accurate, relevant information that it can act upon.”
The Thomson Reuters healthcare business has been at the forefront of measuring and evaluating healthcare costs and quality for more than a quarter century, supplying detailed analytics that the nation’s top employers and health plans use to structure benefits plans and evaluate physician and hospital performance. The launch of Consumer Advantage, and its implementation by HealthEquity, puts this high-caliber information and analytical prowess into the hands of healthcare consumers.
HealthEquity has implemented several components of the Consumer Advantage solution, including:
* Personal Health Insights, which transforms arcane healthcare claims into consumer-friendly summaries embedded with information that is relevant to the individual.
* Treatment Cost Calculator, which enables consumers to estimate their real out-of-pocket expenditures for planned healthcare services and understand how costs vary by provider.
* Opportunity Alerts, which highlight opportunities for consumers to improve their health and save money.
* Health Education Library, which provides detailed information on diseases and medical conditions as well as surgeries and other procedures.
About Thomson Reuters
The Healthcare business of Thomson Reuters produces insights, information, benchmarks and analysis that enable organizations to manage costs, improve performance and enhance the quality of healthcare. Thomson Reuters is the world’s leading source of intelligent information for businesses and professionals. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 50,000 people in 93 countries. Thomson Reuters shares are listed on the New York Stock Exchange (NYSE: TRI); Toronto Stock Exchange (TSX: TRI); London Stock Exchange (LSE: TRIL); and Nasdaq (NASDAQ: TRIN). For more information, go to www.thomsonreuters.com.
About HealthEquity®, Inc.
HealthEquity helps hundreds of thousands, save hundreds of millions of healthcare dollars, allday, every day. HealthEquity is a personal healthcare financial services company providing employers, health insurers, benefits administrators, and financial institutions with integrated healthcare account-based (HSA/HRA/FSA/VEBA) administration and a population-based health and wealth service platform. Every HealthEquity member is supported by 24/7 access to a knowledgeable HealthEquity Specialist dedicated to helping consumers better understand and manage the financial side of healthcare. To learn more about HealthEquity, please visit www.healthequity.com.
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