HealthEquity
{{About||the state in which everyone has a fair and just opportunity to attain their highest level of health|health equity}}
{{Short description|Healthcare Company}}
{{Infobox company
| name = HealthEquity, Inc.
| logo = HealthEquity logo.svg
| type = Public
| hq_location = Draper, Utah, U.S.
| hq_location_city = Draper, UT
| traded_as = {{ubl|{{NASDAQ|HQY}}|S&P 400 component}}
| key_people = Scott Cutler, President and CEO
Steve Neeleman, Founder and Vice Chairman
| revenue = {{nowrap|{{increase}} US$756.6 million {{small|(FY ended 1/31/2022)}}}}
| operating_income = {{nowrap|{{decrease}} -US$24.238 million {{small|(FY ended 1/31/2022)}}}}
| net_income = {{nowrap|{{decrease}} -US$44.3 million {{small|(FY ended 1/31/2022)}}}}
| assets = {{nowrap|{{increase}} US$3.107 billion {{small|(FY ended 1/31/2022)}}}}
| equity = {{nowrap|{{increase}} US$1.852 billion {{small|(FY ended 1/31/2022)}}}}
| num_employees = {{increase}} 3,688 {{small|(January 2022)}}
| website = {{URL|healthequity.com}}
| footnotes = {{cite web|url=https://ir.healthequity.com/node/12191/html#i67886ac2c2b442f3970d9198d491be46_13 |title=HealthEquity Inc. 2022 Annual Report Form (10-K) |publisher=U.S. Securities and Exchange Commission |date=March 31, 2022 |accessdate=November 2, 2022}}
}}
HealthEquity, Inc. is an American financial technology and business services company that is designated as a non-bank health savings trustee by the IRS.{{cite web|url=https://www.irs.gov/Retirement-Plans/Approved-Nonbank-Trustees-and-Custodians|title=Approved Nonbank Trustees and Custodians - Internal Revenue Service|website=www.irs.gov}} This designation allows HealthEquity to be the custodian of health savings accounts regardless of which financial institution the funds are deposited with.
As of July 31, 2022, HealthEquity managed 7.5 million HSA accounts, plus 7 million other consumer-directed benefits ("CDBs") for total accounts of 14.5 million. Total HSA assets as of July 31, 2022 were $20.5 billion, including $13.1 billion of HSA cash and $7.4 billion of HSA investments.{{Cite web|date=September 6, 2022|title=HealthEquity Reports Second Quarter Ended July 31, 2022 Financial Results|url= https://ir.healthequity.com/news-releases/news-release-details/healthequity-reports-second-quarter-ended-july-31-2022-financial}}
History
HealthEquity was incorporated in January 2002 in Tucson, Arizona by Stephen Neeleman, Nuno Battaglia, and David Hall to re-introduce consumer-driven health care (CDH).{{cite web|url=http://ecorp.azcc.gov/Details/Corp?corpId=F10595232|title=- Arizona Corporation Commission eCorp File Number F10595232|website=ecorp.azcc.gov}} It moved its incorporation to Utah in February 2004. HealthEquity went public via an IPO on July 31, 2014, under the symbol "HQY". Healthequity had a massive data breach in March 2024 exposing addressees, social security numbers, as well as HIPAA protected patient information such as diagnoses and medications, of over 4 million patients.{{Cite web |title=HealthEquity data breach exposes protected health information |url=https://www.bleepingcomputer.com/news/security/healthequity-data-breach-exposes-protected-health-information/ |access-date=2024-08-13 |website=BleepingComputer |language=en-us}}
Acquisitions
In August 2019, HealthEquity acquired WageWorks.{{Cite web |last=Smith |first=Connor |date=27 June 2019 |title=HealthEquity Stock Jumps on $2 Billion Deal to Buy WageWorks |url=https://www.barrons.com/articles/healthequity-stock-jumps-on-2-billion-deal-to-buy-wageworks-51561647820 |access-date=25 July 2024 |website=Barron's}}
In March 2021, HealthEquity acquired Luum and expanded the Commuter benefit offering.{{Cite web |last=Morgan |first=Rick |date=15 March 2021 |title=Seattle startup Luum acquired by HealthEquity in deal worth up to $67M |url=https://www.bizjournals.com/seattle/news/2021/03/15/luum-acquired-by-healthequity-for-67m.html |access-date=2024-07-25 |website=Puget Sound Business Journal}}{{Cite web|date=March 8, 2021|title=HealthEquity Expands Commuter Offering with Luum|url=https://www.nasdaq.com/press-release/healthequity-expands-commuter-offering-with-luum-2021-03-08|website=Nasdaq}} In November 2021, HealthEquity acquired Further.{{Cite web|date=Nov 1, 2021|title=HealthEquity Completes Further Acquisition|url=https://www.nasdaq.com/press-release/healthequity-completes-further-acquisition-2021-11-01|website=Nasdaq}}
In May 2024, HealthEquity acquired BenefitWallet, a Health Savings Account (HSA), owned by Conduent Inc.{{Cite web |date=2024-05-14 |title=HealthEquity Closes Acquisition of BenefitWallet HSA Portfolio |url=https://finance.yahoo.com/news/healthequity-closes-acquisition-benefitwallet-hsa-113000023.html |access-date=2024-07-31 |website=Yahoo Finance |language=en-US}}{{Cite web |title=Conduent Sells HSA Assets for $425M in Leaving FSA Business {{!}} PLANSPONSOR |url=https://www.plansponsor.com/168431-2__trashed-2/ |access-date=2024-07-31 |website=www.plansponsor.com}}
References
{{Reflist}}
External links
- {{official website|https://www.healthequity.com}}
- [https://web.archive.org/web/20100622074602/http://www.changesciences.com/Reports/Site-Type/Healthcare User Experience Benchmarks and Best Practices: Inside Bank Health Savings Account Servicing Web Sites]
- [https://www.hsaguidebook.com The Complete HSA Guidebook]
{{S&P 400 companies}}
{{authority control}}
{{DEFAULTSORT:Healthequity}}
Category:Medicare and Medicaid (United States)
Category:Medical and health organizations based in Utah
Category:Health care companies established in 2002