Payments tech company InComm Payments has bought health savings platform Zenda.
The acquisition marks InComm’s first expansion into the health benefits sector, according to a Tuesday (Aug. 8) press release.
With Zenda, the company can offer health savings account (HSA) and flexible spending account (FSA) solutions that use artificial intelligence (AI) to automate IRS rules and streamline account management, InComm said in a news release.
“Zenda stands out for their commitment to simplifying HSAs and FSAs for both businesses and their employees,” said InComm Payments Executive Vice President Brian Parlotto in the release. “This closely aligns with the mission of our InComm Healthcare business unit, which streamlines supplemental benefits management for health plans and their members.”
Zenda automates tasks like expense-tracking and record-keeping, whether employees use an account for spending or investing, according to the release. Account holders can access automatically-generated receipts and get guidance on contributions and withdrawals.
“Companies tell us that employees underutilize their HSA benefits because they are too complicated to properly manage despite education,” said Zenda Co-founder and CEO Waqar Hasan in the release. “We make it easy for companies and employees to save more money by offering a much-needed alternative to legacy products that dominate the market today.”
The acquisition is happening at a time when consumers are increasingly seeking more simplified healthcare platforms.
The study “Healthcare in the Digital Age: Consumers See Unified Platforms as Key to Better Health,” a PYMNTS and Lynx collaboration, found that if consumers had the opportunity to use a single digital healthcare platform to manage their whole healthcare experience, they would want that platform to be able to do everything.
For example, 79% of consumers said they wanted a platform that would allow them to pay all types of medical bills, while 72% of consumers said they would want the platform to offer financing options for medical bills.
“Additionally, the majority of consumers would want their sole digital healthcare platform to offer them assistance with finding providers for medical bill financing,” PYMNTS wrote.
They also want the ability to store information about their HSAs, FSAs or health reimbursement arrangement (HRA), as well as the ability to store credit card information and access to HSA investment options.