Draper, UT-headquartered HealthEquity provides integrated solutions for health-care account management, health reimbursement arrangement and flexible spending accounts for health plans, insurance companies and third-party administrators in the United States.

HealthEquity uses its innovative technology to manage consumers' tax-advantaged HSAs and other consumer-directed benefits (CDBs) offered by employers, including flexible spending accounts and health reimbursement arrangements (FSAs and HRAs), and to administer Consolidated Omnibus Budget Reconciliation Act (COBRA), commuter and other benefits. As part of its services, HealthEquity provides consumers with healthcare bill evaluation and payment processing services, personalized benefit information, including information on treatment options and comparative pricing, access to remote and telemedicine benefits, the ability to earn wellness incentives and investment advice to grow their tax-advantaged healthcare savings.

In addition, HealthEquity offers health reimbursement and flexible spending arrangements solutions; Employee Retirement Income Security Act's plan administration and investment services.

As of Jan 31, 2023, HealthEquity had substantially completed its efforts to phase out certain technology platforms that it acquired in the acquisition of its wholly-owned subsidiary, WageWorks, Inc. and migrated the associated clients to one of its other technology platforms. The company is also working to phase out a technology platform that it acquired in the Further Acquisition, which requires it to migrate the associated clients to one of its other technology platforms. HealthEquity acquired an additional technology platform as part of the Luum Acquisition, which provides clients with various commuter services, including access to real-time commute data, to help clients design and implement flexible return-to-office and hybrid-workplace strategies and benefits.

FY23 at a Glance

In fiscal 2023, HealthEquity reported revenues of $861.7 million, up 13.9% over FY22.

HealthEquity derives revenues from three sources — Service revenues (49.9% of net revenues, up 0.8% over FY22), Custodial revenues (32.9%, up 39.6%) and Interchange revenues (17.2%, up 17%).