KANSAS CITY, Mo.--(EON: Enhanced Online News)--UMB Healthcare Services, a division of UMB Financial Corporation (Nasdaq: UMBF), introduces HSAWorks™, the industry’s most-advanced reporting and first-ever analytics tool that allows brokers, third party administrators, health plans and employers to analyze health savings account (HSA) data to achieve desired plan results.
“For quite some time, the (HSA) industry has been focused solely on the administration of these accounts – enrollment, opening accounts and contributions”
“For quite some time, the (HSA) industry has been focused solely on the administration of these accounts – enrollment, opening accounts and contributions,” said Dennis Triplett, CEO of UMB Healthcare Services. “Data reporting has never been front and center in the discussion, and oftentimes wasn’t provided at all. I believe the new capabilities in HSAWorks™ really moves the needle in the industry by supplying data and analysis for each employer group and partner that can help in driving HSA plan strategies based on each unique group enrolled,” said Triplett.
The time for better reporting capabilities has never been greater, as AHIP recently reported nearly 15.5 million Americans are enrolled in HSAs and the growth trend continues upward. In the nearly 10 years since the introduction of HSAs, traditional reporting, when available, has given visibility to average account balances and confirmation if individuals were investing or not. Lack of clarity and further analysis of these numbers has made it cumbersome for employers to create benchmarks for success in their own benefit plans.
“Often times reporting data becomes overwhelming and filed as ‘good to know’ information, because it has never been detailed enough for analysis,” said Triplett. “For the first time, HSAWorks™ gives actionable analytics that can be used to steer plans to make a positive impact on an organization. It’s not enough as an industry to be providing basic metrics. We have to show employers how to use them effectively and how to drive positive change with their plan and improve employee health and well-being.”
In addition to HSAWorks™, UMB provides its clients a Benefits Communication Toolkit that, paired with the reporting tools, gives employers specific guidance and materials to help in driving their HSA communication strategy and influencing employee health.
UMB Healthcare Services recently held a webinar focused on using reporting tools to improve your HSA plan. That webinar is available to download here.
UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing, healthcare services and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers. For more information, visit umb.com, blog.umb.com or follow us on Twitter at @UMBBank, Facebook at facebook.com/UMBBank and LinkedIn at linkedin.com/company/umb-bank.